Handelsbanken Fonder AB Raises Stock Position in Altair Engineering Inc. (NASDAQ:ALTR)

Handelsbanken Fonder AB lifted its holdings in Altair Engineering Inc. (NASDAQ:ALTR) by 26.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 17,600 shares of the software’s stock after buying an additional 3,700 shares during the period. Handelsbanken Fonder AB’s holdings in Altair Engineering were worth $1,681,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in ALTR. ProShare Advisors LLC increased its stake in Altair Engineering by 1.6% during the second quarter. ProShare Advisors LLC now owns 10,219 shares of the software’s stock worth $1,002,000 after acquiring an additional 160 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Altair Engineering by 81.7% during the 2nd quarter. GAMMA Investing LLC now owns 418 shares of the software’s stock valued at $41,000 after purchasing an additional 188 shares during the last quarter. American International Group Inc. raised its holdings in Altair Engineering by 0.7% during the 4th quarter. American International Group Inc. now owns 27,018 shares of the software’s stock valued at $2,274,000 after buying an additional 189 shares during the period. FSC Wealth Advisors LLC lifted its position in Altair Engineering by 41.3% in the second quarter. FSC Wealth Advisors LLC now owns 832 shares of the software’s stock worth $82,000 after buying an additional 243 shares during the last quarter. Finally, Cullen Frost Bankers Inc. increased its position in Altair Engineering by 6.8% during the second quarter. Cullen Frost Bankers Inc. now owns 4,356 shares of the software’s stock valued at $427,000 after acquiring an additional 276 shares during the last quarter. 63.38% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ALTR. The Goldman Sachs Group downgraded shares of Altair Engineering from a “neutral” rating to a “sell” rating and cut their price target for the company from $85.00 to $71.00 in a report on Friday, August 2nd. JPMorgan Chase & Co. cut Altair Engineering from an “overweight” rating to a “neutral” rating and set a $95.00 target price on the stock. in a research note on Monday, July 15th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $100.00 price target on shares of Altair Engineering in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $90.67.

Altair Engineering Price Performance

Altair Engineering stock opened at $95.00 on Friday. The stock has a market cap of $7.89 billion, a price-to-earnings ratio of 1,055.56, a price-to-earnings-growth ratio of 12.01 and a beta of 1.45. The firm has a 50-day moving average of $90.18 and a two-hundred day moving average of $89.71. Altair Engineering Inc. has a 1 year low of $57.59 and a 1 year high of $101.39. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.14 and a quick ratio of 3.14.

Altair Engineering (NASDAQ:ALTR) last announced its quarterly earnings data on Thursday, August 1st. The software reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.01. The company had revenue of $148.80 million for the quarter, compared to analysts’ expectations of $146.88 million. Altair Engineering had a return on equity of 6.89% and a net margin of 4.26%. Altair Engineering’s revenue was up 5.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.15) earnings per share. On average, research analysts forecast that Altair Engineering Inc. will post 0.65 earnings per share for the current year.

Insider Transactions at Altair Engineering

In related news, major shareholder George J. Christ sold 49,952 shares of Altair Engineering stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $95.72, for a total value of $4,781,405.44. Following the completion of the sale, the insider now directly owns 100,000 shares in the company, valued at $9,572,000. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Altair Engineering news, major shareholder George J. Christ sold 49,952 shares of the company’s stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $95.72, for a total transaction of $4,781,405.44. Following the completion of the sale, the insider now owns 100,000 shares in the company, valued at $9,572,000. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Teresa A. Harris sold 620 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $82.57, for a total value of $51,193.40. Following the sale, the director now directly owns 21,242 shares in the company, valued at $1,753,951.94. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 160,360 shares of company stock valued at $15,014,126. 21.75% of the stock is currently owned by corporate insiders.

Altair Engineering Profile

Altair Engineering Inc, together with its subsidiaries, provides software and cloud solutions in the areas of simulation and design, high-performance computing, data analytics, and artificial intelligence in the United States and internationally. It operates in two segments, Software and Client Engineering Services.