Principal Financial Group Inc. Sells 46,767 Shares of Altair Engineering Inc. (NASDAQ:ALTR)

Principal Financial Group Inc. trimmed its stake in Altair Engineering Inc. (NASDAQ:ALTR) by 22.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 165,793 shares of the software’s stock after selling 46,767 shares during the quarter. Principal Financial Group Inc. owned 0.20% of Altair Engineering worth $15,835,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. GAMMA Investing LLC lifted its holdings in shares of Altair Engineering by 52.2% during the third quarter. GAMMA Investing LLC now owns 636 shares of the software’s stock valued at $61,000 after purchasing an additional 218 shares in the last quarter. Russell Investments Group Ltd. grew its position in shares of Altair Engineering by 5,564.8% during the first quarter. Russell Investments Group Ltd. now owns 31,043 shares of the software’s stock worth $2,676,000 after purchasing an additional 30,495 shares in the last quarter. Moody Aldrich Partners LLC boosted its stake in Altair Engineering by 15.2% during the third quarter. Moody Aldrich Partners LLC now owns 75,233 shares of the software’s stock valued at $7,186,000 after buying an additional 9,907 shares during the last quarter. Linden Thomas Advisory Services LLC bought a new position in Altair Engineering during the second quarter valued at approximately $629,000. Finally, Jane Street Group LLC lifted its stake in shares of Altair Engineering by 960.2% in the 1st quarter. Jane Street Group LLC now owns 303,672 shares of the software’s stock valued at $26,161,000 after purchasing an additional 275,030 shares during the last quarter. 63.38% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, insider Ravi Kunju sold 360 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $103.65, for a total transaction of $37,314.00. Following the sale, the insider now owns 30,305 shares of the company’s stock, valued at approximately $3,141,113.25. This represents a 1.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Christ Revocable Trust sold 100,000 shares of the stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $106.57, for a total value of $10,657,000.00. The disclosure for this sale can be found here. Insiders have sold 362,544 shares of company stock worth $35,717,201 over the last ninety days. Corporate insiders own 21.75% of the company’s stock.

Analyst Ratings Changes

ALTR has been the subject of several analyst reports. Wolfe Research lowered Altair Engineering from a “strong-buy” rating to a “hold” rating in a research note on Sunday, November 3rd. Royal Bank of Canada raised their price objective on Altair Engineering from $90.00 to $113.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 31st. The Goldman Sachs Group cut Altair Engineering from a “neutral” rating to a “sell” rating and lowered their price target for the stock from $85.00 to $71.00 in a research report on Friday, August 2nd. Needham & Company LLC reissued a “hold” rating and issued a $100.00 price objective on shares of Altair Engineering in a report on Thursday, October 31st. Finally, William Blair reiterated a “market perform” rating on shares of Altair Engineering in a research note on Thursday, October 31st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $100.71.

Altair Engineering Trading Up 0.0 %

ALTR opened at $103.75 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 3.27 and a current ratio of 3.27. The business’s 50 day moving average price is $97.40 and its 200 day moving average price is $93.04. Altair Engineering Inc. has a one year low of $68.87 and a one year high of $113.12. The stock has a market capitalization of $8.83 billion, a PE ratio of 273.03, a P/E/G ratio of 11.93 and a beta of 1.44.

Altair Engineering Company 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.