State of New Jersey Common Pension Fund D Buys 706 Shares of Altair Engineering Inc. (NASDAQ:ALTR)

State of New Jersey Common Pension Fund D increased its position in Altair Engineering Inc. (NASDAQ:ALTR) by 3.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,003 shares of the software’s stock after purchasing an additional 706 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Altair Engineering were worth $2,102,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Crossmark Global Holdings Inc. lifted its position in Altair Engineering by 22.0% during the third quarter. Crossmark Global Holdings Inc. now owns 3,947 shares of the software’s stock valued at $377,000 after purchasing an additional 711 shares during the period. QRG Capital Management Inc. grew its holdings in shares of Altair Engineering by 9.2% in the third quarter. QRG Capital Management Inc. now owns 25,874 shares of the software’s stock worth $2,471,000 after acquiring an additional 2,190 shares during the period. Van ECK Associates Corp increased its position in Altair Engineering by 28.5% during the third quarter. Van ECK Associates Corp now owns 1,358 shares of the software’s stock valued at $130,000 after acquiring an additional 301 shares during the last quarter. Harbor Capital Advisors Inc. lifted its holdings in Altair Engineering by 2.9% in the third quarter. Harbor Capital Advisors Inc. now owns 10,017 shares of the software’s stock valued at $957,000 after acquiring an additional 279 shares during the period. Finally, Conestoga Capital Advisors LLC lifted its holdings in Altair Engineering by 1.4% in the third quarter. Conestoga Capital Advisors LLC now owns 2,522,551 shares of the software’s stock valued at $240,929,000 after acquiring an additional 33,985 shares during the period. 63.38% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ALTR. William Blair reaffirmed a “market perform” rating on shares of Altair Engineering in a research report on Thursday, October 31st. Royal Bank of Canada lifted their target price on Altair Engineering from $90.00 to $113.00 and gave the company a “sector perform” rating in a research report on Thursday, October 31st. Loop Capital reissued a “hold” rating and set a $113.00 price target on shares of Altair Engineering in a report on Thursday, October 31st. Wolfe Research downgraded Altair Engineering from a “strong-buy” rating to a “hold” rating in a research note on Sunday, November 3rd. Finally, The Goldman Sachs Group downgraded Altair Engineering from a “neutral” rating to a “sell” rating and cut their price objective for the company from $85.00 to $71.00 in a research note on Friday, August 2nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, Altair Engineering currently has an average rating of “Hold” and a consensus target price of $100.71.

Insider Transactions at Altair Engineering

In related news, CEO James Ralph Scapa sold 13,000 shares of the firm’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $89.04, for a total value of $1,157,520.00. Following the completion of the transaction, the chief executive officer now directly owns 134,045 shares of the company’s stock, valued at approximately $11,935,366.80. This trade represents a 8.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Christ Revocable Trust sold 50,048 shares of the company’s stock in a transaction on Friday, September 27th. The shares were sold at an average price of $95.07, for a total transaction of $4,758,063.36. Following the sale, the insider now directly owns 149,952 shares in the company, valued at approximately $14,255,936.64. The trade was a 25.02 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 362,544 shares of company stock valued at $35,717,201. 21.75% of the stock is currently owned by insiders.

Altair Engineering Stock Up 0.0 %

Shares of ALTR stock opened at $103.75 on Friday. The company’s fifty day simple moving average is $97.40 and its two-hundred day simple moving average is $93.04. Altair Engineering Inc. has a 52 week low of $68.87 and a 52 week high of $113.12. The stock has a market cap of $8.83 billion, a P/E ratio of 273.03, a PEG ratio of 11.93 and a beta of 1.44. The company has a quick ratio of 3.27, a current ratio of 3.27 and a debt-to-equity ratio of 0.27.

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.