Rhumbline Advisers Has $17.54 Million Position in Altair Engineering Inc. (NASDAQ:ALTR)

Rhumbline Advisers lifted its position in Altair Engineering Inc. (NASDAQ:ALTR) by 127.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 178,788 shares of the software’s stock after acquiring an additional 100,106 shares during the period. Rhumbline Advisers’ holdings in Altair Engineering were worth $17,536,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Matrix Capital Management Company LP lifted its holdings in shares of Altair Engineering by 8.3% during the 4th quarter. Matrix Capital Management Company LP now owns 12,233,174 shares of the software’s stock valued at $1,029,422,000 after purchasing an additional 932,717 shares in the last quarter. Bain Capital Public Equity Management II LLC acquired a new position in shares of Altair Engineering in the fourth quarter valued at approximately $57,728,000. Wellington Management Group LLP boosted its holdings in shares of Altair Engineering by 97.3% in the fourth quarter. Wellington Management Group LLP now owns 1,182,339 shares of the software’s stock valued at $99,494,000 after buying an additional 583,127 shares during the period. Bank of New York Mellon Corp increased its position in shares of Altair Engineering by 121.7% during the second quarter. Bank of New York Mellon Corp now owns 569,109 shares of the software’s stock worth $55,818,000 after acquiring an additional 312,448 shares in the last quarter. Finally, Jane Street Group LLC raised its holdings in shares of Altair Engineering by 960.2% during the first quarter. Jane Street Group LLC now owns 303,672 shares of the software’s stock worth $26,161,000 after acquiring an additional 275,030 shares during the period. Institutional investors own 63.38% of the company’s stock.

Insider Buying and Selling

In other Altair Engineering news, major shareholder George J. Christ sold 100,000 shares of the firm’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $98.40, for a total transaction of $9,840,000.00. Following the completion of the sale, the insider now owns 200,000 shares of the company’s stock, valued at approximately $19,680,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO James Ralph Scapa sold 13,000 shares of the firm’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $98.26, for a total transaction of $1,277,380.00. Following the transaction, the chief executive officer now directly owns 134,045 shares of the company’s stock, valued at $13,171,261.70. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder George J. Christ sold 100,000 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $98.40, for a total transaction of $9,840,000.00. Following the transaction, the insider now directly owns 200,000 shares in the company, valued at $19,680,000. The disclosure for this sale can be found here. In the last three months, insiders have sold 256,756 shares of company stock valued at $24,741,604. 21.75% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. The Goldman Sachs Group cut Altair Engineering from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $85.00 to $71.00 in a research report on Friday, August 2nd. JPMorgan Chase & Co. cut shares of Altair Engineering from an “overweight” rating to a “neutral” rating and set a $95.00 price target for the company. in a research note on Monday, July 15th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $100.00 price objective on shares of Altair Engineering in a research report on Friday, August 2nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Altair Engineering presently has a consensus rating of “Hold” and a consensus target price of $90.67.

Altair Engineering Stock Performance

Shares of ALTR stock opened at $86.32 on Tuesday. The company has a fifty day moving average price of $90.53 and a two-hundred day moving average price of $88.27. Altair Engineering Inc. has a one year low of $57.59 and a one year high of $101.39. The stock has a market cap of $7.33 billion, a P/E ratio of 959.11, a P/E/G ratio of 10.84 and a beta of 1.45. 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 issued its earnings results on Thursday, August 1st. The software reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.01. The business had revenue of $148.80 million during the quarter, compared to the consensus estimate of $146.88 million. Altair Engineering had a net margin of 4.26% and a return on equity of 6.89%. Altair Engineering’s revenue was up 5.4% on a year-over-year basis. During the same period last year, the business posted ($0.15) EPS. As a group, equities analysts predict that Altair Engineering Inc. will post 0.65 EPS for the current year.

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.