Acadian Asset Management LLC Decreases Holdings in Altair Engineering Inc. (NASDAQ:ALTR)

Acadian Asset Management LLC trimmed its holdings in shares of Altair Engineering Inc. (NASDAQ:ALTR) by 48.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 51,035 shares of the software’s stock after selling 48,316 shares during the period. Acadian Asset Management LLC owned 0.06% of Altair Engineering worth $4,998,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of ALTR. GAMMA Investing LLC lifted its holdings in Altair Engineering by 81.7% during the 2nd quarter. GAMMA Investing LLC now owns 418 shares of the software’s stock worth $41,000 after buying an additional 188 shares during the last quarter. FSC Wealth Advisors LLC lifted its holdings in Altair Engineering by 41.3% during the 2nd 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. Van ECK Associates Corp lifted its holdings in Altair Engineering by 41.7% during the 2nd quarter. Van ECK Associates Corp now owns 1,057 shares of the software’s stock worth $104,000 after buying an additional 311 shares during the last quarter. Natixis Investment Managers International lifted its holdings in Altair Engineering by 68.7% during the 4th quarter. Natixis Investment Managers International now owns 1,940 shares of the software’s stock worth $163,000 after buying an additional 790 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new stake in Altair Engineering during the 1st quarter worth about $177,000. 63.38% of the stock is owned by hedge funds and other institutional investors.

Altair Engineering Stock Performance

Shares of ALTR stock opened at $85.63 on Thursday. The stock has a market capitalization of $7.27 billion, a PE ratio of 951.44, a price-to-earnings-growth ratio of 10.84 and a beta of 1.45. Altair Engineering Inc. has a 52-week low of $57.59 and a 52-week high of $101.39. The stock’s 50-day moving average price is $90.04 and its 200 day moving average price is $88.26. The company has a quick ratio of 3.14, a current ratio of 3.14 and a debt-to-equity ratio of 0.29.

Altair Engineering (NASDAQ:ALTR) last issued its quarterly 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 firm 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%. The firm’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.15) EPS. As a group, equities research analysts forecast that Altair Engineering Inc. will post 0.65 EPS for the current year.

Insider Activity at Altair Engineering

In related news, insider Raoul Maitra sold 1,030 shares of the business’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $96.31, for a total value of $99,199.30. Following the transaction, the insider now owns 26,230 shares in the company, valued at approximately $2,526,211.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Altair Engineering news, insider Raoul Maitra sold 1,030 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $96.31, for a total transaction of $99,199.30. Following the transaction, the insider now owns 26,230 shares in the company, valued at approximately $2,526,211.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder George J. Christ sold 100,000 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $98.40, for a total value of $9,840,000.00. Following the transaction, the insider now owns 200,000 shares in the company, valued at approximately $19,680,000. The disclosure for this sale can be found here. Insiders have sold 154,890 shares of company stock worth $14,838,404 in the last quarter. Company insiders own 21.75% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on ALTR shares. The Goldman Sachs Group cut Altair Engineering from a “neutral” rating to a “sell” rating and cut their target price for the stock from $85.00 to $71.00 in a research 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 report on Monday, July 15th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $100.00 target price on shares of Altair Engineering in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $90.67.

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.