Insider Selling: Altair Engineering Inc. (NASDAQ:ALTR) Major Shareholder Sells 100,000 Shares of Stock

Altair Engineering Inc. (NASDAQ:ALTR) major shareholder Christ Revocable Trust sold 100,000 shares of Altair Engineering stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $106.57, for a total transaction of $10,657,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Christ Revocable Trust also recently made the following trade(s):

• On Friday, September 27th, Christ Revocable Trust sold 50,048 shares of Altair Engineering stock. The shares were sold at an average price of $95.07, for a total value of $4,758,063.36.

Altair Engineering Price Performance

Altair Engineering stock opened at $103.44 on Monday. The stock has a market capitalization of $8.59 billion, a P/E ratio of 1,149.33, a P/E/G ratio of 12.15 and a beta of 1.45. Altair Engineering Inc. has a 12-month low of $57.59 and a 12-month high of $112.15. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.14 and a quick ratio of 3.14. The firm’s 50-day moving average is $92.65 and its two-hundred day moving average is $90.84.

Altair Engineering (NASDAQ:ALTR) last announced its earnings results on Thursday, August 1st. The software reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.01. The firm had revenue of $148.80 million for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter last year, the business earned ($0.15) earnings per share. Equities analysts predict that Altair Engineering Inc. will post 0.65 earnings per share for the current year.

Analyst Upgrades and Downgrades

ALTR has been the topic of a number of analyst reports. JPMorgan Chase & Co. downgraded Altair Engineering from an “overweight” rating to a “neutral” rating and set a $95.00 price target on the stock. in a research note on Monday, July 15th. The Goldman Sachs Group cut shares of 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. Needham & Company LLC reiterated a “buy” rating and issued a $100.00 price target on shares of Altair Engineering in a research report on Friday, August 2nd. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $90.00 price objective on shares of Altair Engineering in a research report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Altair Engineering currently has a consensus rating of “Hold” and a consensus price target of $90.67.

Hedge Funds Weigh In On Altair Engineering

Institutional investors have recently added to or reduced their stakes in the business. New York State Teachers Retirement System grew its holdings in Altair Engineering by 1.2% in the 3rd quarter. New York State Teachers Retirement System now owns 8,500 shares of the software’s stock valued at $812,000 after buying an additional 100 shares during the period. State of Alaska Department of Revenue boosted its position in shares of Altair Engineering by 11.5% in the third quarter. State of Alaska Department of Revenue now owns 6,900 shares of the software’s stock worth $659,000 after acquiring an additional 710 shares during the last quarter. Louisiana State Employees Retirement System increased its position in Altair Engineering by 2.5% during the third quarter. Louisiana State Employees Retirement System now owns 16,500 shares of the software’s stock worth $1,576,000 after purchasing an additional 400 shares during the last quarter. Ballentine Partners LLC increased its position in Altair Engineering by 8.5% during the third quarter. Ballentine Partners LLC now owns 2,236 shares of the software’s stock worth $214,000 after purchasing an additional 175 shares during the last quarter. Finally, Moody Aldrich Partners LLC raised 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 worth $7,186,000 after purchasing an additional 9,907 shares during the period. 63.38% of the stock is currently owned by institutional investors and hedge funds.

About Altair Engineering

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.