Insider Selling: Altair Engineering Inc. (NASDAQ:ALTR) Major Shareholder Sells $4,518,000.00 in Stock

Altair Engineering Inc. (NASDAQ:ALTR) major shareholder George J. Christ sold 50,000 shares of the firm’s stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $90.36, for a total value of $4,518,000.00. Following the completion of the transaction, the insider now owns 250,000 shares in the company, valued at $22,590,000. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Altair Engineering Trading Down 0.1 %

Shares of ALTR stock opened at $90.65 on Thursday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.46 and a current ratio of 2.46. Altair Engineering Inc. has a 1 year low of $57.59 and a 1 year high of $92.92. The stock has a fifty day moving average of $84.33 and a two-hundred day moving average of $81.80. The firm has a market capitalization of $7.53 billion, a PE ratio of 1,007.22, a price-to-earnings-growth ratio of 11.51 and a beta of 1.42.

Altair Engineering (NASDAQ:ALTR) last posted its quarterly earnings data on Thursday, May 2nd. The software reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.06. Altair Engineering had a return on equity of 5.60% and a net margin of 1.55%. The company had revenue of $172.91 million for the quarter, compared to the consensus estimate of $169.29 million. During the same quarter in the previous year, the business earned $0.13 EPS. The company’s quarterly revenue was up 4.1% compared to the same quarter last year. As a group, research analysts expect that Altair Engineering Inc. will post 0.66 EPS for the current year.

Wall Street Analyst Weigh In

ALTR has been the topic of a number of research reports. Needham & Company LLC restated a “buy” rating and issued a $100.00 price objective on shares of Altair Engineering in a report on Friday, May 3rd. Rosenblatt Securities restated a “neutral” rating and set a $88.00 price objective on shares of Altair Engineering in a report on Monday, April 29th. Royal Bank of Canada restated a “sector perform” rating and set a $90.00 price objective on shares of Altair Engineering in a report on Thursday, March 21st. Oppenheimer lifted their target price on Altair Engineering from $95.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, February 23rd. Finally, JPMorgan Chase & Co. lifted their target price on Altair Engineering from $86.00 to $95.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 26th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Altair Engineering currently has an average rating of “Moderate Buy” and an average target price of $94.60.

Institutional Investors Weigh In On Altair Engineering

A number of institutional investors and hedge funds have recently modified their holdings of the stock. American International Group Inc. raised its position in shares of Altair Engineering by 0.7% during the fourth quarter. American International Group Inc. now owns 27,018 shares of the software’s stock worth $2,274,000 after purchasing an additional 189 shares during the period. Allspring Global Investments Holdings LLC lifted its position in shares of Altair Engineering by 10.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,991 shares of the software’s stock worth $125,000 after purchasing an additional 190 shares during the last quarter. Natixis Advisors L.P. lifted its position in shares of Altair Engineering by 1.3% during the 4th quarter. Natixis Advisors L.P. now owns 17,333 shares of the software’s stock worth $1,458,000 after purchasing an additional 229 shares during the last quarter. McGlone Suttner Wealth Management Inc. acquired a new position in shares of Altair Engineering during the 4th quarter worth about $31,000. Finally, New York Life Investment Management LLC lifted its position in shares of Altair Engineering by 6.7% during the 4th quarter. New York Life Investment Management LLC now owns 5,982 shares of the software’s stock worth $503,000 after purchasing an additional 376 shares during the last quarter. 63.38% of the stock is 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.