Insider Selling: Altair Engineering Inc. (NASDAQ:ALTR) Major Shareholder Sells 6,500 Shares of Stock

Altair Engineering Inc. (NASDAQ:ALTR) major shareholder Jrs Investments Llc sold 6,500 shares of the firm’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $88.11, for a total transaction of $572,715.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Altair Engineering Stock Down 0.6 %

Shares of NASDAQ:ALTR traded down $0.49 on Tuesday, hitting $86.85. 267,471 shares of the company’s stock were exchanged, compared to its average volume of 497,595. Altair Engineering Inc. has a 1-year low of $57.59 and a 1-year high of $101.39. The company has a market capitalization of $7.21 billion, a PE ratio of 965.00, a P/E/G ratio of 11.03 and a beta of 1.48. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.46 and a current ratio of 2.46. The firm’s 50-day moving average is $93.77 and its 200 day moving average is $88.16.

Altair Engineering (NASDAQ:ALTR) last posted its earnings results on Thursday, May 2nd. The software reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.06. The firm had revenue of $172.91 million during the quarter, compared to analysts’ expectations of $169.29 million. Altair Engineering had a return on equity of 5.60% and a net margin of 1.55%. The firm’s revenue was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.13 earnings per share. Sell-side analysts predict that Altair Engineering Inc. will post 0.66 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of ALTR. Raymond James & Associates boosted its stake in shares of Altair Engineering by 4.3% during the fourth quarter. Raymond James & Associates now owns 135,861 shares of the software’s stock worth $11,433,000 after buying an additional 5,562 shares during the period. Conestoga Capital Advisors LLC increased its holdings in shares of Altair Engineering by 0.6% in the fourth quarter. Conestoga Capital Advisors LLC now owns 2,424,711 shares of the software’s stock valued at $204,039,000 after purchasing an additional 15,200 shares during the period. Strs Ohio increased its holdings in shares of Altair Engineering by 94.4% in the fourth quarter. Strs Ohio now owns 17,500 shares of the software’s stock valued at $1,472,000 after purchasing an additional 8,500 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Altair Engineering by 14.8% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,987 shares of the software’s stock worth $1,009,000 after purchasing an additional 1,549 shares during the last quarter. Finally, Federated Hermes Inc. lifted its holdings in shares of Altair Engineering by 3.0% during the fourth quarter. Federated Hermes Inc. now owns 342,551 shares of the software’s stock worth $28,826,000 after purchasing an additional 10,131 shares during the period. 63.38% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ALTR has been the topic of a number of analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $100.00 price target on shares of Altair Engineering in a research report on Friday, May 3rd. JPMorgan Chase & Co. lowered shares of Altair Engineering from an “overweight” rating to a “neutral” rating and set a $95.00 target price on the stock. in a research note on Monday, July 15th. Finally, Rosenblatt Securities reiterated a “neutral” rating and issued a $88.00 price target on shares of Altair Engineering in a research note on Monday, April 29th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, Altair Engineering currently has an average rating of “Hold” and a consensus price target of $94.60.

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.