Glenmede Trust Co. NA Buys 2,334 Shares of Altair Engineering Inc. (NASDAQ:ALTR)

Glenmede Trust Co. NA boosted its stake in shares of Altair Engineering Inc. (NASDAQ:ALTR) by 11.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,343 shares of the software’s stock after buying an additional 2,334 shares during the quarter. Glenmede Trust Co. NA’s holdings in Altair Engineering were worth $2,229,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in ALTR. New York State Teachers Retirement System raised its stake in shares of Altair Engineering by 1.2% during the third quarter. New York State Teachers Retirement System now owns 8,500 shares of the software’s stock valued at $812,000 after acquiring an additional 100 shares in the last quarter. ProShare Advisors LLC raised its position in Altair Engineering by 1.6% during the 2nd quarter. ProShare Advisors LLC now owns 10,219 shares of the software’s stock valued at $1,002,000 after purchasing an additional 160 shares in the last quarter. Ballentine Partners LLC lifted its holdings in shares of Altair Engineering by 8.5% in the 3rd quarter. Ballentine Partners LLC now owns 2,236 shares of the software’s stock worth $214,000 after buying an additional 175 shares during the period. GAMMA Investing LLC grew its position in shares of 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 in the last quarter. Finally, Thrivent Financial for Lutherans increased its stake in shares of Altair Engineering by 1.5% during the third quarter. Thrivent Financial for Lutherans now owns 13,961 shares of the software’s stock valued at $1,333,000 after buying an additional 201 shares during the period. 63.38% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on ALTR shares. William Blair reaffirmed a “market perform” rating on shares of Altair Engineering in a research note on Thursday, October 31st. Rosenblatt Securities increased their price objective on shares of Altair Engineering from $88.00 to $113.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Needham & Company LLC reissued a “hold” rating and issued a $100.00 price objective on shares of Altair Engineering in a research note on Thursday, October 31st. Loop Capital reaffirmed a “hold” rating and set a $113.00 target price on shares of Altair Engineering in a research report on Thursday, October 31st. Finally, Royal Bank of Canada boosted their price target on Altair Engineering from $90.00 to $113.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 31st. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Altair Engineering currently has an average rating of “Hold” and a consensus price target of $100.71.

Altair Engineering Stock Up 0.2 %

Shares of ALTR stock opened at $105.61 on Friday. The stock’s fifty day moving average price is $100.49 and its 200 day moving average price is $94.52. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.27 and a quick ratio of 3.27. Altair Engineering Inc. has a 1-year low of $70.07 and a 1-year high of $113.12. The company has a market cap of $8.99 billion, a price-to-earnings ratio of 277.92, a price-to-earnings-growth ratio of 12.12 and a beta of 1.44.

Insider Activity

In related news, major shareholder Christ Revocable Trust sold 50,048 shares of the firm’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $95.07, for a total value of $4,758,063.36. Following the completion of the transaction, the insider now owns 149,952 shares in the company, valued at $14,255,936.64. This trade represents a 25.02 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder George J. Christ sold 49,952 shares of the business’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $95.72, for a total value of $4,781,405.44. Following the sale, the insider now owns 100,000 shares in the company, valued at approximately $9,572,000. The trade was a 33.31 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 343,044 shares of company stock worth $33,980,921 over the last 90 days. 21.75% of the stock is currently owned by corporate insiders.

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.