Christ Revocable Trust Sells 50,048 Shares of Altair Engineering Inc. (NASDAQ:ALTR) Stock

Altair Engineering Inc. (NASDAQ:ALTR) major shareholder Christ Revocable Trust sold 50,048 shares of Altair Engineering stock in a transaction dated 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 sale, the insider now owns 149,952 shares in the company, valued at $14,255,936.64. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Altair Engineering Stock Performance

Shares of Altair Engineering stock opened at $91.78 on Wednesday. The business’s 50 day moving average price is $89.13 and its 200 day moving average price is $89.22. The company has a market cap of $7.62 billion, a price-to-earnings ratio of 1,019.78, a PEG ratio of 12.01 and a beta of 1.45. The company has a debt-to-equity ratio of 0.29, a quick ratio of 3.14 and a current ratio of 3.14. Altair Engineering Inc. has a one year low of $57.59 and a one year high of $101.39.

Altair Engineering (NASDAQ:ALTR) last announced its quarterly earnings results on Thursday, August 1st. The software reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.01. Altair Engineering had a net margin of 4.26% and a return on equity of 6.89%. The firm had revenue of $148.80 million for the quarter, compared to analysts’ expectations of $146.88 million. During the same quarter in the previous year, the company posted ($0.15) EPS. The company’s revenue was up 5.4% compared to the same quarter last year. On average, research analysts predict that Altair Engineering Inc. will post 0.65 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $100.00 price target on shares of Altair Engineering in a research note on Friday, August 2nd. JPMorgan Chase & Co. cut 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, The Goldman Sachs Group lowered shares of Altair Engineering from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $85.00 to $71.00 in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $90.67.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ALTR. Sanctuary Advisors LLC acquired a new position in shares of Altair Engineering in the 2nd quarter valued at $293,000. Teachers Retirement System of The State of Kentucky raised its holdings in Altair Engineering by 59.9% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 26,261 shares of the software’s stock valued at $2,576,000 after buying an additional 9,834 shares during the period. Creative Planning lifted its position in Altair Engineering by 97.3% in the second quarter. Creative Planning now owns 10,648 shares of the software’s stock valued at $1,044,000 after buying an additional 5,252 shares during the last quarter. Algert Global LLC purchased a new position in Altair Engineering during the second quarter worth about $562,000. Finally, Select Equity Group L.P. increased its position in shares of Altair Engineering by 2.3% during the second quarter. Select Equity Group L.P. now owns 21,789 shares of the software’s stock valued at $2,137,000 after acquiring an additional 495 shares during the last quarter. 63.38% of the stock is currently owned by hedge funds and other institutional investors.

Altair Engineering Company 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.