G2 Investment Partners Management LLC Acquires Shares of 24,600 Altair Engineering Inc. (NASDAQ:ALTR)

G2 Investment Partners Management LLC acquired a new stake in Altair Engineering Inc. (NASDAQ:ALTR) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 24,600 shares of the software’s stock, valued at approximately $1,774,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ALTR. Bain Capital Public Equity Management II LLC bought a new position in shares of Altair Engineering during the first quarter worth $11,234,000. Arizona State Retirement System boosted its position in shares of Altair Engineering by 3.1% during the first quarter. Arizona State Retirement System now owns 15,182 shares of the software’s stock worth $1,095,000 after purchasing an additional 452 shares in the last quarter. Acadian Asset Management LLC bought a new position in shares of Altair Engineering during the first quarter worth $758,000. Virtu Financial LLC bought a new position in shares of Altair Engineering during the first quarter worth $345,000. Finally, Raymond James Trust N.A. bought a new position in shares of Altair Engineering during the first quarter worth $218,000. 63.38% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO James Ralph Scapa sold 10,000 shares of the company’s stock in a transaction dated Friday, June 16th. The shares were sold at an average price of $75.18, for a total value of $751,800.00. Following the sale, the chief executive officer now directly owns 103,591 shares of the company’s stock, valued at approximately $7,787,971.38. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Altair Engineering news, CEO James Ralph Scapa sold 10,000 shares of the stock in a transaction dated Friday, June 16th. The shares were sold at an average price of $75.18, for a total value of $751,800.00. Following the transaction, the chief executive officer now directly owns 103,591 shares of the company’s stock, valued at approximately $7,787,971.38. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Jrs Investments Llc sold 5,000 shares of the stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $74.91, for a total transaction of $374,550.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 145,000 shares of company stock valued at $10,630,400. 22.17% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

ALTR has been the topic of several research reports. Rosenblatt Securities reaffirmed a “buy” rating and issued a $74.00 price objective on shares of Altair Engineering in a research report on Tuesday, August 29th. Needham & Company LLC reaffirmed a “buy” rating and issued a $77.00 price objective on shares of Altair Engineering in a research report on Friday, August 4th. Finally, Royal Bank of Canada boosted their price objective on shares of Altair Engineering from $71.00 to $74.00 and gave the company a “sector perform” rating in a research report on Friday, August 4th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $73.00.

Altair Engineering Stock Performance

Shares of ALTR stock traded down $0.96 on Tuesday, reaching $65.45. The stock had a trading volume of 25,982 shares, compared to its average volume of 289,232. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.36. The firm’s 50-day moving average is $68.39 and its two-hundred day moving average is $69.70. The firm has a market capitalization of $5.32 billion, a price-to-earnings ratio of -114.50, a P/E/G ratio of 20.23 and a beta of 1.46. Altair Engineering Inc. has a 12 month low of $43.17 and a 12 month high of $78.49.

Altair Engineering (NASDAQ:ALTR) last issued its earnings results on Thursday, August 3rd. The software reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.08). The firm had revenue of $141.16 million during the quarter, compared to the consensus estimate of $138.83 million. Altair Engineering had a negative net margin of 7.74% and a negative return on equity of 0.26%. On average, research analysts expect that Altair Engineering Inc. will post 0.27 EPS for the current fiscal year.

Altair Engineering Company Profile

Altair Engineering Inc, together with its subsidiaries, provides software and cloud solutions in the areas of simulation, high-performance computing, data analytics, and artificial intelligence in the United States and internationally. The company operates in two segments: Software and Client Engineering Services.