Altair Engineering Inc. (NASDAQ:ALTR) Shares Sold by abrdn plc

abrdn plc cut its position in Altair Engineering Inc. (NASDAQ:ALTR) by 0.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 656,808 shares of the software’s stock after selling 5,693 shares during the period. abrdn plc owned 0.80% of Altair Engineering worth $55,270,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Teachers Retirement System of The State of Kentucky acquired a new stake in shares of Altair Engineering in the third quarter worth approximately $1,049,000. Comerica Bank acquired a new position in Altair Engineering during the third quarter worth $11,051,000. Lazard Asset Management LLC boosted its stake in Altair Engineering by 168,148.1% during the third quarter. Lazard Asset Management LLC now owns 45,427 shares of the software’s stock worth $2,841,000 after buying an additional 45,400 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Altair Engineering by 4.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 415,538 shares of the software’s stock worth $25,996,000 after buying an additional 16,075 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in Altair Engineering by 22.8% during the third quarter. Ameriprise Financial Inc. now owns 951,698 shares of the software’s stock worth $59,538,000 after buying an additional 176,780 shares during the last quarter. 63.38% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ALTR. Needham & Company LLC reissued a “buy” rating and set a $100.00 price objective on shares of Altair Engineering in a research note on Monday, March 25th. Royal Bank of Canada reissued a “sector perform” rating and set a $90.00 price objective on shares of Altair Engineering in a research note on Thursday, March 21st. Rosenblatt Securities restated a “neutral” rating and issued a $88.00 target price (up previously from $74.00) on shares of Altair Engineering in a research report on Friday, February 23rd. Oppenheimer lifted their target price on Altair Engineering from $95.00 to $100.00 and gave the company 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 company an “overweight” rating in a research report on Tuesday, March 26th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $90.00.

Insider Activity at Altair Engineering

In related news, major shareholder George J. Christ sold 100,000 shares of the business’s stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $87.32, for a total value of $8,732,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, major shareholder Christ Revocable Trust sold 3,904 shares of the company’s stock in a transaction dated Tuesday, March 26th. The stock was sold at an average price of $85.42, for a total transaction of $333,479.68. Following the completion of the transaction, the insider now directly owns 283,336 shares of the company’s stock, valued at approximately $24,202,561.12. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder George J. Christ sold 100,000 shares of the company’s stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $87.32, for a total value of $8,732,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 261,830 shares of company stock worth $22,608,320. 21.75% of the stock is currently owned by company insiders.

Altair Engineering Price Performance

ALTR stock opened at $82.32 on Monday. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $6.79 billion, a PE ratio of -633.23, a P/E/G ratio of 10.98 and a beta of 1.42. Altair Engineering Inc. has a 12-month low of $57.59 and a 12-month high of $92.92. The business’s fifty day moving average price is $84.49 and its 200 day moving average price is $78.31.

Altair Engineering (NASDAQ:ALTR) last posted its quarterly earnings data on Thursday, February 22nd. The software reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.07. The firm had revenue of $171.50 million for the quarter, compared to the consensus estimate of $172.48 million. Altair Engineering had a positive return on equity of 3.77% and a negative net margin of 1.46%. On average, sell-side analysts anticipate that Altair Engineering Inc. will post 0.63 EPS for the current year.

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.