Altair Engineering Inc. (NASDAQ:ALTR) Insider Sells $37,314.00 in Stock

Altair Engineering Inc. (NASDAQ:ALTR) insider Ravi Kunju sold 360 shares of the stock in a transaction on Monday, November 11th. The shares were sold at an average price of $103.65, for a total value of $37,314.00. Following the completion of the sale, the insider now owns 30,305 shares in the company, valued at approximately $3,141,113.25. The trade was a 1.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Altair Engineering Stock Performance

Shares of ALTR opened at $103.72 on Friday. The company has a quick ratio of 3.27, a current ratio of 3.27 and a debt-to-equity ratio of 0.27. Altair Engineering Inc. has a 52-week low of $68.87 and a 52-week high of $113.12. The stock has a 50 day moving average price of $97.02 and a 200 day moving average price of $92.89. The company has a market capitalization of $8.82 billion, a price-to-earnings ratio of 272.95, a price-to-earnings-growth ratio of 11.93 and a beta of 1.44.

Wall Street Analysts Forecast Growth

ALTR has been the topic of a number of analyst reports. The Goldman Sachs Group lowered Altair Engineering from a “neutral” rating to a “sell” rating and reduced their price target for the company from $85.00 to $71.00 in a research report on Friday, August 2nd. Royal Bank of Canada raised their target price on shares of Altair Engineering from $90.00 to $113.00 and gave the company a “sector perform” rating in a report on Thursday, October 31st. Needham & Company LLC reiterated a “hold” rating and issued a $100.00 price target on shares of Altair Engineering in a research note on Thursday, October 31st. Loop Capital reissued a “hold” rating and issued a $113.00 price objective on shares of Altair Engineering in a research report on Thursday, October 31st. Finally, William Blair restated a “market perform” rating on shares of Altair Engineering in a report on Thursday, October 31st. One analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $100.71.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Matrix Capital Management Company LP lifted its position in Altair Engineering by 1.6% in the first quarter. Matrix Capital Management Company LP now owns 12,430,000 shares of the software’s stock valued at $1,070,844,000 after acquiring an additional 196,826 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Altair Engineering by 3.2% during the first quarter. Vanguard Group Inc. now owns 5,944,285 shares of the software’s stock worth $512,100,000 after purchasing an additional 182,840 shares during the last quarter. Conestoga Capital Advisors LLC increased its position in shares of Altair Engineering by 1.4% during the third quarter. Conestoga Capital Advisors LLC now owns 2,522,551 shares of the software’s stock worth $240,929,000 after purchasing an additional 33,985 shares in the last quarter. William Blair Investment Management LLC purchased a new stake in shares of Altair Engineering in the 2nd quarter valued at about $91,589,000. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Altair Engineering by 121.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 569,109 shares of the software’s stock valued at $55,818,000 after purchasing an additional 312,448 shares during the last quarter. Institutional investors and hedge funds own 63.38% of the company’s stock.

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.