Connor Clark & Lunn Investment Management Ltd. Trims Stock Position in Altair Engineering Inc. (NASDAQ:ALTR)

Connor Clark & Lunn Investment Management Ltd. reduced its holdings in Altair Engineering Inc. (NASDAQ:ALTR - Free Report) by 74.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,282 shares of the software's stock after selling 68,759 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in Altair Engineering were worth $2,224,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Conestoga Capital Advisors LLC increased its position in 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 during the last quarter. William Blair Investment Management LLC acquired a new stake in Altair Engineering during the second quarter worth about $91,589,000. Bank of New York Mellon Corp increased its position in Altair Engineering by 121.7% during the second quarter. Bank of New York Mellon Corp now owns 569,109 shares of the software's stock worth $55,818,000 after purchasing an additional 312,448 shares during the last quarter. Candriam S.C.A. increased its position in Altair Engineering by 28.9% during the second quarter. Candriam S.C.A. now owns 560,565 shares of the software's stock worth $54,978,000 after purchasing an additional 125,816 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Altair Engineering by 7.8% during the second quarter. Dimensional Fund Advisors LP now owns 513,695 shares of the software's stock worth $50,384,000 after purchasing an additional 37,114 shares during the last quarter. 63.38% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on ALTR shares. Royal Bank of Canada raised their price objective on shares of Altair Engineering from $90.00 to $113.00 and gave the stock a "sector perform" rating in a research report on Thursday, October 31st. Wolfe Research cut shares of Altair Engineering from a "strong-buy" rating to a "hold" rating in a research report on Sunday, November 3rd. Rosenblatt Securities lifted their price target on shares of Altair Engineering from $88.00 to $113.00 and gave the company a "neutral" rating in a research report on Thursday, October 31st. William Blair reiterated a "market perform" rating on shares of Altair Engineering in a research report on Thursday, October 31st. Finally, The Goldman Sachs Group cut shares of Altair Engineering from a "neutral" rating to a "sell" rating and dropped their price target for the company from $85.00 to $71.00 in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $100.71.

Altair Engineering Stock Down 0.4 %

Shares of NASDAQ ALTR traded down $0.47 during midday trading on Tuesday, hitting $105.40. The company's stock had a trading volume of 488,638 shares, compared to its average volume of 590,007. The business's fifty day simple moving average is $99.54 and its two-hundred day simple moving average is $94.09. 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 firm has a market capitalization of $8.97 billion, a price-to-earnings ratio of 277.38, a price-to-earnings-growth ratio of 12.09 and a beta of 1.44.

Insider Activity

In related news, CEO James Ralph Scapa sold 13,000 shares of Altair Engineering stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $89.04, for a total value of $1,157,520.00. Following the completion of the transaction, the chief executive officer now owns 134,045 shares in the company, valued at $11,935,366.80. The trade was a 8.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Jrs Investments Llc sold 6,500 shares of the business's stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $89.04, for a total transaction of $578,760.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 362,544 shares of company stock valued at $35,717,201. 21.75% of the stock is currently owned by company insiders.

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.