Wellington Management Group LLP Decreases Position in Altair Engineering Inc. (NASDAQ:ALTR)

Wellington Management Group LLP decreased its position in Altair Engineering Inc. (NASDAQ:ALTR - Free Report) by 3.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 702,581 shares of the software's stock after selling 26,458 shares during the period. Wellington Management Group LLP owned 0.83% of Altair Engineering worth $67,104,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. New York State Teachers Retirement System lifted its holdings in Altair Engineering by 1.2% in the third quarter. New York State Teachers Retirement System now owns 8,500 shares of the software's stock valued at $812,000 after acquiring an additional 100 shares during the last quarter. ProShare Advisors LLC raised its position in Altair Engineering by 1.6% in the second quarter. ProShare Advisors LLC now owns 10,219 shares of the software's stock valued at $1,002,000 after purchasing an additional 160 shares during the period. Ballentine Partners LLC lifted its stake in shares of Altair Engineering by 8.5% in the 3rd quarter. Ballentine Partners LLC now owns 2,236 shares of the software's stock valued at $214,000 after purchasing an additional 175 shares during the last quarter. Thrivent Financial for Lutherans grew its holdings in shares of Altair Engineering by 1.5% during the 3rd quarter. Thrivent Financial for Lutherans now owns 13,961 shares of the software's stock worth $1,333,000 after purchasing an additional 201 shares during the period. Finally, GAMMA Investing LLC increased its position in shares of Altair Engineering by 52.2% during the 3rd quarter. GAMMA Investing LLC now owns 636 shares of the software's stock worth $61,000 after purchasing an additional 218 shares during the last quarter. Institutional investors and hedge funds own 63.38% of the company's stock.

Insider Activity at Altair Engineering

In other Altair Engineering news, CRO Nelson Dias sold 22,500 shares of the stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $106.23, for a total value of $2,390,175.00. Following the sale, the executive now directly owns 48,437 shares of the company's stock, valued at approximately $5,145,462.51. This represents a 31.72 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Christ Revocable Trust sold 100,000 shares of Altair Engineering stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $106.57, for a total transaction of $10,657,000.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 400,519 shares of company stock worth $40,076,873. Company insiders own 21.75% of the company's stock.

Altair Engineering Stock Down 0.3 %

ALTR stock traded down $0.36 during midday trading on Wednesday, hitting $105.80. The company's stock had a trading volume of 898,721 shares, compared to its average volume of 591,344. The firm has a 50-day simple moving average of $102.14 and a 200-day simple moving average of $95.33. The firm has a market capitalization of $9.00 billion, a P/E ratio of 279.38, a PEG ratio of 12.20 and a beta of 1.44. 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 $72.29 and a 52-week high of $113.12.

Analysts Set New Price Targets

A number of research analysts have commented on ALTR shares. Wolfe Research cut shares of Altair Engineering from a "strong-buy" rating to a "hold" rating in a research report on Sunday, November 3rd. Loop Capital restated a "hold" rating and issued a $113.00 price objective on shares of Altair Engineering in a report on Thursday, October 31st. Rosenblatt Securities lifted their target price on shares of Altair Engineering from $88.00 to $113.00 and gave the company a "neutral" rating in a report on Thursday, October 31st. Royal Bank of Canada boosted their target price on Altair Engineering from $90.00 to $113.00 and gave the company a "sector perform" rating in a research report on Thursday, October 31st. Finally, Needham & Company LLC restated a "hold" rating and set a $100.00 price target on shares of Altair Engineering in a research note on Thursday, October 31st. One equities research 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's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $100.71.

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.