ARK Investment Management LLC Sells 10,067 Shares of Altair Engineering Inc. (NASDAQ:ALTR)

ARK Investment Management LLC reduced its holdings in shares of Altair Engineering Inc. (NASDAQ:ALTR - Free Report) by 19.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 40,463 shares of the software's stock after selling 10,067 shares during the quarter. ARK Investment Management LLC's holdings in Altair Engineering were worth $3,865,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. GAMMA Investing LLC grew its position in Altair Engineering by 52.2% in 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 period. Russell Investments Group Ltd. grew its holdings in shares of Altair Engineering by 5,564.8% in the first quarter. Russell Investments Group Ltd. now owns 31,043 shares of the software's stock worth $2,676,000 after acquiring an additional 30,495 shares during the period. Moody Aldrich Partners LLC increased its position in Altair Engineering by 15.2% during the third quarter. Moody Aldrich Partners LLC now owns 75,233 shares of the software's stock valued at $7,186,000 after acquiring an additional 9,907 shares during the last quarter. Linden Thomas Advisory Services LLC purchased a new stake in Altair Engineering during the second quarter valued at $629,000. Finally, Jane Street Group LLC lifted its holdings in Altair Engineering by 960.2% in the first quarter. Jane Street Group LLC now owns 303,672 shares of the software's stock valued at $26,161,000 after acquiring an additional 275,030 shares during the period. 63.38% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Teresa A. Harris sold 620 shares of Altair Engineering stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $104.10, for a total transaction of $64,542.00. Following the sale, the director now owns 21,242 shares in the company, valued at $2,211,292.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Altair Engineering news, Director Teresa A. Harris sold 620 shares of the stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $104.10, for a total transaction of $64,542.00. Following the completion of the transaction, the director now owns 21,242 shares of the company's stock, valued at $2,211,292.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO James Ralph Scapa sold 13,000 shares of Altair Engineering stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $89.04, for a total value of $1,157,520.00. Following the completion of the sale, the chief executive officer now directly owns 134,045 shares in the company, valued at $11,935,366.80. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 362,184 shares of company stock worth $35,679,887 in the last three months. 21.75% of the stock is owned by company insiders.

Altair Engineering Price Performance

ALTR stock traded down $0.31 during trading on Friday, reaching $103.65. The company's stock had a trading volume of 2,246,368 shares, compared to its average volume of 1,379,219. The company has a quick ratio of 3.27, a current ratio of 3.27 and a debt-to-equity ratio of 0.27. The company's fifty day moving average is $95.72 and its 200-day moving average is $92.38. The company has a market capitalization of $8.82 billion, a P/E ratio of 272.77, a price-to-earnings-growth ratio of 11.95 and a beta of 1.44. Altair Engineering Inc. has a 1 year low of $68.25 and a 1 year high of $113.12.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on ALTR shares. Wolfe Research lowered shares of Altair Engineering from a "strong-buy" rating to a "hold" rating in a research report on Sunday, November 3rd. Royal Bank of Canada lifted their price target on shares of Altair Engineering from $90.00 to $113.00 and gave the stock a "sector perform" rating in a research note on Thursday, October 31st. JPMorgan Chase & Co. lowered Altair Engineering from an "overweight" rating to a "neutral" rating and set a $95.00 price objective for the company. in a research note on Monday, July 15th. The Goldman Sachs Group downgraded Altair Engineering from a "neutral" rating to a "sell" rating and lowered their target price for the company from $85.00 to $71.00 in a research report on Friday, August 2nd. Finally, Needham & Company LLC reissued a "hold" rating and set a $100.00 price target on shares of Altair Engineering in a report on Thursday, October 31st. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $100.71.

Altair Engineering 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.