BNP Paribas Financial Markets Has $3.29 Million Stock Position in Altair Engineering Inc. (NASDAQ:ALTR)

BNP Paribas Financial Markets cut its holdings in shares of Altair Engineering Inc. (NASDAQ:ALTR - Free Report) by 44.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 34,425 shares of the software's stock after selling 27,854 shares during the quarter. BNP Paribas Financial Markets' holdings in Altair Engineering were worth $3,288,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of ALTR. Blue Trust Inc. lifted its position in Altair Engineering by 572.1% in the third quarter. Blue Trust Inc. now owns 289 shares of the software's stock worth $28,000 after purchasing an additional 246 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Altair Engineering by 81.7% during the 2nd quarter. GAMMA Investing LLC now owns 418 shares of the software's stock worth $41,000 after acquiring an additional 188 shares during the period. FSC Wealth Advisors LLC boosted its position in shares of Altair Engineering by 41.3% during the 2nd quarter. FSC Wealth Advisors LLC now owns 832 shares of the software's stock valued at $82,000 after acquiring an additional 243 shares in the last quarter. Van ECK Associates Corp increased its stake in Altair Engineering by 41.7% in the second quarter. Van ECK Associates Corp now owns 1,057 shares of the software's stock valued at $104,000 after acquiring an additional 311 shares during the period. Finally, KBC Group NV raised its position in Altair Engineering by 17.9% in the third quarter. KBC Group NV now owns 1,640 shares of the software's stock worth $157,000 after purchasing an additional 249 shares in the last quarter. 63.38% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, major shareholder George J. Christ sold 97,824 shares of Altair Engineering stock in a transaction on Friday, October 11th. The stock was sold at an average price of $95.23, for a total transaction of $9,315,779.52. Following the completion of the sale, the insider now directly owns 302,176 shares of the company's stock, valued at $28,776,220.48. The trade was a 24.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Christ Revocable Trust sold 50,048 shares of the firm's stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $95.07, for a total value of $4,758,063.36. Following the transaction, the insider now owns 149,952 shares in the company, valued at approximately $14,255,936.64. This trade represents a 25.02 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 378,019 shares of company stock valued at $37,686,698. Insiders own 21.75% of the company's stock.

Analyst Upgrades and Downgrades

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

Altair Engineering Price Performance

NASDAQ ALTR traded up $0.43 on Friday, hitting $106.17. 936,846 shares of the company were exchanged, compared to its average volume of 589,495. Altair Engineering Inc. has a 1-year low of $70.07 and a 1-year high of $113.12. The firm has a 50 day moving average of $101.40 and a two-hundred day moving average of $94.96. The company has a current ratio of 3.27, a quick ratio of 3.27 and a debt-to-equity ratio of 0.27. The company has a market cap of $9.03 billion, a P/E ratio of 278.14, a P/E/G ratio of 12.10 and a beta of 1.44.

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.