Fred Alger Management LLC Reduces Stock Holdings in Altair Engineering Inc. (NASDAQ:ALTR)

Fred Alger Management LLC trimmed its position in shares of Altair Engineering Inc. (NASDAQ:ALTR - Free Report) by 18.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 381,760 shares of the software's stock after selling 85,709 shares during the period. Fred Alger Management LLC owned about 0.45% of Altair Engineering worth $36,462,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Verition Fund Management LLC bought a new position in Altair Engineering during the 3rd quarter valued at approximately $313,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Altair Engineering during the third quarter valued at approximately $1,356,000. Glenmede Trust Co. NA raised its holdings in shares of Altair Engineering by 11.1% during the third quarter. Glenmede Trust Co. NA now owns 23,343 shares of the software's stock valued at $2,229,000 after acquiring an additional 2,334 shares in the last quarter. Mirabella Financial Services LLP lifted its stake in Altair Engineering by 560.7% in the third quarter. Mirabella Financial Services LLP now owns 37,262 shares of the software's stock worth $3,420,000 after acquiring an additional 31,622 shares during the period. Finally, Fisher Asset Management LLC boosted its holdings in Altair Engineering by 27.0% in the third quarter. Fisher Asset Management LLC now owns 401,612 shares of the software's stock valued at $38,358,000 after acquiring an additional 85,303 shares in the last quarter. 63.38% of the stock is currently owned by hedge funds and other institutional investors.

Altair Engineering Stock Up 0.2 %

NASDAQ:ALTR traded up $0.19 during trading hours on Friday, reaching $105.61. 285,644 shares of the company traded hands, compared to its average volume of 587,791. Altair Engineering Inc. has a 1 year low of $70.07 and a 1 year high of $113.12. 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 business's 50-day moving average price is $100.49 and its two-hundred day moving average price is $94.52. The stock has a market capitalization of $8.99 billion, a P/E ratio of 277.93, a P/E/G ratio of 12.12 and a beta of 1.44.

Wall Street Analysts Forecast Growth

Several research analysts have commented on ALTR shares. William Blair restated a "market perform" rating on shares of Altair Engineering in a report on Thursday, October 31st. Royal Bank of Canada increased 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. Needham & Company LLC reaffirmed a "hold" rating and set a $100.00 price objective on shares of Altair Engineering in a research report on Thursday, October 31st. Wolfe Research lowered Altair Engineering from a "strong-buy" rating to a "hold" rating in a research report on Sunday, November 3rd. Finally, Loop Capital reaffirmed a "hold" rating and issued a $113.00 price target on shares of Altair Engineering in a research note on Thursday, October 31st. One 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. Based on data from MarketBeat.com, Altair Engineering presently has an average rating of "Hold" and a consensus target price of $100.71.

Insider Activity at Altair Engineering

In other news, Director Teresa A. Harris sold 620 shares of the company's stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $89.70, for a total transaction of $55,614.00. Following the sale, the director now directly owns 21,242 shares of the company's stock, valued at $1,905,407.40. This represents a 2.84 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Christ Revocable Trust sold 100,000 shares of the firm's stock in a transaction on Wednesday, October 23rd. The shares were 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 343,044 shares of company stock valued at $33,980,921. Insiders own 21.75% of the company's stock.

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.