Massachusetts Financial Services Co. MA raised its position in Altair Engineering Inc. (NASDAQ:ALTR - Free Report) by 31.6% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 392,343 shares of the software's stock after purchasing an additional 94,219 shares during the period. Massachusetts Financial Services Co. MA owned 0.46% of Altair Engineering worth $37,473,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Conestoga Capital Advisors LLC boosted its stake 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 buying an additional 33,985 shares during the last quarter. William Blair Investment Management LLC purchased a new position in Altair Engineering during the second quarter worth about $91,589,000. Bank of New York Mellon Corp boosted its holdings in Altair Engineering by 121.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 569,109 shares of the software's stock valued at $55,818,000 after purchasing an additional 312,448 shares during the last quarter. Candriam S.C.A. grew its stake in shares of Altair Engineering by 28.9% in the 2nd quarter. Candriam S.C.A. now owns 560,565 shares of the software's stock valued at $54,978,000 after buying an additional 125,816 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Altair Engineering by 7.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 513,695 shares of the software's stock worth $50,384,000 after buying an additional 37,114 shares during the last quarter. Institutional investors and hedge funds own 63.38% of the company's stock.
Altair Engineering Price Performance
Shares of ALTR traded up $0.24 during trading hours on Monday, reaching $105.44. 598,292 shares of the company traded hands, compared to its average volume of 588,764. Altair Engineering Inc. has a fifty-two week low of $70.07 and a fifty-two week high of $113.12. The stock has a market capitalization of $8.97 billion, a PE ratio of 276.85, a price-to-earnings-growth ratio of 12.09 and a beta of 1.44. The stock has a fifty day simple moving average of $99.20 and a 200 day simple moving average of $93.94. The company has a quick ratio of 3.27, a current ratio of 3.27 and a debt-to-equity ratio of 0.27.
Analyst Ratings Changes
Several analysts recently issued reports on ALTR shares. Rosenblatt Securities boosted their price objective 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. Needham & Company LLC reissued a "hold" rating and set a $100.00 price objective on shares of Altair Engineering in a report on Thursday, October 31st. Wolfe Research lowered Altair Engineering from a "strong-buy" rating to a "hold" rating in a report on Sunday, November 3rd. Royal Bank of Canada upped their price target on Altair Engineering from $90.00 to $113.00 and gave the stock a "sector perform" rating in a research note on Thursday, October 31st. Finally, William Blair reiterated a "market perform" rating 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 given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $100.71.
Read Our Latest Analysis on ALTR
Insiders Place Their Bets
In other Altair Engineering news, insider Ravi Kunju sold 360 shares of the firm's stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $103.65, for a total value of $37,314.00. Following the transaction, the insider now directly owns 30,305 shares of the company's stock, valued at $3,141,113.25. This trade represents a 1.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Jrs Investments Llc sold 6,500 shares of the stock in a transaction dated 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. In the last three months, insiders sold 362,544 shares of company stock valued at $35,717,201. Company insiders own 21.75% of the company's stock.
About Altair Engineering
(
Free Report)
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.
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