The Manufacturers Life Insurance Company Has $6.85 Million Stock Position in Altair Engineering Inc. (NASDAQ:ALTR)

The Manufacturers Life Insurance Company raised its stake in Altair Engineering Inc. (NASDAQ:ALTR - Free Report) by 120.4% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 69,886 shares of the software's stock after acquiring an additional 38,171 shares during the period. The Manufacturers Life Insurance Company owned 0.08% of Altair Engineering worth $6,854,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. TD Asset Management Inc acquired a new stake in shares of Altair Engineering in the fourth quarter valued at approximately $2,255,000. Natixis Investment Managers International raised its stake in Altair Engineering by 68.7% during the 4th quarter. Natixis Investment Managers International now owns 1,940 shares of the software's stock valued at $163,000 after acquiring an additional 790 shares in the last quarter. Bain Capital Public Equity LP acquired a new position in Altair Engineering during the 4th quarter worth $6,376,000. Bain Capital Public Equity Management II LLC bought a new position in shares of Altair Engineering in the fourth quarter worth $57,728,000. Finally, Teachers Retirement System of The State of Kentucky lifted its holdings in Altair Engineering by 28.1% in the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 21,478 shares of the software's stock worth $1,807,000 after purchasing an additional 4,712 shares during the period. 63.38% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Altair Engineering news, Director Teresa A. Harris sold 620 shares of Altair Engineering stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $97.73, for a total transaction of $60,592.60. Following the completion of the sale, the director now owns 21,242 shares of the company's stock, valued at $2,075,980.66. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Director Teresa A. Harris sold 620 shares of the firm's stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $97.73, for a total transaction of $60,592.60. Following the transaction, the director now owns 21,242 shares of the company's stock, valued at approximately $2,075,980.66. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Jrs Investments Llc sold 6,500 shares of the business's stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $88.11, for a total transaction of $572,715.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 111,028 shares of company stock valued at $10,293,313. Corporate insiders own 21.75% of the company's stock.

Altair Engineering Price Performance

NASDAQ:ALTR traded up $1.49 during trading hours on Friday, reaching $95.43. 173,661 shares of the company's stock were exchanged, compared to its average volume of 468,196. Altair Engineering Inc. has a 12 month low of $57.59 and a 12 month high of $101.39. The business's 50-day simple moving average is $89.56 and its two-hundred day simple moving average is $89.46. The company has a market capitalization of $7.92 billion, a P/E ratio of 1,060.33, a price-to-earnings-growth ratio of 12.01 and a beta of 1.45. The company has a quick ratio of 3.14, a current ratio of 3.14 and a debt-to-equity ratio of 0.29.

Altair Engineering (NASDAQ:ALTR - Get Free Report) last issued its quarterly earnings results on Thursday, August 1st. The software reported $0.16 EPS for the quarter, beating the consensus estimate of $0.15 by $0.01. Altair Engineering had a net margin of 4.26% and a return on equity of 6.89%. The business had revenue of $148.80 million during the quarter, compared to the consensus estimate of $146.88 million. During the same quarter in the prior year, the firm earned ($0.15) EPS. The firm's quarterly revenue was up 5.4% on a year-over-year basis. Sell-side analysts expect that Altair Engineering Inc. will post 0.65 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have commented on ALTR shares. Needham & Company LLC reissued a "buy" rating and set a $100.00 target price on shares of Altair Engineering in a research note on Friday, August 2nd. JPMorgan Chase & Co. downgraded Altair Engineering from an "overweight" rating to a "neutral" rating and set a $95.00 target price for the company. in a research report on Monday, July 15th. Finally, The Goldman Sachs Group cut Altair Engineering from a "neutral" rating to a "sell" rating and lowered their price target for the company from $85.00 to $71.00 in a research report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $90.67.

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.