Rheos Capital Works Inc. Takes $716,000 Position in Altair Engineering Inc. (NASDAQ:ALTR)

Rheos Capital Works Inc. purchased a new position in shares of Altair Engineering Inc. (NASDAQ:ALTR - Free Report) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 7,500 shares of the software's stock, valued at approximately $716,000.

Other large investors have also recently made changes to their positions in the company. Wellington Management Group LLP boosted its stake in shares of Altair Engineering by 97.3% during the 4th quarter. Wellington Management Group LLP now owns 1,182,339 shares of the software's stock worth $99,494,000 after purchasing an additional 583,127 shares during the period. GAMMA Investing LLC boosted its stake in shares of Altair Engineering by 52.2% during 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. boosted its stake in shares of Altair Engineering by 5,564.8% during the 1st quarter. Russell Investments Group Ltd. now owns 31,043 shares of the software's stock worth $2,676,000 after purchasing an additional 30,495 shares during the period. Linden Thomas Advisory Services LLC purchased a new position in shares of Altair Engineering during the 2nd quarter worth about $629,000. Finally, Jane Street Group LLC boosted its stake in shares of Altair Engineering by 960.2% during the 1st quarter. Jane Street Group LLC now owns 303,672 shares of the software's stock worth $26,161,000 after purchasing an additional 275,030 shares during the period. 63.38% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Altair Engineering Stock Up 1.0 %

Shares of NASDAQ:ALTR traded up $0.91 during trading hours on Thursday, hitting $95.79. The company's stock had a trading volume of 179,257 shares, compared to its average volume of 459,435. Altair Engineering Inc. has a 52 week low of $57.59 and a 52 week high of $101.39. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.14 and a quick ratio of 3.14. The company has a market capitalization of $7.95 billion, a price-to-earnings ratio of 1,064.00, a P/E/G ratio of 12.15 and a beta of 1.45. The firm's fifty day moving average price is $91.12 and its 200 day moving average price is $89.99.

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

Insider Buying and Selling

In related news, major shareholder Jrs Investments Llc sold 6,500 shares of the business's stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $88.11, for a total transaction of $572,715.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Altair Engineering news, major shareholder Jrs Investments Llc sold 6,500 shares of the company's stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $88.11, for a total transaction of $572,715.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO James Ralph Scapa sold 13,000 shares of the company's stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $88.11, for a total transaction of $1,145,430.00. Following the transaction, the chief executive officer now owns 134,045 shares in the company, valued at $11,810,704.95. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 260,360 shares of company stock worth $24,537,300 in the last 90 days. 21.75% of the stock is owned by corporate insiders.

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.