abrdn plc Lowers Stock Position in Altair Engineering Inc. (NASDAQ:ALTR)

abrdn plc decreased its position in Altair Engineering Inc. (NASDAQ:ALTR - Free Report) by 4.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 566,936 shares of the software's stock after selling 24,378 shares during the quarter. abrdn plc owned approximately 0.68% of Altair Engineering worth $54,148,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in ALTR. GAMMA Investing LLC lifted its holdings in shares of Altair Engineering by 52.2% during the third quarter. GAMMA Investing LLC now owns 636 shares of the software's stock valued at $61,000 after purchasing an additional 218 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Altair Engineering by 5,564.8% during the first quarter. Russell Investments Group Ltd. now owns 31,043 shares of the software's stock valued at $2,676,000 after buying an additional 30,495 shares during the last quarter. Moody Aldrich Partners LLC increased its position in shares of Altair Engineering by 15.2% during the third quarter. Moody Aldrich Partners LLC now owns 75,233 shares of the software's stock valued at $7,186,000 after acquiring an additional 9,907 shares in the last quarter. Linden Thomas Advisory Services LLC purchased a new position in Altair Engineering in the 2nd quarter worth approximately $629,000. Finally, Jane Street Group LLC lifted its position in Altair Engineering by 960.2% in the 1st quarter. Jane Street Group LLC now owns 303,672 shares of the software's stock valued at $26,161,000 after acquiring an additional 275,030 shares in the last quarter. Hedge funds and other institutional investors own 63.38% of the company's stock.

Altair Engineering Price Performance

Shares of ALTR stock traded down $2.04 on Wednesday, hitting $108.63. 1,213,572 shares of the stock traded hands, compared to its average volume of 480,486. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.14 and a quick ratio of 3.14. Altair Engineering Inc. has a 52 week low of $57.59 and a 52 week high of $113.12. The firm has a 50 day simple moving average of $93.72 and a two-hundred day simple moving average of $91.29. The firm has a market cap of $9.02 billion, a price-to-earnings ratio of 1,207.00, a PEG ratio of 12.15 and a beta of 1.45.

Altair Engineering (NASDAQ:ALTR - Get Free Report) last announced its quarterly earnings data 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 return on equity of 6.89% and a net margin of 4.26%. The business had revenue of $148.80 million for the quarter, compared to the consensus estimate of $146.88 million. During the same period in the previous year, the business earned ($0.15) earnings per share. The business's revenue was up 5.4% on a year-over-year basis. As a group, equities research analysts predict that Altair Engineering Inc. will post 0.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ALTR. The Goldman Sachs Group cut Altair Engineering from a "neutral" rating to a "sell" rating and decreased their price target for the stock from $85.00 to $71.00 in a research note on Friday, August 2nd. Needham & Company LLC reiterated a "buy" rating and issued a $100.00 price target on shares of Altair Engineering in a research report on Friday, August 2nd. JPMorgan Chase & Co. lowered Altair Engineering from an "overweight" rating to a "neutral" rating and set a $95.00 price objective for the company. in a research note on Monday, July 15th. Finally, Royal Bank of Canada reiterated a "sector perform" rating and set a $90.00 target price on shares of Altair Engineering in a research report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $90.67.

Insider Buying and Selling

In other Altair Engineering news, Director Teresa A. Harris sold 620 shares of Altair Engineering stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $82.57, for a total value of $51,193.40. Following the sale, the director now owns 21,242 shares of the company's stock, valued at $1,753,951.94. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Teresa A. Harris sold 620 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $82.57, for a total value of $51,193.40. Following the completion of the transaction, the director now owns 21,242 shares of the company's stock, valued at approximately $1,753,951.94. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Christ Revocable Trust sold 100,000 shares of the company's stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $106.57, for a total value of $10,657,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 360,360 shares of company stock worth $35,476,660. 21.75% of the stock is owned by insiders.

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.