Primecap Management Co. CA Sells 21,910 Shares of Altair Engineering Inc. (NASDAQ:ALTR)

Primecap Management Co. CA cut its holdings in Altair Engineering Inc. (NASDAQ:ALTR - Free Report) by 6.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 322,493 shares of the software's stock after selling 21,910 shares during the period. Primecap Management Co. CA owned 0.38% of Altair Engineering worth $30,801,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the business. Blue Trust Inc. lifted its holdings in shares of Altair Engineering by 572.1% during the third quarter. Blue Trust Inc. now owns 289 shares of the software's stock worth $28,000 after buying an additional 246 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Altair Engineering by 81.7% in the 2nd quarter. GAMMA Investing LLC now owns 418 shares of the software's stock valued at $41,000 after purchasing an additional 188 shares during the period. FSC Wealth Advisors LLC grew its position in Altair Engineering by 41.3% in the 2nd quarter. FSC Wealth Advisors LLC now owns 832 shares of the software's stock worth $82,000 after purchasing an additional 243 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of Altair Engineering by 41.7% during the 2nd quarter. Van ECK Associates Corp now owns 1,057 shares of the software's stock worth $104,000 after purchasing an additional 311 shares during the period. Finally, KBC Group NV raised its position in shares of Altair Engineering by 17.9% during the third quarter. KBC Group NV now owns 1,640 shares of the software's stock valued at $157,000 after buying an additional 249 shares during the last quarter. Institutional investors and hedge funds own 63.38% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on ALTR shares. Rosenblatt Securities boosted their price target on Altair Engineering from $88.00 to $113.00 and gave the company a "neutral" rating in a research note on Thursday, October 31st. The Goldman Sachs Group cut Altair Engineering from a "neutral" rating to a "sell" rating and reduced their target price for the stock from $85.00 to $71.00 in a research report on Friday, August 2nd. Needham & Company LLC reissued a "hold" rating and issued a $100.00 price target on shares of Altair Engineering in a report on Thursday, October 31st. Loop Capital restated a "hold" rating and issued a $113.00 price objective on shares of Altair Engineering 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 equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Altair Engineering presently has an average rating of "Hold" and a consensus price target of $100.71.

Insider Transactions at Altair Engineering

In other news, CEO James Ralph Scapa sold 13,000 shares of the company's stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $89.04, for a total transaction of $1,157,520.00. Following the transaction, the chief executive officer now directly owns 134,045 shares in the company, valued at approximately $11,935,366.80. This represents a 8.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Jrs Investments Llc sold 6,500 shares of the firm's stock in a transaction that occurred on Wednesday, August 28th. The shares were 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. Over the last quarter, insiders have sold 362,544 shares of company stock worth $35,717,201. Insiders own 21.75% of the company's stock.

Altair Engineering Price Performance

Shares of ALTR traded up $0.85 on Friday, hitting $105.20. The company's stock had a trading volume of 879,342 shares, compared to its average volume of 588,721. The company has a market capitalization of $8.95 billion, a PE ratio of 276.84, a PEG ratio of 11.98 and a beta of 1.44. Altair Engineering Inc. has a fifty-two week low of $68.87 and a fifty-two week high of $113.12. The company has a 50 day moving average price of $99.20 and a 200 day moving average price of $93.83. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.27 and a quick ratio of 3.27.

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.