Primecap Management Co. CA reduced its stake in shares of Altair Engineering Inc. (NASDAQ:ALTR - Free Report) by 26.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 238,363 shares of the software's stock after selling 84,130 shares during the period. Primecap Management Co. CA owned about 0.28% of Altair Engineering worth $26,008,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently modified their holdings of ALTR. Fisher Asset Management LLC grew its stake in Altair Engineering by 27.0% in the third quarter. Fisher Asset Management LLC now owns 401,612 shares of the software's stock worth $38,358,000 after purchasing an additional 85,303 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Altair Engineering by 1.7% during the 4th quarter. Principal Financial Group Inc. now owns 168,665 shares of the software's stock worth $18,403,000 after buying an additional 2,872 shares during the last quarter. Citigroup Inc. grew its position in shares of Altair Engineering by 141.0% in the 3rd quarter. Citigroup Inc. now owns 50,518 shares of the software's stock worth $4,825,000 after acquiring an additional 29,556 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Altair Engineering in the 3rd quarter valued at approximately $1,356,000. Finally, UMB Bank n.a. raised its position in shares of Altair Engineering by 77.0% during the 4th quarter. UMB Bank n.a. now owns 285 shares of the software's stock valued at $31,000 after acquiring an additional 124 shares in the last quarter. Institutional investors own 63.38% of the company's stock.
Insiders Place Their Bets
In other news, CRO Nelson Dias sold 1,671 shares of the company's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $111.30, for a total value of $185,982.30. Following the completion of the sale, the executive now directly owns 55,411 shares of the company's stock, valued at approximately $6,167,244.30. This represents a 2.93 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Teresa A. Harris sold 2,700 shares of the business's stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $111.61, for a total value of $301,347.00. Following the sale, the director now directly owns 18,542 shares in the company, valued at approximately $2,069,472.62. The trade was a 12.71 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 12,172 shares of company stock worth $1,356,847. 21.75% of the stock is owned by company insiders.
Wall Street Analyst Weigh In
Several analysts have weighed in on ALTR shares. Needham & Company LLC reiterated a "hold" rating on shares of Altair Engineering in a research note on Friday, February 21st. Rosenblatt Securities reaffirmed a "neutral" rating and set a $113.00 price objective on shares of Altair Engineering in a research report on Monday, February 24th. One research analyst has rated the stock with a sell rating and seven have given a hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $100.83.
Read Our Latest Analysis on ALTR
Altair Engineering Price Performance
Shares of ALTR stock traded down $0.06 during trading hours on Monday, reaching $111.69. The stock had a trading volume of 418,839 shares, compared to its average volume of 654,224. The firm has a market capitalization of $9.58 billion, a PE ratio of 657.00, a price-to-earnings-growth ratio of 10.75 and a beta of 1.45. The firm has a 50-day simple moving average of $110.91 and a 200-day simple moving average of $104.75. Altair Engineering Inc. has a twelve month low of $75.71 and a twelve month high of $113.12.
Altair Engineering (NASDAQ:ALTR - Get Free Report) last released its quarterly earnings results on Thursday, February 20th. The software reported $0.36 earnings per share for the quarter, missing analysts' consensus estimates of $0.51 by ($0.15). Altair Engineering had a net margin of 2.13% and a return on equity of 8.08%. The business had revenue of $192.63 million for the quarter, compared to the consensus estimate of $182.98 million. On average, equities analysts anticipate that Altair Engineering Inc. will post 0.87 earnings per share for the current year.
Altair Engineering Company Profile
(
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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