Teachers Retirement System of The State of Kentucky Buys 7,981 Shares of Altair Engineering Inc. (NASDAQ:ALTR)

Teachers Retirement System of The State of Kentucky raised its holdings in shares of Altair Engineering Inc. (NASDAQ:ALTR - Free Report) by 30.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 34,242 shares of the software's stock after purchasing an additional 7,981 shares during the quarter. Teachers Retirement System of The State of Kentucky's holdings in Altair Engineering were worth $3,270,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Envestnet Portfolio Solutions Inc. acquired a new stake in Altair Engineering during the second quarter valued at approximately $206,000. Louisiana State Employees Retirement System bought a new position in Altair Engineering during the second quarter worth $1,579,000. Retirement Systems of Alabama acquired a new position in Altair Engineering in the second quarter worth $6,894,000. Bank of New York Mellon Corp increased its stake in Altair Engineering by 121.7% during the second quarter. Bank of New York Mellon Corp now owns 569,109 shares of the software's stock valued at $55,818,000 after purchasing an additional 312,448 shares during the last quarter. Finally, State of Michigan Retirement System acquired a new stake in shares of Altair Engineering during the second quarter worth $1,344,000. Institutional investors own 63.38% of the company's stock.

Altair Engineering Trading Up 0.5 %

ALTR stock traded up $0.50 during mid-day trading on Friday, reaching $106.65. 468,110 shares of the stock traded hands, compared to its average volume of 590,513. Altair Engineering Inc. has a 52-week low of $73.21 and a 52-week high of $113.12. The company has a current ratio of 3.27, a quick ratio of 3.27 and a debt-to-equity ratio of 0.27. The company has a market cap of $9.07 billion, a P/E ratio of 280.67, a P/E/G ratio of 12.16 and a beta of 1.44. The stock's fifty day moving average is $102.83 and its 200-day moving average is $95.61.

Insider Transactions at Altair Engineering

In related news, CEO James Ralph Scapa sold 13,000 shares of Altair Engineering stock in a transaction on Monday, September 30th. The stock was sold at an average price of $95.10, for a total transaction of $1,236,300.00. Following the completion of the sale, the chief executive officer now owns 134,045 shares of the company's stock, valued at approximately $12,747,679.50. This trade represents a 8.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Christ Revocable Trust sold 50,048 shares of the company's stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $95.07, for a total value of $4,758,063.36. Following the completion of the transaction, the insider now directly owns 149,952 shares in the company, valued at approximately $14,255,936.64. The trade was a 25.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 400,519 shares of company stock valued at $40,076,873 over the last quarter. Company insiders own 21.75% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on ALTR shares. William Blair reaffirmed a "market perform" rating on shares of Altair Engineering in a research report on Thursday, October 31st. Rosenblatt Securities raised their price target on Altair Engineering from $88.00 to $113.00 and gave the stock a "neutral" rating in a report on Thursday, October 31st. Wolfe Research downgraded Altair Engineering from a "strong-buy" rating to a "hold" rating in a research note on Sunday, November 3rd. Loop Capital reiterated a "hold" rating and issued a $113.00 target price on shares of Altair Engineering in a research note on Thursday, October 31st. Finally, Royal Bank of Canada upped their price target on shares of Altair Engineering from $90.00 to $113.00 and gave the stock a "sector perform" rating 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 given a buy rating to the company's stock. According to data from MarketBeat.com, Altair Engineering currently has an average rating of "Hold" and a consensus target price of $100.71.

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.