Victory Capital Management Inc. Purchases 78,048 Shares of Altair Engineering Inc. (NASDAQ:ALTR)

Victory Capital Management Inc. lifted its stake in Altair Engineering Inc. (NASDAQ:ALTR - Free Report) by 25.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 388,089 shares of the software's stock after purchasing an additional 78,048 shares during the quarter. Victory Capital Management Inc. owned 0.46% of Altair Engineering worth $37,066,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Blue Trust Inc. raised its position in Altair Engineering by 572.1% in the 3rd 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 lifted its holdings in shares of Altair Engineering by 81.7% during the 2nd quarter. GAMMA Investing LLC now owns 418 shares of the software's stock valued at $41,000 after buying an additional 188 shares during the period. FSC Wealth Advisors LLC boosted its stake in shares of 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 buying an additional 243 shares during the last quarter. Van ECK Associates Corp grew its holdings in shares of Altair Engineering by 41.7% in the second quarter. Van ECK Associates Corp now owns 1,057 shares of the software's stock worth $104,000 after acquiring an additional 311 shares during the period. Finally, SG Americas Securities LLC purchased a new stake in shares of Altair Engineering during the 1st quarter valued at about $177,000. Institutional investors own 63.38% of the company's stock.

Insider Activity

In related news, major shareholder George J. Christ sold 49,952 shares of the company's stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $95.72, for a total transaction of $4,781,405.44. Following the sale, the insider now owns 100,000 shares of the company's stock, valued at $9,572,000. This represents a 33.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Christ Revocable Trust sold 100,000 shares of the stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $106.57, for a total transaction of $10,657,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 362,544 shares of company stock worth $35,717,201 over the last quarter. Insiders own 21.75% of the company's stock.

Altair Engineering Price Performance

ALTR traded up $0.03 on Friday, hitting $103.75. 1,392,596 shares of the company's stock traded hands, compared to its average volume of 1,721,176. Altair Engineering Inc. has a one year low of $68.87 and a one year 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 firm has a market cap of $8.83 billion, a price-to-earnings ratio of 273.03, a P/E/G ratio of 11.93 and a beta of 1.44. The company's 50 day simple moving average is $97.40 and its 200-day simple moving average is $93.13.

Analyst Ratings Changes

ALTR has been the subject of a number of research reports. Loop Capital reaffirmed a "hold" rating and set a $113.00 target price on shares of Altair Engineering in a report on Thursday, October 31st. William Blair reissued a "market perform" rating on shares of Altair Engineering in a report on Thursday, October 31st. The Goldman Sachs Group cut Altair Engineering from a "neutral" rating to a "sell" rating and reduced their price target for the stock from $85.00 to $71.00 in a research report on Friday, August 2nd. Royal Bank of Canada boosted their price objective on Altair Engineering from $90.00 to $113.00 and gave the company a "sector perform" rating in a research note on Thursday, October 31st. Finally, Wolfe Research cut shares of Altair Engineering from a "strong-buy" rating to a "hold" rating in a research note on Sunday, November 3rd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $100.71.

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.