Fred Alger Management LLC Sells 85,709 Shares of Altair Engineering Inc. (NASDAQ:ALTR)

Fred Alger Management LLC lowered its stake in shares of Altair Engineering Inc. (NASDAQ:ALTR) by 18.3% during the third quarter, Holdings Channel reports. The fund owned 381,760 shares of the software’s stock after selling 85,709 shares during the period. Fred Alger Management LLC’s holdings in Altair Engineering were worth $36,462,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. William Blair Investment Management LLC bought a new position in shares of Altair Engineering in the 2nd quarter valued at about $91,589,000. Bank of New York Mellon Corp boosted its stake in shares of Altair Engineering by 121.7% in the 2nd 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. Jane Street Group LLC boosted its stake in shares of 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 purchasing an additional 275,030 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Altair Engineering by 772.7% in the 2nd quarter. Principal Financial Group Inc. now owns 212,560 shares of the software’s stock valued at $20,848,000 after purchasing an additional 188,203 shares during the last quarter. Finally, Great Lakes Advisors LLC bought a new position in shares of Altair Engineering in the 2nd quarter valued at about $13,343,000. Institutional investors own 63.38% of the company’s stock.

Altair Engineering Stock Performance

Shares of ALTR stock opened at $105.42 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 3.27 and a current ratio of 3.27. The company has a market capitalization of $8.97 billion, a P/E ratio of 277.43, a price-to-earnings-growth ratio of 12.12 and a beta of 1.44. The company’s 50 day moving average price is $100.06 and its two-hundred day moving average price is $94.30. Altair Engineering Inc. has a 52 week low of $70.07 and a 52 week high of $113.12.

Insiders Place Their Bets

In other news, Director Teresa A. Harris sold 620 shares of Altair Engineering stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $89.70, for a total value of $55,614.00. Following the sale, the director now directly owns 21,242 shares in the company, valued at $1,905,407.40. This trade represents a 2.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Christ Revocable Trust sold 50,048 shares of Altair Engineering stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $95.07, for a total transaction of $4,758,063.36. Following the completion of the sale, the insider now owns 149,952 shares in the company, valued at $14,255,936.64. This trade represents a 25.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 343,044 shares of company stock worth $33,980,921. Company insiders own 21.75% of the company’s stock.

Analyst Upgrades and Downgrades

ALTR has been the topic of several recent research reports. Royal Bank of Canada raised their target price on shares of Altair Engineering from $90.00 to $113.00 and gave the company a “sector perform” rating in a research note on Thursday, October 31st. William Blair reiterated a “market perform” rating on shares of Altair Engineering in a research report on Thursday, October 31st. Loop Capital reiterated a “hold” rating and issued a $113.00 price target on shares of Altair Engineering in a research report on Thursday, October 31st. Rosenblatt Securities increased their price target on shares of Altair Engineering from $88.00 to $113.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Finally, Needham & Company LLC reiterated a “hold” rating and issued a $100.00 price target 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 given a buy rating to the company. According to data from MarketBeat, the stock has a consensus 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.