ABC Arbitrage SA Acquires Shares of 31,358 Altair Engineering Inc. (NASDAQ:ALTR)

ABC Arbitrage SA acquired a new stake in Altair Engineering Inc. (NASDAQ:ALTR) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 31,358 shares of the software’s stock, valued at approximately $3,421,000.

Other institutional investors have also recently bought and sold shares of the company. Conestoga Capital Advisors LLC lifted its holdings in shares of Altair Engineering by 1.4% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 2,522,551 shares of the software’s stock worth $240,929,000 after acquiring an additional 33,985 shares during the period. State Street Corp lifted its holdings in shares of Altair Engineering by 3.3% during the 3rd quarter. State Street Corp now owns 2,053,957 shares of the software’s stock worth $196,173,000 after acquiring an additional 65,589 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Altair Engineering by 3.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,423,880 shares of the software’s stock worth $136,020,000 after acquiring an additional 53,088 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Altair Engineering by 9.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 505,470 shares of the software’s stock worth $48,277,000 after acquiring an additional 42,592 shares during the period. Finally, Fisher Asset Management LLC lifted its holdings in shares of Altair Engineering by 27.0% during the 3rd quarter. Fisher Asset Management LLC now owns 401,612 shares of the software’s stock worth $38,358,000 after acquiring an additional 85,303 shares during the period. Institutional investors own 63.38% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ALTR. Loop Capital reaffirmed a “hold” rating and set a $113.00 price target on shares of Altair Engineering in a report on Thursday, October 31st. Royal Bank of Canada upped their price objective 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. Wolfe Research cut shares of Altair Engineering from a “strong-buy” rating to a “hold” rating in a research report on Sunday, November 3rd. William Blair reiterated a “market perform” rating on shares of Altair Engineering in a research report on Thursday, October 31st. Finally, Needham & Company LLC reiterated a “hold” rating and set a $100.00 price objective on shares of Altair Engineering in a research report on Thursday, October 31st. One 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. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $100.71.

Insider Transactions at Altair Engineering

In related news, CFO Matthew Charles Brown sold 1,048 shares of the stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $108.90, for a total transaction of $114,127.20. Following the transaction, the chief financial officer now directly owns 55,519 shares of the company’s stock, valued at $6,046,019.10. This represents a 1.85 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Nelson Dias sold 22,500 shares of the stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $106.23, for a total transaction of $2,390,175.00. Following the transaction, the executive now directly owns 48,437 shares in the company, valued at approximately $5,145,462.51. This represents a 31.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 59,143 shares of company stock worth $6,265,694 over the last three months. 21.75% of the stock is owned by company insiders.

Altair Engineering Trading Up 0.1 %

Shares of NASDAQ ALTR opened at $110.85 on Friday. Altair Engineering Inc. has a 52-week low of $75.71 and a 52-week high of $113.12. 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 firm has a 50 day moving average price of $109.39 and a two-hundred day moving average price of $100.49. The stock has a market cap of $9.43 billion, a P/E ratio of 291.72, a price-to-earnings-growth ratio of 10.62 and a beta of 1.42.

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.