Alliancebernstein L.P. Cuts Stock Holdings in Altair Engineering Inc. (NASDAQ:ALTR)

Alliancebernstein L.P. lowered its position in shares of Altair Engineering Inc. (NASDAQ:ALTR) by 16.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,066,016 shares of the software’s stock after selling 204,587 shares during the period. Alliancebernstein L.P.’s holdings in Altair Engineering were worth $116,313,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the company. Verition Fund Management LLC purchased a new position in shares of Altair Engineering in the third quarter worth $313,000. State Street Corp increased its holdings in Altair Engineering by 3.3% in the 3rd quarter. State Street Corp now owns 2,053,957 shares of the software’s stock worth $196,173,000 after buying an additional 65,589 shares in the last quarter. Zacks Investment Management purchased a new position in Altair Engineering in the 3rd quarter worth about $2,516,000. Orion Portfolio Solutions LLC lifted its stake in Altair Engineering by 20.4% during the 3rd quarter. Orion Portfolio Solutions LLC now owns 3,782 shares of the software’s stock valued at $361,000 after acquiring an additional 642 shares during the period. Finally, MML Investors Services LLC boosted its holdings in shares of Altair Engineering by 12.4% during the 3rd quarter. MML Investors Services LLC now owns 6,007 shares of the software’s stock valued at $574,000 after acquiring an additional 665 shares during the last quarter. 63.38% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Altair Engineering

In other Altair Engineering news, Director Teresa A. Harris sold 2,700 shares of the firm’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 transaction of $301,347.00. Following the completion of the transaction, the director now owns 18,542 shares in the company, valued at $2,069,472.62. This trade represents a 12.71 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CMO Amy Messano sold 235 shares of the company’s stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $111.53, for a total value of $26,209.55. Following the sale, the chief marketing officer now directly owns 23,651 shares in the company, valued at $2,637,796.03. This trade represents a 0.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,172 shares of company stock valued at $1,356,847. 21.75% of the stock is currently owned by insiders.

Altair Engineering Price Performance

Shares of ALTR opened at $111.85 on Thursday. The firm has a market cap of $9.60 billion, a P/E ratio of 657.94, a price-to-earnings-growth ratio of 10.75 and a beta of 1.45. Altair Engineering Inc. has a 1 year low of $75.71 and a 1 year high of $113.12. The company has a 50 day simple moving average of $111.17 and a two-hundred day simple moving average of $106.06.

Altair Engineering (NASDAQ:ALTR) last posted its earnings results on Thursday, February 20th. The software reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.15). The company had revenue of $192.63 million for the quarter, compared to analysts’ expectations of $182.98 million. Altair Engineering had a net margin of 2.13% and a return on equity of 8.08%. On average, sell-side analysts anticipate that Altair Engineering Inc. will post 0.87 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $113.00 target price on shares of Altair Engineering in a research report on Monday, February 24th. Needham & Company LLC reaffirmed a “hold” rating on shares of Altair Engineering in a report on Friday, February 21st. One investment analyst has rated the stock with a sell rating and seven have given a hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $100.83.

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.