Canada Pension Plan Investment Board Acquires New Shares in Altair Engineering Inc. (NASDAQ:ALTR)

Canada Pension Plan Investment Board bought a new position in shares of Altair Engineering Inc. (NASDAQ:ALTR) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 222,600 shares of the software’s stock, valued at approximately $24,288,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in ALTR. GAMMA Investing LLC increased its position in Altair Engineering by 14.6% during the 4th quarter. GAMMA Investing LLC now owns 729 shares of the software’s stock worth $80,000 after purchasing an additional 93 shares in the last quarter. Louisiana State Employees Retirement System grew its stake in shares of Altair Engineering by 0.6% during the fourth quarter. Louisiana State Employees Retirement System now owns 16,600 shares of the software’s stock worth $1,811,000 after buying an additional 100 shares during the last quarter. New York State Teachers Retirement System increased its holdings in shares of Altair Engineering by 1.2% during the fourth quarter. New York State Teachers Retirement System now owns 8,600 shares of the software’s stock worth $938,000 after buying an additional 100 shares in the last quarter. State of Michigan Retirement System lifted its stake in shares of Altair Engineering by 0.7% in the 4th quarter. State of Michigan Retirement System now owns 14,200 shares of the software’s stock valued at $1,549,000 after acquiring an additional 100 shares during the last quarter. Finally, Thrivent Financial for Lutherans boosted its holdings in shares of Altair Engineering by 0.7% during the 4th quarter. Thrivent Financial for Lutherans now owns 14,065 shares of the software’s stock valued at $1,535,000 after acquiring an additional 104 shares in the last quarter. Institutional investors own 63.38% of the company’s stock.

Wall Street Analysts Forecast Growth

ALTR has been the subject of several research reports. Needham & Company LLC reiterated a “hold” rating on shares of Altair Engineering in a research report on Friday, February 21st. Rosenblatt Securities reiterated a “neutral” rating and issued a $113.00 price objective on shares of Altair Engineering in a report on Monday, February 24th. One investment analyst has rated the stock with a sell rating and seven have given a hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $100.83.

Altair Engineering Price Performance

Shares of ALTR opened at $111.85 on Friday. The business has a 50-day moving average of $111.57 and a 200-day moving average of $107.75. The company has a market capitalization of $9.60 billion, a price-to-earnings 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.

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

Insider Activity at Altair Engineering

In other news, Director Teresa A. Harris sold 2,700 shares of Altair Engineering stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $111.61, for a total value of $301,347.00. Following the completion of the transaction, the director now directly owns 18,542 shares of the company’s stock, valued at approximately $2,069,472.62. This trade represents a 12.71 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Matthew Charles Brown sold 3,811 shares of the company’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $111.53, for a total value of $425,040.83. Following the sale, the chief financial officer now owns 69,394 shares in the company, valued at approximately $7,739,512.82. The trade was a 5.21 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,172 shares of company stock worth $1,356,847 over the last quarter. Company insiders own 21.75% of the company’s stock.

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.