Mutual of America Capital Management LLC Trims Stake in Altair Engineering Inc. (NASDAQ:ALTR)

Mutual of America Capital Management LLC reduced its position in shares of Altair Engineering Inc. (NASDAQ:ALTRGet Rating) by 0.7% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 58,944 shares of the software’s stock after selling 441 shares during the quarter. Mutual of America Capital Management LLC owned about 0.07% of Altair Engineering worth $3,095,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Swiss National Bank increased its holdings in shares of Altair Engineering by 1.2% in the 2nd quarter. Swiss National Bank now owns 121,500 shares of the software’s stock valued at $6,379,000 after acquiring an additional 1,400 shares during the period. SeaCrest Wealth Management LLC purchased a new position in shares of Altair Engineering in the 2nd quarter valued at $42,000. Employees Retirement System of Texas increased its holdings in shares of Altair Engineering by 12.9% in the 2nd quarter. Employees Retirement System of Texas now owns 70,000 shares of the software’s stock valued at $3,675,000 after acquiring an additional 8,000 shares during the period. Zions Bancorporation N.A. increased its holdings in shares of Altair Engineering by 21.4% in the 2nd quarter. Zions Bancorporation N.A. now owns 13,688 shares of the software’s stock valued at $719,000 after acquiring an additional 2,416 shares during the period. Finally, abrdn plc increased its holdings in shares of Altair Engineering by 2.2% in the 2nd quarter. abrdn plc now owns 689,225 shares of the software’s stock valued at $36,184,000 after acquiring an additional 14,912 shares during the period. 62.68% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. TheStreet downgraded Altair Engineering from a “c-” rating to a “d+” rating in a report on Monday, September 19th. Wolfe Research assumed coverage on Altair Engineering in a research report on Tuesday, August 16th. They set an “outperform” rating and a $70.00 price target for the company. Needham & Company LLC assumed coverage on Altair Engineering in a research report on Wednesday, November 16th. They set a “buy” rating and a $60.00 price target for the company. Rosenblatt Securities lowered their price target on Altair Engineering from $70.00 to $63.00 and set a “buy” rating for the company in a research report on Monday, October 24th. Finally, Oppenheimer reaffirmed an “initiates” rating on shares of Altair Engineering in a research report on Wednesday, July 27th. One investment analyst has rated the stock with a sell rating and three have given a buy rating to the company. According to data from MarketBeat.com, Altair Engineering has a consensus rating of “Moderate Buy” and an average price target of $58.80.

Altair Engineering Stock Performance

Shares of ALTR stock opened at $45.80 on Tuesday. The stock has a market cap of $3.67 billion, a PE ratio of -61.89, a price-to-earnings-growth ratio of 196.21 and a beta of 1.50. The business has a 50-day simple moving average of $46.75 and a 200-day simple moving average of $51.03. The company has a quick ratio of 2.35, a current ratio of 2.35 and a debt-to-equity ratio of 0.57. Altair Engineering Inc. has a 52-week low of $43.17 and a 52-week high of $80.36.

Insider Activity

In other news, CEO James Ralph Scapa sold 57,915 shares of the business’s stock in a transaction dated Tuesday, November 15th. The stock was sold at an average price of $49.97, for a total value of $2,894,012.55. Following the completion of the transaction, the chief executive officer now owns 103,224 shares of the company’s stock, valued at approximately $5,158,103.28. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 22.65% of the company’s stock.

Altair Engineering Company Profile

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Altair Engineering Inc, together with its subsidiaries, provides software and cloud solutions in the areas of simulation, high-performance computing, data analytics, and artificial intelligence worldwide. The company operates in two segments, Software and Client Engineering Services. The Software segment includes solvers and optimization technology products, high-performance computing software applications and hardware products, modeling and visualization tools, data analytics and analysis products, and Internet of Things platform and analytics tools, as well as support and the complementary software products.

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Institutional Ownership by Quarter for Altair Engineering (NASDAQ:ALTR)

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