LPL Financial LLC lifted its stake in shares of Altair Engineering Inc. (NASDAQ:ALTR – Free Report) by 14.5% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 23,062 shares of the software’s stock after acquiring an additional 2,913 shares during the quarter. LPL Financial LLC’s holdings in Altair Engineering were worth $1,749,000 as of its most recent SEC filing.
Several other institutional investors also recently bought and sold shares of ALTR. Strs Ohio acquired a new stake in Altair Engineering in the second quarter valued at approximately $348,000. Victory Capital Management Inc. increased its position in Altair Engineering by 3,385.4% in the 2nd quarter. Victory Capital Management Inc. now owns 200,548 shares of the software’s stock worth $15,210,000 after buying an additional 194,794 shares during the period. Hanseatic Management Services Inc. increased its position in shares of Altair Engineering by 324.9% during the second quarter. Hanseatic Management Services Inc. now owns 7,598 shares of the software’s stock valued at $576,000 after purchasing an additional 5,810 shares during the period. Fifth Third Bancorp boosted its stake in Altair Engineering by 41.3% in the 2nd quarter. Fifth Third Bancorp now owns 937 shares of the software’s stock valued at $71,000 after buying an additional 274 shares in the last quarter. Finally, Raymond James & Associates boosted its stake in Altair Engineering by 0.9% in the second quarter. Raymond James & Associates now owns 132,071 shares of the software’s stock worth $10,016,000 after purchasing an additional 1,210 shares in the last quarter. 63.38% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several brokerages have issued reports on ALTR. Royal Bank of Canada increased their price target on Altair Engineering from $71.00 to $74.00 and gave the stock a “sector perform” rating in a report on Friday, August 4th. Needham & Company LLC reaffirmed a “buy” rating and issued a $77.00 price target on shares of Altair Engineering in a research note on Friday, August 4th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $74.00 target price on shares of Altair Engineering in a report on Tuesday, August 29th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $73.00.
In other news, CEO James Ralph Scapa sold 10,000 shares of the business’s stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $62.47, for a total transaction of $624,700.00. Following the completion of the sale, the chief executive officer now directly owns 103,591 shares of the company’s stock, valued at $6,471,329.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO James Ralph Scapa sold 10,000 shares of Altair Engineering stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $62.47, for a total value of $624,700.00. Following the completion of the sale, the chief executive officer now directly owns 103,591 shares in the company, valued at $6,471,329.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Jrs Investments Llc sold 5,000 shares of the business’s stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $65.29, for a total transaction of $326,450.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 48,711 shares of company stock valued at $3,145,639. 22.17% of the stock is currently owned by company insiders.
Altair Engineering Stock Up 0.9 %
NASDAQ ALTR opened at $70.03 on Monday. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.36. The company has a fifty day moving average of $64.10 and a two-hundred day moving average of $68.20. The firm has a market capitalization of $5.72 billion, a price-to-earnings ratio of -333.48, a PEG ratio of 21.61 and a beta of 1.44. Altair Engineering Inc. has a 52 week low of $43.68 and a 52 week high of $78.49.
About Altair Engineering
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 in the United States and internationally. The company operates in two segments: Software and Client Engineering Services.
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