Bank of New York Mellon Corp Increases Holdings in Altair Engineering Inc. (NASDAQ:ALTR)

Bank of New York Mellon Corp boosted its stake in Altair Engineering Inc. (NASDAQ:ALTR) by 9.7% in the 2nd quarter, Holdings Channel reports. The firm owned 253,164 shares of the software’s stock after buying an additional 22,462 shares during the quarter. Bank of New York Mellon Corp’s holdings in Altair Engineering were worth $19,200,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Bain Capital Public Equity Management II LLC acquired a new stake in shares of Altair Engineering in the first quarter valued at about $11,234,000. Arizona State Retirement System boosted its holdings in Altair Engineering by 3.1% in the 1st quarter. Arizona State Retirement System now owns 15,182 shares of the software’s stock worth $1,095,000 after acquiring an additional 452 shares during the period. Acadian Asset Management LLC acquired a new stake in Altair Engineering in the first quarter valued at approximately $758,000. Virtu Financial LLC purchased a new stake in shares of Altair Engineering during the first quarter valued at approximately $345,000. Finally, Raymond James Trust N.A. acquired a new position in shares of Altair Engineering during the first quarter worth $218,000. 63.38% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ALTR has been the subject of a number of recent analyst reports. Royal Bank of Canada raised their price target on shares of Altair Engineering from $71.00 to $74.00 and gave the company a “sector perform” rating in a report on Friday, August 4th. Needham & Company LLC restated a “buy” rating and set a $77.00 target price on shares of Altair Engineering in a research note on Friday, August 4th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $74.00 price target on shares of Altair Engineering in a research note on Tuesday, August 29th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Altair Engineering presently has a consensus rating of “Moderate Buy” and a consensus target price of $73.00.

Altair Engineering Price Performance

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’s 50-day moving average price is $64.10 and its 200 day moving average price is $68.20. Altair Engineering Inc. has a fifty-two week low of $43.68 and a fifty-two week high of $78.49. The firm has a market cap of $5.72 billion, a price-to-earnings ratio of -333.48, a price-to-earnings-growth ratio of 21.61 and a beta of 1.44.

Insider Buying and Selling

In related news, CEO James Ralph Scapa sold 10,000 shares of the company’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $62.47, for a total transaction of $624,700.00. Following the completion of the transaction, the chief executive officer now directly owns 103,591 shares in the company, valued at approximately $6,471,329.77. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Altair Engineering news, insider Jeffrey Marraccini sold 3,711 shares of Altair Engineering stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $67.58, for a total transaction of $250,789.38. Following the sale, the insider now owns 4,142 shares of the company’s stock, valued at approximately $279,916.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO James Ralph Scapa sold 10,000 shares of the firm’s stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $62.47, for a total value of $624,700.00. Following the transaction, the chief executive officer now directly owns 103,591 shares in the company, valued at $6,471,329.77. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 48,711 shares of company stock valued at $3,145,639. Insiders own 22.17% 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, 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.