Allspring Global Investments Holdings LLC cut its position in Altair Engineering Inc. (NASDAQ:ALTR – Free Report) by 54.7% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,801 shares of the software’s stock after selling 2,178 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Altair Engineering were worth $137,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of ALTR. Altshuler Shaham Ltd acquired a new stake in Altair Engineering in the second quarter worth $28,000. UBS Group AG raised its holdings in Altair Engineering by 48.7% in the fourth quarter. UBS Group AG now owns 938 shares of the software’s stock worth $43,000 after purchasing an additional 307 shares during the period. Global Retirement Partners LLC raised its holdings in Altair Engineering by 91.6% in the first quarter. Global Retirement Partners LLC now owns 801 shares of the software’s stock worth $54,000 after purchasing an additional 383 shares during the period. Harvest Fund Management Co. Ltd raised its holdings in Altair Engineering by 138.6% in the first quarter. Harvest Fund Management Co. Ltd now owns 1,348 shares of the software’s stock worth $97,000 after purchasing an additional 783 shares during the period. Finally, Prudential Financial Inc. raised its holdings in Altair Engineering by 12.0% in the second quarter. Prudential Financial Inc. now owns 3,875 shares of the software’s stock worth $202,000 after purchasing an additional 415 shares during the period. 63.38% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of equities research analysts recently commented on the stock. Royal Bank of Canada raised their price objective on shares of Altair Engineering from $71.00 to $74.00 and gave the stock a “sector perform” rating in a report on Friday, August 4th. Rosenblatt Securities restated a “buy” rating and set a $74.00 price objective on shares of Altair Engineering in a report on Tuesday, August 29th. Finally, Needham & Company LLC restated a “buy” rating and set a $77.00 price objective on shares of Altair Engineering in a report on Friday, August 4th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Altair Engineering has an average rating of “Moderate Buy” and an average target price of $73.00.
Altair Engineering Stock Up 5.7 %
Altair Engineering stock opened at $74.36 on Wednesday. The company has a market cap of $6.07 billion, a P/E ratio of -354.08, a price-to-earnings-growth ratio of 19.45 and a beta of 1.44. Altair Engineering Inc. has a 1-year low of $43.68 and a 1-year high of $78.49. The company has a fifty day simple moving average of $64.33 and a 200 day simple moving average of $68.24. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.36.
Insider Activity at Altair Engineering
In related news, insider Jeffrey Marraccini sold 3,711 shares of the firm’s stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $67.58, for a total value of $250,789.38. Following the completion of the transaction, the insider now owns 4,142 shares of the company’s stock, valued at $279,916.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, major shareholder Jrs Investments Llc sold 5,000 shares of Altair Engineering stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $65.29, for a total value of $326,450.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jeffrey Marraccini sold 3,711 shares of Altair Engineering stock in a transaction dated Tuesday, November 7th. The shares were sold at an average price of $67.58, for a total transaction of $250,789.38. Following the completion of the transaction, the insider now directly owns 4,142 shares of the company’s stock, valued at approximately $279,916.36. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,071 shares of company stock valued at $2,233,447. Corporate 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.
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