Altair Engineering Inc. (NASDAQ:ALTR) Position Lessened by Victory Capital Management Inc.

Victory Capital Management Inc. decreased its stake in Altair Engineering Inc. (NASDAQ:ALTR) by 2.5% during the 4th quarter, HoldingsChannel reports. The firm owned 382,629 shares of the software’s stock after selling 9,785 shares during the period. Victory Capital Management Inc.’s holdings in Altair Engineering were worth $32,198,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in ALTR. SG Americas Securities LLC lifted its holdings in shares of Altair Engineering by 31.3% in the 3rd quarter. SG Americas Securities LLC now owns 2,171 shares of the software’s stock worth $136,000 after purchasing an additional 518 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Altair Engineering by 6.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 269,932 shares of the software’s stock valued at $16,887,000 after acquiring an additional 16,768 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Altair Engineering by 9.1% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,438 shares of the software’s stock valued at $653,000 after acquiring an additional 870 shares in the last quarter. Strs Ohio raised its stake in Altair Engineering by 95.7% during the 3rd quarter. Strs Ohio now owns 9,000 shares of the software’s stock valued at $563,000 after acquiring an additional 4,400 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in Altair Engineering by 8.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 27,535 shares of the software’s stock valued at $1,723,000 after acquiring an additional 2,039 shares in the last quarter. Institutional investors own 63.38% of the company’s stock.

Altair Engineering Stock Performance

Shares of ALTR stock opened at $83.02 on Tuesday. The company has a market capitalization of $6.85 billion, a price-to-earnings ratio of 922.44, a P/E/G ratio of 10.86 and a beta of 1.42. Altair Engineering Inc. has a 1-year low of $57.59 and a 1-year high of $92.92. The company has a current ratio of 2.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.30. The stock’s fifty day simple moving average is $83.17 and its 200-day simple moving average is $79.63.

Altair Engineering (NASDAQ:ALTR) last posted its quarterly earnings results on Thursday, May 2nd. The software reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.06. The firm had revenue of $172.91 million for the quarter, compared to analyst estimates of $169.29 million. Altair Engineering had a return on equity of 5.60% and a net margin of 1.55%. Altair Engineering’s quarterly revenue was up 4.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.13 earnings per share. On average, sell-side analysts predict that Altair Engineering Inc. will post 0.63 earnings per share for the current fiscal year.

Insider Activity at Altair Engineering

In related news, major shareholder George J. Christ sold 12,783 shares of the company’s stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $85.85, for a total transaction of $1,097,420.55. Following the transaction, the insider now directly owns 187,217 shares of the company’s stock, valued at $16,072,579.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Altair Engineering news, CEO James Ralph Scapa sold 10,000 shares of the company’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $91.07, for a total value of $910,700.00. Following the transaction, the chief executive officer now directly owns 103,591 shares of the company’s stock, valued at approximately $9,434,032.37. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder George J. Christ sold 12,783 shares of the company’s stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $85.85, for a total value of $1,097,420.55. Following the completion of the transaction, the insider now directly owns 187,217 shares in the company, valued at $16,072,579.45. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 161,830 shares of company stock valued at $13,876,320. Company insiders own 21.75% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on ALTR shares. JPMorgan Chase & Co. boosted their price objective on Altair Engineering from $86.00 to $95.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 26th. Needham & Company LLC reissued a “buy” rating and issued a $100.00 price objective on shares of Altair Engineering in a research note on Friday. Oppenheimer boosted their price objective on Altair Engineering from $95.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, February 23rd. Rosenblatt Securities reissued a “neutral” rating and issued a $88.00 price objective on shares of Altair Engineering in a research note on Monday, April 29th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $90.00 price objective on shares of Altair Engineering in a research note on Thursday, March 21st. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Altair Engineering currently has a consensus rating of “Moderate Buy” and an average target price of $94.60.

Altair Engineering Company 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.