Wells Fargo & Company MN Cuts Holdings in Altair Engineering Inc. (NASDAQ:ALTR)

Wells Fargo & Company MN lowered its stake in shares of Altair Engineering Inc. (NASDAQ:ALTR) by 47.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 31,971 shares of the software’s stock after selling 28,768 shares during the period. Wells Fargo & Company MN’s holdings in Altair Engineering were worth $3,488,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Altair Engineering by 4.8% during the 4th quarter. Vanguard Group Inc. now owns 6,894,230 shares of the software’s stock worth $752,229,000 after purchasing an additional 317,575 shares during the last quarter. Magnetar Financial LLC bought a new position in Altair Engineering in the fourth quarter worth about $62,142,000. Norges Bank purchased a new stake in shares of Altair Engineering during the fourth quarter valued at about $37,899,000. California Public Employees Retirement System boosted its holdings in shares of Altair Engineering by 135.9% in the 4th quarter. California Public Employees Retirement System now owns 220,435 shares of the software’s stock valued at $24,052,000 after buying an additional 127,009 shares in the last quarter. Finally, Rhumbline Advisers boosted its holdings in shares of Altair Engineering by 1.1% in the 4th quarter. Rhumbline Advisers now owns 178,626 shares of the software’s stock valued at $19,490,000 after buying an additional 1,875 shares in the last quarter. Institutional investors own 63.38% of the company’s stock.

Altair Engineering Stock Performance

Shares of ALTR opened at $111.85 on Wednesday. The stock has a 50-day moving average of $111.62 and a two-hundred day moving average of $107.99. The stock has a market cap of $9.60 billion, a P/E ratio of 657.94, a P/E/G ratio of 10.75 and a beta of 1.45. Altair Engineering Inc. has a one year low of $75.71 and a one year high of $113.12.

Altair Engineering (NASDAQ:ALTR) last released its earnings results on Thursday, February 20th. The software reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.15). Altair Engineering had a return on equity of 8.08% and a net margin of 2.13%. The firm had revenue of $192.63 million for the quarter, compared to analyst estimates of $182.98 million. Analysts predict that Altair Engineering Inc. will post 0.87 EPS for the current fiscal year.

Insider Activity

In other news, Director Teresa A. Harris sold 2,700 shares of the business’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $111.61, for a total value of $301,347.00. Following the completion of the transaction, the director now owns 18,542 shares of the company’s stock, valued at $2,069,472.62. The trade was a 12.71 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Matthew Charles Brown sold 3,811 shares of the firm’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $111.53, for a total value of $425,040.83. Following the sale, the chief financial officer now directly owns 69,394 shares in the company, valued at approximately $7,739,512.82. This trade represents a 5.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 12,172 shares of company stock valued at $1,356,847 in the last ninety days. Insiders own 21.75% of the company’s stock.

Analyst Upgrades and Downgrades

ALTR has been the subject of a number of analyst reports. Needham & Company LLC reissued a “hold” rating on shares of Altair Engineering in a research report on Friday, February 21st. Rosenblatt Securities reiterated a “neutral” rating and set a $113.00 price objective on shares of Altair Engineering in a report on Monday, February 24th. One analyst has rated the stock with a sell rating and seven have assigned a hold rating to the company. According to data from MarketBeat, Altair Engineering has a consensus rating of “Hold” and an average price target of $100.83.

About Altair Engineering

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.