Water Island Capital LLC Invests $15.77 Million in Altair Engineering Inc. (NASDAQ:ALTR)

Water Island Capital LLC purchased a new stake in Altair Engineering Inc. (NASDAQ:ALTR) in the fourth quarter, Holdings Channel reports. The firm purchased 144,509 shares of the software’s stock, valued at approximately $15,767,000. Altair Engineering accounts for 1.7% of Water Island Capital LLC’s holdings, making the stock its 21st largest position.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. KRYGER CAPITAL Ltd bought a new stake in Altair Engineering during the 4th quarter valued at $2,209,000. Quinn Opportunity Partners LLC bought a new stake in shares of Altair Engineering in the fourth quarter valued at about $655,000. FIL Ltd purchased a new stake in Altair Engineering in the fourth quarter worth about $12,329,000. Yakira Capital Management Inc. bought a new position in Altair Engineering during the 4th quarter worth about $3,110,000. Finally, Grantham Mayo Van Otterloo & Co. LLC purchased a new position in Altair Engineering during the 4th quarter valued at about $10,085,000. Institutional investors own 63.38% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ALTR. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $113.00 price target on shares of Altair Engineering in a research report on Monday, February 24th. Needham & Company LLC reissued a “hold” rating on shares of Altair Engineering in a research note on Friday, February 21st. One investment analyst has rated the stock with a sell rating and seven have given a hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $100.83.

Insider Activity at Altair Engineering

In other news, Director Teresa A. Harris sold 450 shares of the business’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $111.08, for a total transaction of $49,986.00. Following the sale, the director now directly owns 18,092 shares of the company’s stock, valued at $2,009,659.36. The trade was a 2.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Nelson Dias sold 373 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 $41,600.69. Following the completion of the transaction, the executive now owns 57,573 shares of the company’s stock, valued at approximately $6,421,116.69. The trade was a 0.64 % 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. Corporate insiders own 21.75% of the company’s stock.

Altair Engineering Price Performance

NASDAQ ALTR opened at $111.85 on Friday. Altair Engineering Inc. has a 52 week low of $75.71 and a 52 week high of $113.12. The company has a 50 day moving average price of $111.43 and a 200 day moving average price of $107.14. The firm has a market cap of $9.60 billion, a PE ratio of 657.94, a price-to-earnings-growth ratio of 10.75 and a beta of 1.45.

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

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.