Mirabella Financial Services LLP Reduces Position in Altair Engineering Inc. (NASDAQ:ALTR)

Mirabella Financial Services LLP reduced its position in Altair Engineering Inc. (NASDAQ:ALTR) by 50.0% in the 4th quarter, Holdings Channel.com reports. The fund owned 18,631 shares of the software’s stock after selling 18,631 shares during the quarter. Mirabella Financial Services LLP’s holdings in Altair Engineering were worth $2,033,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Principal Financial Group Inc. grew its position in Altair Engineering by 1.7% during the 4th quarter. Principal Financial Group Inc. now owns 168,665 shares of the software’s stock worth $18,403,000 after purchasing an additional 2,872 shares during the last quarter. UMB Bank n.a. increased its position in Altair Engineering by 77.0% in the 4th quarter. UMB Bank n.a. now owns 285 shares of the software’s stock valued at $31,000 after acquiring an additional 124 shares during the period. FIL Ltd purchased a new stake in Altair Engineering during the 4th quarter valued at approximately $12,329,000. Blue Trust Inc. grew its stake in shares of Altair Engineering by 185.5% in the 4th quarter. Blue Trust Inc. now owns 825 shares of the software’s stock valued at $90,000 after purchasing an additional 536 shares during the last quarter. Finally, KBC Group NV increased its holdings in shares of Altair Engineering by 62.4% in the fourth quarter. KBC Group NV now owns 2,663 shares of the software’s stock valued at $291,000 after purchasing an additional 1,023 shares during the period. 63.38% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Altair Engineering Stock Performance

Shares of ALTR stock opened at $111.85 on Friday. The stock has a market cap of $9.60 billion, a PE ratio of 657.94, a P/E/G ratio of 10.75 and a beta of 1.45. Altair Engineering Inc. has a 1 year low of $75.71 and a 1 year high of $113.12. The stock has a fifty day moving average price of $111.57 and a 200 day moving average price of $107.75.

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

Insider Activity

In other news, CRO Nelson Dias sold 373 shares of the business’s stock in a transaction on 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 directly owns 57,573 shares of the company’s stock, valued at $6,421,116.69. The trade was a 0.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Teresa A. Harris sold 2,700 shares of the stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $111.61, for a total value of $301,347.00. Following the sale, the director now directly owns 18,542 shares in the company, valued at approximately $2,069,472.62. The trade was a 12.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,172 shares of company stock worth $1,356,847 over the last ninety days. 21.75% of the stock is currently owned by insiders.

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.