Hudson Bay Capital Management LP Buys Shares of 202,091 Altair Engineering Inc. (NASDAQ:ALTR)

Hudson Bay Capital Management LP purchased a new position in shares of Altair Engineering Inc. (NASDAQ:ALTR) in the fourth quarter, HoldingsChannel reports. The fund purchased 202,091 shares of the software’s stock, valued at approximately $22,050,000.

Other institutional investors have also modified their holdings of the company. NBT Bank N A NY lifted its stake in shares of Altair Engineering by 76.4% in the 4th quarter. NBT Bank N A NY now owns 247 shares of the software’s stock valued at $27,000 after purchasing an additional 107 shares in the last quarter. UMB Bank n.a. boosted its position in Altair Engineering by 77.0% during the 4th quarter. UMB Bank n.a. now owns 285 shares of the software’s stock valued at $31,000 after purchasing an additional 124 shares during the period. Johnson Financial Group Inc. bought a new stake in Altair Engineering in the 4th quarter valued at about $37,000. GAMMA Investing LLC grew its stake in shares of Altair Engineering by 14.6% in the fourth quarter. GAMMA Investing LLC now owns 729 shares of the software’s stock worth $80,000 after purchasing an additional 93 shares in the last quarter. Finally, Blue Trust Inc. raised its position in shares of Altair Engineering by 185.5% during the 4th quarter. Blue Trust Inc. now owns 825 shares of the software’s stock worth $90,000 after buying an additional 536 shares in the last quarter. Institutional investors and hedge funds own 63.38% of the company’s stock.

Altair Engineering Stock Performance

NASDAQ:ALTR opened at $111.85 on Friday. The firm has a market capitalization of $9.60 billion, a price-to-earnings ratio of 657.94, a PEG ratio of 10.75 and a beta of 1.45. The business’s 50-day moving average price is $111.74 and its two-hundred day moving average price is $109.37. Altair Engineering Inc. has a 1-year low of $75.71 and a 1-year high of $113.12.

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

Insider Activity

In related news, CMO Amy Messano sold 235 shares of Altair Engineering stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $111.53, for a total value of $26,209.55. Following the sale, the chief marketing officer now owns 23,651 shares of the company’s stock, valued at approximately $2,637,796.03. The trade was a 0.98 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Nelson Dias sold 1,671 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $111.30, for a total value of $185,982.30. Following the transaction, the executive now directly owns 55,411 shares in the company, valued at $6,167,244.30. This trade represents a 2.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,172 shares of company stock worth $1,356,847 over the last three months. Corporate insiders own 21.75% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Needham & Company LLC restated a “hold” rating on shares of Altair Engineering in a report on Friday, February 21st. 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. One analyst has rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $100.83.

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.