Mirae Asset Global Investments Co. Ltd. Trims Position in Altair Engineering Inc. (NASDAQ:ALTR)

Mirae Asset Global Investments Co. Ltd. trimmed its holdings in Altair Engineering Inc. (NASDAQ:ALTR) by 3.0% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 26,711 shares of the software’s stock after selling 824 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Altair Engineering were worth $2,248,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. McGlone Suttner Wealth Management Inc. purchased a new stake in shares of Altair Engineering in the fourth quarter valued at about $31,000. UBS Group AG raised its holdings in Altair Engineering by 48.7% during the fourth quarter. UBS Group AG now owns 938 shares of the software’s stock worth $43,000 after purchasing an additional 307 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in Altair Engineering by 17.2% during the third quarter. Tower Research Capital LLC TRC now owns 1,481 shares of the software’s stock worth $93,000 after purchasing an additional 217 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Altair Engineering by 10.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,991 shares of the software’s stock worth $125,000 after purchasing an additional 190 shares in the last quarter. Finally, SG Americas Securities LLC raised its holdings in Altair Engineering by 31.3% during the third quarter. SG Americas Securities LLC now owns 2,171 shares of the software’s stock worth $136,000 after purchasing an additional 518 shares in the last quarter. 63.38% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Teresa A. Harris sold 620 shares of the stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $84.00, for a total value of $52,080.00. Following the sale, the director now directly owns 18,895 shares in the company, valued at $1,587,180. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Teresa A. Harris sold 620 shares of the stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $84.00, for a total value of $52,080.00. Following the sale, the director now directly owns 18,895 shares in the company, valued at $1,587,180. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder George J. Christ sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $87.32, for a total transaction of $8,732,000.00. The disclosure for this sale can be found here. Insiders have sold 261,830 shares of company stock worth $22,608,320 over the last ninety days. 21.75% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

ALTR has been the subject of several analyst reports. Royal Bank of Canada reissued a “sector perform” rating and set a $90.00 price target on shares of Altair Engineering in a report on Thursday, March 21st. Rosenblatt Securities reissued a “neutral” rating and set a $88.00 price target (up from $74.00) on shares of Altair Engineering in a report on Friday, February 23rd. Needham & Company LLC reissued a “buy” rating and set a $100.00 price target on shares of Altair Engineering in a report on Monday, March 25th. Oppenheimer increased their target price on shares of Altair Engineering from $95.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, February 23rd. Finally, JPMorgan Chase & Co. increased their target price on shares of Altair Engineering from $86.00 to $95.00 and gave the company an “overweight” rating in a report on Tuesday, March 26th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $90.00.

Altair Engineering Trading Up 1.9 %

Shares of Altair Engineering stock opened at $82.32 on Friday. Altair Engineering Inc. has a 12-month low of $57.59 and a 12-month high of $92.92. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.32. The stock has a market cap of $6.79 billion, a PE ratio of -633.23, a price-to-earnings-growth ratio of 10.74 and a beta of 1.42. The company has a 50-day moving average of $84.49 and a two-hundred day moving average of $78.11.

Altair Engineering (NASDAQ:ALTR) last released its quarterly earnings results on Thursday, February 22nd. The software reported $0.29 EPS for the quarter, beating the consensus estimate of $0.22 by $0.07. The business had revenue of $171.50 million for the quarter, compared to analyst estimates of $172.48 million. Altair Engineering had a negative net margin of 1.46% and a positive return on equity of 3.77%. On average, research analysts anticipate that Altair Engineering Inc. will post 0.63 EPS for the current fiscal year.

Altair Engineering 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.