New York Life Investment Management LLC Increases Holdings in Altair Engineering Inc. (NASDAQ:ALTR)

New York Life Investment Management LLC lifted its holdings in shares of Altair Engineering Inc. (NASDAQ:ALTR) by 1,103.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 76,363 shares of the software’s stock after purchasing an additional 70,017 shares during the period. New York Life Investment Management LLC’s holdings in Altair Engineering were worth $8,332,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. UMB Bank n.a. raised its position in Altair Engineering by 77.0% in the fourth quarter. UMB Bank n.a. now owns 285 shares of the software’s stock worth $31,000 after acquiring an additional 124 shares during the period. Blue Trust Inc. increased its stake in shares of Altair Engineering by 572.1% during the 3rd quarter. Blue Trust Inc. now owns 289 shares of the software’s stock worth $28,000 after purchasing an additional 246 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Altair Engineering by 14.6% in the 4th quarter. GAMMA Investing LLC now owns 729 shares of the software’s stock worth $80,000 after purchasing an additional 93 shares during the period. Van ECK Associates Corp lifted its stake in Altair Engineering by 28.5% in the third quarter. Van ECK Associates Corp now owns 1,358 shares of the software’s stock valued at $130,000 after purchasing an additional 301 shares during the last quarter. Finally, KBC Group NV grew its holdings in Altair Engineering by 17.9% during the third quarter. KBC Group NV now owns 1,640 shares of the software’s stock valued at $157,000 after purchasing an additional 249 shares during the period. 63.38% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on ALTR shares. Royal Bank of Canada boosted their target price on Altair Engineering from $90.00 to $113.00 and gave the company a “sector perform” rating in a research note on Thursday, October 31st. Wolfe Research cut Altair Engineering from a “strong-buy” rating to a “hold” rating in a research note on Sunday, November 3rd. Rosenblatt Securities reiterated a “neutral” rating and set a $113.00 target price on shares of Altair Engineering in a research report on Monday. Needham & Company LLC reissued a “hold” rating on shares of Altair Engineering in a research report on Friday, February 21st. Finally, William Blair reaffirmed a “market perform” rating on shares of Altair Engineering in a report on Thursday, October 31st. One research analyst has rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $100.83.

Altair Engineering Stock Down 0.1 %

Shares of ALTR opened at $111.49 on Friday. Altair Engineering Inc. has a twelve month low of $75.71 and a twelve month high of $113.12. The stock has a market cap of $9.49 billion, a PE ratio of 655.82, a P/E/G ratio of 10.75 and a beta of 1.42. The business’s 50-day moving average price is $110.29 and its 200-day moving average price is $102.10.

Altair Engineering (NASDAQ:ALTR) last posted its earnings results on Thursday, February 20th. The software reported $0.36 earnings per share 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 the consensus estimate of $182.98 million. Analysts expect that Altair Engineering Inc. will post 0.87 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Teresa A. Harris sold 2,700 shares of the company’s stock in a transaction that occurred 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 transaction, the director now directly owns 18,542 shares in the company, valued at approximately $2,069,472.62. This represents a 12.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CMO Amy Messano sold 235 shares of Altair Engineering stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $111.53, for a total transaction 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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 47,019 shares of company stock worth $5,027,600. Corporate insiders own 21.75% of the company’s stock.

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.