Massachusetts Financial Services Co. MA Sells 17,916 Shares of Altair Engineering Inc. (NASDAQ:ALTR)

Massachusetts Financial Services Co. MA reduced its position in shares of Altair Engineering Inc. (NASDAQ:ALTR) by 5.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 298,124 shares of the software’s stock after selling 17,916 shares during the quarter. Massachusetts Financial Services Co. MA owned 0.36% of Altair Engineering worth $29,240,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. GAMMA Investing LLC lifted its position in shares of Altair Engineering by 81.7% during the 2nd quarter. GAMMA Investing LLC now owns 418 shares of the software’s stock valued at $41,000 after buying an additional 188 shares in the last quarter. FSC Wealth Advisors LLC lifted its position in shares of Altair Engineering by 41.3% during the 2nd quarter. FSC Wealth Advisors LLC now owns 832 shares of the software’s stock valued at $82,000 after buying an additional 243 shares in the last quarter. Van ECK Associates Corp lifted its position in shares of Altair Engineering by 41.7% during the 2nd quarter. Van ECK Associates Corp now owns 1,057 shares of the software’s stock valued at $104,000 after buying an additional 311 shares in the last quarter. Natixis Investment Managers International lifted its position in shares of Altair Engineering by 68.7% during the 4th quarter. Natixis Investment Managers International now owns 1,940 shares of the software’s stock valued at $163,000 after buying an additional 790 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new position in shares of Altair Engineering during the 1st quarter valued at about $177,000. 63.38% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

ALTR has been the topic of a number of analyst reports. The Goldman Sachs Group cut Altair Engineering from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $85.00 to $71.00 in a research report on Friday, August 2nd. Needham & Company LLC restated a “buy” rating and issued a $100.00 price target on shares of Altair Engineering in a research note on Friday, August 2nd. Finally, JPMorgan Chase & Co. lowered shares of Altair Engineering from an “overweight” rating to a “neutral” rating and set a $95.00 price objective for the company. in a report on Monday, July 15th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Altair Engineering presently has a consensus rating of “Hold” and an average price target of $90.67.

Insider Activity

In other news, major shareholder George J. Christ sold 100,000 shares of the stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $98.40, for a total transaction of $9,840,000.00. Following the completion of the transaction, the insider now directly owns 200,000 shares in the company, valued at approximately $19,680,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, major shareholder George J. Christ sold 100,000 shares of the firm’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $98.40, for a total value of $9,840,000.00. Following the completion of the sale, the insider now directly owns 200,000 shares in the company, valued at $19,680,000. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Teresa A. Harris sold 620 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $89.70, for a total value of $55,614.00. Following the completion of the sale, the director now owns 21,242 shares of the company’s stock, valued at $1,905,407.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 153,860 shares of company stock worth $14,739,205. 21.75% of the stock is currently owned by insiders.

Altair Engineering Trading Down 0.7 %

Shares of ALTR opened at $94.43 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.14 and a quick ratio of 3.14. The firm has a market cap of $7.84 billion, a P/E ratio of 1,049.22, a price-to-earnings-growth ratio of 10.94 and a beta of 1.45. Altair Engineering Inc. has a 1 year low of $57.59 and a 1 year high of $101.39. The company has a 50 day simple moving average of $89.11 and a two-hundred day simple moving average of $88.46.

Altair Engineering (NASDAQ:ALTR) last posted its earnings results on Thursday, August 1st. The software reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.01. The firm had revenue of $148.80 million during the quarter, compared to the consensus estimate of $146.88 million. Altair Engineering had a return on equity of 6.89% and a net margin of 4.26%. The company’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.15) EPS. On average, equities analysts expect that Altair Engineering Inc. will post 0.65 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.