ProShare Advisors LLC Boosts Stake in Altair Engineering Inc. (NASDAQ:ALTR)

ProShare Advisors LLC raised its position in shares of Altair Engineering Inc. (NASDAQ:ALTR) by 1.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,219 shares of the software’s stock after buying an additional 160 shares during the quarter. ProShare Advisors LLC’s holdings in Altair Engineering were worth $1,002,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in ALTR. William Blair Investment Management LLC purchased a new position in shares of Altair Engineering in the second quarter valued at $91,589,000. Matrix Capital Management Company LP increased its holdings in shares of Altair Engineering by 8.3% in the 4th quarter. Matrix Capital Management Company LP now owns 12,233,174 shares of the software’s stock worth $1,029,422,000 after buying an additional 932,717 shares during the last quarter. Bain Capital Public Equity Management II LLC purchased a new stake in shares of Altair Engineering during the 4th quarter valued at about $57,728,000. Wellington Management Group LLP lifted its holdings in shares of Altair Engineering by 97.3% in the 4th quarter. Wellington Management Group LLP now owns 1,182,339 shares of the software’s stock valued at $99,494,000 after acquiring an additional 583,127 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in Altair Engineering by 121.7% in the second quarter. Bank of New York Mellon Corp now owns 569,109 shares of the software’s stock worth $55,818,000 after acquiring an additional 312,448 shares in the last quarter. Institutional investors own 63.38% of the company’s stock.

Altair Engineering Price Performance

Shares of ALTR stock opened at $94.87 on Friday. The stock has a 50 day moving average price of $89.05 and a 200 day moving average price of $88.98. Altair Engineering Inc. has a 52-week low of $57.59 and a 52-week high of $101.39. The company has a debt-to-equity ratio of 0.29, a quick ratio of 3.14 and a current ratio of 3.14. The firm has a market capitalization of $7.88 billion, a P/E ratio of 1,054.11, a P/E/G ratio of 12.01 and a beta of 1.45.

Altair Engineering (NASDAQ:ALTR) last released its earnings results on Thursday, August 1st. The software reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.01. The business 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 business’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same period last year, the company earned ($0.15) earnings per share. As a group, sell-side analysts predict that Altair Engineering Inc. will post 0.65 earnings per share for the current year.

Insider Buying and Selling at Altair Engineering

In other news, CEO James Ralph Scapa sold 13,000 shares of the firm’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $88.11, for a total transaction of $1,145,430.00. Following the transaction, the chief executive officer now directly owns 134,045 shares of the company’s stock, valued at $11,810,704.95. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CEO James Ralph Scapa sold 13,000 shares of the stock in a transaction on Monday, July 29th. The stock was sold at an average price of $88.11, for a total transaction of $1,145,430.00. Following the transaction, the chief executive officer now owns 134,045 shares of the company’s stock, valued at approximately $11,810,704.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Teresa A. Harris sold 620 shares of Altair Engineering stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $97.73, for a total value of $60,592.60. Following the completion of the sale, the director now owns 21,242 shares of the company’s stock, valued at $2,075,980.66. The disclosure for this sale can be found here. Insiders sold a total of 40,860 shares of company stock valued at $3,621,825 in the last three months. Company insiders own 21.75% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.