Amundi Reduces Stock Position in Altair Engineering Inc. (NASDAQ:ALTR)

Amundi lowered its stake in shares of Altair Engineering Inc. (NASDAQ:ALTR) by 22.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,650 shares of the software’s stock after selling 1,631 shares during the quarter. Amundi’s holdings in Altair Engineering were worth $623,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA increased its holdings in shares of Altair Engineering by 31.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 392,343 shares of the software’s stock valued at $37,473,000 after acquiring an additional 94,219 shares in the last quarter. Fisher Asset Management LLC increased its holdings in Altair Engineering by 27.0% during the third quarter. Fisher Asset Management LLC now owns 401,612 shares of the software’s stock valued at $38,358,000 after buying an additional 85,303 shares during the last quarter. New York Life Investment Management LLC lifted its position in Altair Engineering by 1,103.3% during the fourth quarter. New York Life Investment Management LLC now owns 76,363 shares of the software’s stock valued at $8,332,000 after purchasing an additional 70,017 shares in the last quarter. State Street Corp raised its stake in Altair Engineering by 3.3% during the 3rd quarter. State Street Corp now owns 2,053,957 shares of the software’s stock worth $196,173,000 after acquiring an additional 65,589 shares during the period. Finally, Versor Investments LP boosted its stake in shares of Altair Engineering by 1,069.9% in the fourth quarter. Versor Investments LP now owns 59,655 shares of the software’s stock worth $6,509,000 after acquiring an additional 54,556 shares during the period. Hedge funds and other institutional investors own 63.38% of the company’s stock.

Altair Engineering Stock Performance

Shares of ALTR opened at $111.54 on Friday. Altair Engineering Inc. has a fifty-two week low of $75.71 and a fifty-two week high of $113.12. The company has a 50 day moving average price of $110.88 and a 200-day moving average price of $104.35. The stock has a market capitalization of $9.57 billion, a PE ratio of 656.12, a PEG ratio of 10.75 and a beta of 1.45.

Altair Engineering (NASDAQ:ALTR) last issued its quarterly earnings results on Thursday, February 20th. The software reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.15). The business had revenue of $192.63 million for the quarter, compared to analyst estimates of $182.98 million. Altair Engineering had a return on equity of 8.08% and a net margin of 2.13%. Equities research analysts forecast that Altair Engineering Inc. will post 0.87 EPS for the current year.

Wall Street Analysts Forecast Growth

ALTR has been the subject of several research reports. Rosenblatt Securities reissued a “neutral” rating and set a $113.00 price objective on shares of Altair Engineering in a report on Monday, February 24th. Needham & Company LLC reaffirmed a “hold” rating on shares of Altair Engineering in a research note on Friday, February 21st. One equities research analyst has rated the stock with a sell rating and seven have given a hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $100.83.

Insider Buying and Selling

In related news, CMO Amy Messano sold 416 shares of Altair Engineering stock in a transaction on Monday, March 17th. The shares were sold at an average price of $111.30, for a total value of $46,300.80. Following the sale, the chief marketing officer now owns 22,980 shares of the company’s stock, valued at approximately $2,557,674. This trade represents a 1.78 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Matthew Charles Brown sold 1,048 shares of the company’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $108.90, for a total transaction of $114,127.20. Following the transaction, the chief financial officer now owns 55,519 shares of the company’s stock, valued at approximately $6,046,019.10. This trade represents a 1.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 13,220 shares of company stock worth $1,470,974 in the last 90 days. 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.