State of New Jersey Common Pension Fund D Trims Position in Altair Engineering Inc. (NASDAQ:ALTR)

State of New Jersey Common Pension Fund D decreased its holdings in Altair Engineering Inc. (NASDAQ:ALTR) by 38.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 21,297 shares of the software’s stock after selling 13,388 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Altair Engineering were worth $2,089,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in ALTR. GAMMA Investing LLC lifted its position in 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 acquiring an additional 188 shares during the period. FSC Wealth Advisors LLC grew its stake in shares of Altair Engineering by 41.3% in the second quarter. FSC Wealth Advisors LLC now owns 832 shares of the software’s stock worth $82,000 after acquiring an additional 243 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of Altair Engineering by 41.7% during the second quarter. Van ECK Associates Corp now owns 1,057 shares of the software’s stock valued at $104,000 after acquiring an additional 311 shares in the last quarter. Natixis Investment Managers International raised its position in shares of Altair Engineering by 68.7% in the 4th quarter. Natixis Investment Managers International now owns 1,940 shares of the software’s stock worth $163,000 after purchasing an additional 790 shares during the last quarter. Finally, SG Americas Securities LLC bought a new position in Altair Engineering in the 1st quarter worth about $177,000. Institutional investors own 63.38% of the company’s stock.

Analyst Upgrades and Downgrades

ALTR has been the subject of a number of analyst reports. 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 research note on Monday, July 15th. Needham & Company LLC reissued a “buy” rating and set a $100.00 price target on shares of Altair Engineering in a research report on Friday, August 2nd. Finally, The Goldman Sachs Group lowered shares of Altair Engineering from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $85.00 to $71.00 in a report 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 a consensus target price of $90.67.

Insider Transactions at Altair Engineering

In other Altair Engineering news, CEO James Ralph Scapa sold 13,000 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $98.26, for a total transaction of $1,277,380.00. Following the completion of the sale, the chief executive officer now directly owns 134,045 shares of the company’s stock, valued at $13,171,261.70. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO James Ralph Scapa sold 13,000 shares of the firm’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $98.26, for a total value of $1,277,380.00. Following the transaction, the chief executive officer now owns 134,045 shares of the company’s stock, valued at $13,171,261.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Teresa A. Harris sold 620 shares of the business’s stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $97.73, for a total value of $60,592.60. Following the transaction, 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 have sold 153,860 shares of company stock worth $14,739,205 in the last quarter. Company insiders own 21.75% of the company’s stock.

Altair Engineering Stock Performance

Shares of ALTR stock opened at $94.43 on Friday. The firm has a market capitalization of $7.84 billion, a PE ratio of 1,049.22, a P/E/G ratio of 10.94 and a beta of 1.45. The company has a 50 day moving average price of $89.11 and a 200-day moving average price of $88.46. Altair Engineering Inc. has a 52 week low of $57.59 and a 52 week high of $101.39. The company has a quick ratio of 3.14, a current ratio of 3.14 and a debt-to-equity ratio of 0.29.

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