The Manufacturers Life Insurance Company Has $6.85 Million Position in Altair Engineering Inc. (NASDAQ:ALTR)

The Manufacturers Life Insurance Company increased its holdings in shares of Altair Engineering Inc. (NASDAQ:ALTR) by 120.4% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 69,886 shares of the software’s stock after purchasing an additional 38,171 shares during the quarter. The Manufacturers Life Insurance Company owned 0.08% of Altair Engineering worth $6,854,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Wellington Management Group LLP boosted its position in Altair Engineering by 97.3% during the fourth quarter. Wellington Management Group LLP now owns 1,182,339 shares of the software’s stock worth $99,494,000 after purchasing an additional 583,127 shares during the period. Russell Investments Group Ltd. lifted its holdings in Altair Engineering by 5,564.8% during the 1st quarter. Russell Investments Group Ltd. now owns 31,043 shares of the software’s stock worth $2,676,000 after buying an additional 30,495 shares during the period. Bain Capital Public Equity LP acquired a new stake in Altair Engineering during the 4th quarter valued at approximately $6,376,000. Linden Thomas Advisory Services LLC bought a new position in Altair Engineering during the second quarter worth $629,000. Finally, Jane Street Group LLC grew its stake in Altair Engineering by 960.2% during the first quarter. Jane Street Group LLC now owns 303,672 shares of the software’s stock worth $26,161,000 after purchasing an additional 275,030 shares during the period. 63.38% of the stock is currently owned by institutional investors and hedge funds.

Altair Engineering Price Performance

NASDAQ ALTR opened at $95.43 on Friday. The stock has a market capitalization of $7.92 billion, a price-to-earnings ratio of 1,060.33, a PEG ratio of 12.01 and a beta of 1.45. 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 business’s fifty day moving average price is $89.56 and its 200-day moving average price is $89.40. Altair Engineering Inc. has a 1-year low of $57.59 and a 1-year high of $101.39.

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

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. The Goldman Sachs Group downgraded shares of Altair Engineering from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $85.00 to $71.00 in a research report on Friday, August 2nd. Needham & Company LLC reiterated a “buy” rating and issued a $100.00 price objective 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 target price on the stock. 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.com, the stock currently has an average rating of “Hold” and a consensus target price of $90.67.

Insider Transactions at Altair Engineering

In related news, Director Teresa A. Harris sold 620 shares of the company’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $95.12, for a total transaction of $58,974.40. Following the transaction, the director now directly owns 21,242 shares of the company’s stock, valued at $2,020,539.04. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, CEO James Ralph Scapa sold 13,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 134,045 shares of the company’s stock, valued at $11,810,704.95. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Teresa A. Harris sold 620 shares of Altair Engineering stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $95.12, for a total value of $58,974.40. Following the completion of the sale, the director now owns 21,242 shares in the company, valued at approximately $2,020,539.04. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 111,028 shares of company stock valued at $10,293,313. Corporate insiders own 21.75% of the company’s stock.

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.