abrdn plc Sells 24,378 Shares of Altair Engineering Inc. (NASDAQ:ALTR)

abrdn plc cut its holdings in shares of Altair Engineering Inc. (NASDAQ:ALTR) by 4.1% during the 3rd quarter, HoldingsChannel reports. The fund owned 566,936 shares of the software’s stock after selling 24,378 shares during the quarter. abrdn plc’s holdings in Altair Engineering were worth $54,148,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Principal Financial Group Inc. grew its holdings in shares of Altair Engineering by 288.6% in the first quarter. Principal Financial Group Inc. now owns 24,357 shares of the software’s stock worth $2,098,000 after purchasing an additional 18,089 shares during the last quarter. Daiwa Securities Group Inc. bought a new stake in Altair Engineering in the 1st quarter worth $1,465,000. GSA Capital Partners LLP grew its holdings in Altair Engineering by 355.9% in the 1st quarter. GSA Capital Partners LLP now owns 24,852 shares of the software’s stock worth $2,141,000 after acquiring an additional 19,401 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Altair Engineering in the first quarter valued at about $177,000. Finally, Swiss National Bank raised its stake in shares of Altair Engineering by 1.2% during the first quarter. Swiss National Bank now owns 107,800 shares of the software’s stock valued at $9,287,000 after acquiring an additional 1,300 shares during the last quarter. 63.38% of the stock is currently owned by institutional investors.

Altair Engineering Stock Up 8.5 %

ALTR stock opened at $110.67 on Wednesday. Altair Engineering Inc. has a fifty-two week low of $57.59 and a fifty-two week high of $113.12. The company has a market capitalization of $9.19 billion, a price-to-earnings ratio of 1,229.67, a price-to-earnings-growth ratio of 12.15 and a beta of 1.45. The business’s 50 day moving average price is $93.35 and its two-hundred day moving average price is $91.17. The company has a debt-to-equity ratio of 0.29, a quick ratio of 3.14 and a current ratio of 3.14.

Altair Engineering (NASDAQ:ALTR) last posted its quarterly earnings data on Thursday, August 1st. The software reported $0.16 EPS for the quarter, topping the consensus estimate of $0.15 by $0.01. Altair Engineering had a net margin of 4.26% and a return on equity of 6.89%. The business had revenue of $148.80 million for the quarter, compared to analyst estimates of $146.88 million. During the same quarter in the previous year, the firm posted ($0.15) earnings per share. Altair Engineering’s quarterly revenue was up 5.4% on a year-over-year basis. As a group, analysts forecast that Altair Engineering Inc. will post 0.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ALTR. Needham & Company LLC reissued a “buy” rating and issued a $100.00 target price on shares of Altair Engineering in a research note on Friday, August 2nd. Royal Bank of Canada reiterated a “sector perform” rating and issued a $90.00 price objective on shares of Altair Engineering in a report on Wednesday, October 23rd. The Goldman Sachs Group cut Altair Engineering from a “neutral” rating to a “sell” rating and reduced their target price for the company from $85.00 to $71.00 in a research note on Friday, August 2nd. Finally, JPMorgan Chase & Co. lowered Altair Engineering from an “overweight” rating to a “neutral” rating and set a $95.00 price target for the company. in a research note on Monday, July 15th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat, Altair Engineering presently has an average rating of “Hold” and an average target price of $90.67.

Insider Transactions at Altair Engineering

In other news, major shareholder Christ Revocable Trust sold 50,048 shares of the business’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $95.07, for a total transaction of $4,758,063.36. Following the completion of the transaction, the insider now directly owns 149,952 shares of the company’s stock, valued at $14,255,936.64. 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 the SEC website. In related news, major shareholder Christ Revocable Trust sold 50,048 shares of Altair Engineering stock in a transaction on Friday, September 27th. The stock was sold at an average price of $95.07, for a total value of $4,758,063.36. Following the completion of the sale, the insider now owns 149,952 shares of the company’s stock, valued at $14,255,936.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Jrs Investments Llc sold 6,500 shares of the company’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $102.59, for a total value of $666,835.00. The disclosure for this sale can be found here. Insiders sold 360,360 shares of company stock worth $35,476,660 over the last three months. 21.75% of the stock is currently owned by company insiders.

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.