State Street Corp Has $196.17 Million Stake in Altair Engineering Inc. (NASDAQ:ALTR)

State Street Corp lifted its position in shares of Altair Engineering Inc. (NASDAQ:ALTR) by 3.3% during the third quarter, HoldingsChannel reports. The firm owned 2,053,957 shares of the software’s stock after buying an additional 65,589 shares during the quarter. State Street Corp’s holdings in Altair Engineering were worth $196,173,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Blue Trust Inc. increased its holdings in Altair Engineering by 572.1% during the 3rd quarter. Blue Trust Inc. now owns 289 shares of the software’s stock worth $28,000 after purchasing an additional 246 shares in the last quarter. GAMMA Investing LLC raised its holdings in Altair Engineering by 52.2% during the third quarter. GAMMA Investing LLC now owns 636 shares of the software’s stock worth $61,000 after acquiring an additional 218 shares in the last quarter. Van ECK Associates Corp boosted its position in 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 purchasing an additional 311 shares during the last quarter. KBC Group NV grew its stake in Altair Engineering by 17.9% in the third quarter. KBC Group NV now owns 1,640 shares of the software’s stock valued at $157,000 after purchasing an additional 249 shares in the last quarter. Finally, Ballentine Partners LLC bought a new stake in shares of Altair Engineering during the 2nd quarter worth approximately $202,000. Institutional investors and hedge funds own 63.38% of the company’s stock.

Insiders Place Their Bets

In related news, CEO James Ralph Scapa sold 13,000 shares of the company’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $95.10, for a total transaction of $1,236,300.00. Following the completion of the sale, the chief executive officer now directly owns 134,045 shares in the company, valued at $12,747,679.50. This represents a 8.84 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Ravi Kunju sold 360 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $103.65, for a total transaction of $37,314.00. Following the completion of the sale, the insider now owns 30,305 shares in the company, valued at approximately $3,141,113.25. The trade was a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 400,519 shares of company stock worth $40,076,873 in the last quarter. 21.75% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on ALTR shares. Needham & Company LLC restated a “hold” rating and set a $100.00 target price on shares of Altair Engineering in a report on Thursday, October 31st. Loop Capital reiterated a “hold” rating and issued a $113.00 target price on shares of Altair Engineering in a research note on Thursday, October 31st. Royal Bank of Canada boosted their price target on Altair Engineering from $90.00 to $113.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 31st. William Blair reaffirmed a “market perform” rating on shares of Altair Engineering in a research report on Thursday, October 31st. Finally, Wolfe Research lowered Altair Engineering from a “strong-buy” rating to a “hold” rating in a report on Sunday, November 3rd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, Altair Engineering currently has a consensus rating of “Hold” and a consensus target price of $100.71.

Altair Engineering Stock Performance

Shares of NASDAQ ALTR opened at $106.15 on Friday. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.27 and a quick ratio of 3.27. The stock’s fifty day moving average price is $102.60 and its two-hundred day moving average price is $95.48. Altair Engineering Inc. has a one year low of $72.33 and a one year high of $113.12. The firm has a market cap of $9.03 billion, a price-to-earnings ratio of 279.34, a P/E/G ratio of 12.20 and a beta of 1.44.

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.