Franklin Resources Inc. Sells 6,636,006 Shares of Altair Engineering Inc. (NASDAQ:ALTR)

Franklin Resources Inc. trimmed its holdings in Altair Engineering Inc. (NASDAQ:ALTR) by 93.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 428,283 shares of the software’s stock after selling 6,636,006 shares during the period. Franklin Resources Inc. owned 0.50% of Altair Engineering worth $40,901,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in ALTR. William Blair Investment Management LLC bought a new position in Altair Engineering during the second quarter worth $91,589,000. Bank of New York Mellon Corp grew its stake in Altair Engineering by 121.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 569,109 shares of the software’s stock valued at $55,818,000 after buying an additional 312,448 shares during the last quarter. Principal Financial Group Inc. raised its holdings in Altair Engineering by 772.7% in the 2nd quarter. Principal Financial Group Inc. now owns 212,560 shares of the software’s stock valued at $20,848,000 after acquiring an additional 188,203 shares during the period. Great Lakes Advisors LLC acquired a new stake in Altair Engineering during the second quarter worth approximately $13,343,000. Finally, Candriam S.C.A. boosted its holdings in shares of Altair Engineering by 28.9% during the second quarter. Candriam S.C.A. now owns 560,565 shares of the software’s stock worth $54,978,000 after acquiring an additional 125,816 shares during the period. 63.38% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Wolfe Research lowered Altair Engineering from a “strong-buy” rating to a “hold” rating in a research note on Sunday, November 3rd. Rosenblatt Securities increased their price objective on Altair Engineering from $88.00 to $113.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Loop Capital reissued a “hold” rating and issued a $113.00 target price on shares of Altair Engineering in a research report on Thursday, October 31st. Needham & Company LLC reaffirmed a “hold” rating and set a $100.00 price target on shares of Altair Engineering in a research report on Thursday, October 31st. Finally, Royal Bank of Canada lifted their price objective on shares of Altair Engineering from $90.00 to $113.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $100.71.

Insider Buying and Selling at Altair Engineering

In other news, major shareholder Christ Revocable Trust sold 100,000 shares of Altair Engineering stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $106.57, for a total value of $10,657,000.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Jrs Investments Llc sold 6,500 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 value of $618,150.00. The disclosure for this sale can be found here. Insiders have sold a total of 400,519 shares of company stock valued at $40,076,873 in the last ninety days. 21.75% of the stock is currently owned by company insiders.

Altair Engineering Stock Up 0.1 %

ALTR stock opened at $106.85 on Wednesday. Altair Engineering Inc. has a 52 week low of $73.33 and a 52 week high of $113.12. The business has a 50-day simple moving average of $103.32 and a 200 day simple moving average of $95.92. The company has a quick ratio of 3.27, a current ratio of 3.27 and a debt-to-equity ratio of 0.27. The company has a market cap of $9.09 billion, a PE ratio of 281.18, a price-to-earnings-growth ratio of 12.16 and a beta of 1.44.

Altair Engineering Company 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.