Fred Alger Management LLC Sells 85,709 Shares of Altair Engineering Inc. (NASDAQ:ALTR)

Fred Alger Management LLC lowered its stake in shares of Altair Engineering Inc. (NASDAQ:ALTR) by 18.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 381,760 shares of the software’s stock after selling 85,709 shares during the quarter. Fred Alger Management LLC owned about 0.45% of Altair Engineering worth $36,462,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. GAMMA Investing LLC increased its position 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 during the period. Moody Aldrich Partners LLC increased its position in Altair Engineering by 15.2% during the third quarter. Moody Aldrich Partners LLC now owns 75,233 shares of the software’s stock worth $7,186,000 after acquiring an additional 9,907 shares during the period. Linden Thomas Advisory Services LLC bought a new position in Altair Engineering during the second quarter worth $629,000. Jane Street Group LLC increased its position 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 acquiring an additional 275,030 shares during the period. Finally, Fisher Asset Management LLC increased its position in Altair Engineering by 27.0% during the third quarter. Fisher Asset Management LLC now owns 401,612 shares of the software’s stock worth $38,358,000 after acquiring an additional 85,303 shares during the period. Institutional investors own 63.38% of the company’s stock.

Insider Buying and Selling

In other Altair Engineering news, insider Ravi Kunju sold 360 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $103.65, for a total transaction of $37,314.00. Following the sale, the insider now owns 30,305 shares of the company’s stock, valued at $3,141,113.25. This represents a 1.17 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Teresa A. Harris sold 620 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $89.70, for a total transaction of $55,614.00. Following the sale, the director now directly owns 21,242 shares in the company, valued at approximately $1,905,407.40. This represents a 2.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 343,044 shares of company stock worth $33,980,921 in the last quarter. 21.75% of the stock is owned by corporate insiders.

Altair Engineering Trading Up 0.0 %

Shares of Altair Engineering stock opened at $105.42 on Friday. The stock has a market capitalization of $8.97 billion, a P/E ratio of 277.43, a price-to-earnings-growth ratio of 12.12 and a beta of 1.44. 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 50-day simple moving average of $100.06 and a 200 day simple moving average of $94.30. Altair Engineering Inc. has a 12-month low of $70.07 and a 12-month high of $113.12.

Analysts Set New Price Targets

Several brokerages have issued reports on ALTR. Rosenblatt Securities boosted their price target on shares of Altair Engineering from $88.00 to $113.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. William Blair reissued a “market perform” rating on shares of Altair Engineering in a report on Thursday, October 31st. The Goldman Sachs Group lowered shares of Altair Engineering from a “neutral” rating to a “sell” rating and lowered their price target for the company from $85.00 to $71.00 in a report on Friday, August 2nd. Wolfe Research lowered shares of Altair Engineering from a “strong-buy” rating to a “hold” rating in a report on Sunday, November 3rd. Finally, Needham & Company LLC reissued a “hold” rating and issued a $100.00 price target on shares of Altair Engineering in a report on Thursday, October 31st. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $100.71.

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.