Congress Asset Management Co. Buys New Position in Altair Engineering Inc. (NASDAQ:ALTR)

Congress Asset Management Co. purchased a new position in shares of Altair Engineering Inc. (NASDAQ:ALTR) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 2,297 shares of the software’s stock, valued at approximately $251,000.

Several other hedge funds also recently made changes to their positions in the business. Moody Aldrich Partners LLC grew its position in Altair Engineering by 15.2% in the third quarter. Moody Aldrich Partners LLC now owns 75,233 shares of the software’s stock valued at $7,186,000 after purchasing an additional 9,907 shares in the last quarter. Fisher Asset Management LLC boosted its stake in shares of Altair Engineering by 27.0% during the 3rd quarter. Fisher Asset Management LLC now owns 401,612 shares of the software’s stock worth $38,358,000 after buying an additional 85,303 shares during the last quarter. Citigroup Inc. grew its holdings in shares of Altair Engineering by 141.0% in the 3rd quarter. Citigroup Inc. now owns 50,518 shares of the software’s stock valued at $4,825,000 after acquiring an additional 29,556 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Altair Engineering in the third quarter valued at about $1,356,000. Finally, Versor Investments LP bought a new stake in Altair Engineering during the third quarter worth about $487,000. 63.38% of the stock is owned by institutional investors.

Altair Engineering Stock Performance

Shares of ALTR stock opened at $111.13 on Wednesday. The company has a market capitalization of $9.45 billion, a price-to-earnings ratio of 292.46, a PEG ratio of 10.62 and a beta of 1.42. The company has a debt-to-equity ratio of 0.27, a quick ratio of 3.27 and a current ratio of 3.27. Altair Engineering Inc. has a 52 week low of $75.71 and a 52 week high of $113.12. The company has a 50-day simple moving average of $109.57 and a 200 day simple moving average of $101.05.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Rosenblatt Securities boosted their price target on Altair Engineering from $88.00 to $113.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. 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. Royal Bank of Canada increased their price target on shares of Altair Engineering from $90.00 to $113.00 and gave the company a “sector perform” rating in a research note on Thursday, October 31st. Loop Capital restated a “hold” rating and set a $113.00 price objective on shares of Altair Engineering in a research note on Thursday, October 31st. Finally, William Blair reiterated a “market perform” rating on shares of Altair Engineering in a research note on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $100.71.

Insider Transactions at Altair Engineering

In other news, CFO Matthew Charles Brown sold 1,048 shares of Altair Engineering stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $108.90, for a total transaction of $114,127.20. Following the completion of the sale, the chief financial officer now owns 55,519 shares of the company’s stock, valued at approximately $6,046,019.10. This trade represents a 1.85 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CRO Nelson Dias sold 22,500 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $106.23, for a total transaction of $2,390,175.00. Following the transaction, the executive now directly owns 48,437 shares in the company, valued at approximately $5,145,462.51. This represents a 31.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 59,143 shares of company stock worth $6,265,694 over the last quarter. Company insiders own 21.75% of the company’s stock.

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.