Alliancebernstein L.P. Cuts Stock Position in Altair Engineering Inc. (NASDAQ:ALTR)

Alliancebernstein L.P. trimmed its position in shares of Altair Engineering Inc. (NASDAQ:ALTR) by 16.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,066,016 shares of the software’s stock after selling 204,587 shares during the period. Alliancebernstein L.P. owned about 1.25% of Altair Engineering worth $116,313,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Magnetar Financial LLC purchased a new position in shares of Altair Engineering during the fourth quarter worth approximately $62,142,000. Norges Bank bought a new position in shares of Altair Engineering during the 4th quarter valued at $37,899,000. Vanguard Group Inc. raised its position in Altair Engineering by 4.8% in the 4th quarter. Vanguard Group Inc. now owns 6,894,230 shares of the software’s stock worth $752,229,000 after purchasing an additional 317,575 shares during the period. California Public Employees Retirement System lifted its stake in Altair Engineering by 135.9% in the fourth quarter. California Public Employees Retirement System now owns 220,435 shares of the software’s stock worth $24,052,000 after purchasing an additional 127,009 shares during the last quarter. Finally, New York Life Investment Management LLC boosted its position in Altair Engineering by 1,103.3% during the fourth quarter. New York Life Investment Management LLC now owns 76,363 shares of the software’s stock valued at $8,332,000 after buying an additional 70,017 shares during the period. Institutional investors own 63.38% of the company’s stock.

Insider Buying and Selling at Altair Engineering

In other news, CMO Amy Messano sold 235 shares of the business’s stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $111.53, for a total value of $26,209.55. Following the sale, the chief marketing officer now directly owns 23,651 shares of the company’s stock, valued at $2,637,796.03. The trade was a 0.98 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Matthew Charles Brown sold 3,811 shares of the firm’s stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $111.53, for a total value of $425,040.83. Following the transaction, the chief financial officer now directly owns 69,394 shares of the company’s stock, valued at approximately $7,739,512.82. This trade represents a 5.21 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 12,172 shares of company stock valued at $1,356,847. 21.75% of the stock is currently owned by corporate insiders.

Altair Engineering Stock Performance

Shares of ALTR stock opened at $111.85 on Thursday. Altair Engineering Inc. has a fifty-two week low of $75.71 and a fifty-two week high of $113.12. The firm has a market cap of $9.60 billion, a P/E ratio of 657.94, a P/E/G ratio of 10.75 and a beta of 1.45. The business’s 50 day moving average price is $111.17 and its 200-day moving average price is $106.06.

Altair Engineering (NASDAQ:ALTR) last released its quarterly earnings results on Thursday, February 20th. The software reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.15). Altair Engineering had a net margin of 2.13% and a return on equity of 8.08%. The company had revenue of $192.63 million during the quarter, compared to the consensus estimate of $182.98 million. As a group, equities analysts predict that Altair Engineering Inc. will post 0.87 EPS for the current year.

Analyst Upgrades and Downgrades

ALTR has been the subject of a number of recent research reports. Rosenblatt Securities reissued a “neutral” rating and issued a $113.00 target price on shares of Altair Engineering in a research note on Monday, February 24th. Needham & Company LLC reiterated a “hold” rating on shares of Altair Engineering in a research report on Friday, February 21st. One research analyst has rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to MarketBeat.com, Altair Engineering presently has an average rating of “Hold” and an average price target of $100.83.

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.