Adage Capital Partners GP L.L.C. Makes New Investment in Altair Engineering Inc. (NASDAQ:ALTR)

Adage Capital Partners GP L.L.C. purchased a new position in Altair Engineering Inc. (NASDAQ:ALTR) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 100,659 shares of the software’s stock, valued at approximately $10,983,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ALTR. NBT Bank N A NY raised its stake in Altair Engineering by 76.4% during the fourth quarter. NBT Bank N A NY now owns 247 shares of the software’s stock valued at $27,000 after purchasing an additional 107 shares in the last quarter. UMB Bank n.a. increased its holdings in shares of Altair Engineering by 77.0% in the 4th quarter. UMB Bank n.a. now owns 285 shares of the software’s stock worth $31,000 after buying an additional 124 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Altair Engineering by 14.6% in the 4th quarter. GAMMA Investing LLC now owns 729 shares of the software’s stock worth $80,000 after buying an additional 93 shares during the last quarter. Blue Trust Inc. increased its holdings in shares of Altair Engineering by 185.5% in the 4th quarter. Blue Trust Inc. now owns 825 shares of the software’s stock worth $90,000 after buying an additional 536 shares during the last quarter. Finally, IFP Advisors Inc bought a new stake in shares of Altair Engineering in the 4th quarter worth about $185,000. 63.38% of the stock is currently owned by institutional investors.

Altair Engineering Stock Performance

Shares of NASDAQ:ALTR opened at $111.85 on Monday. The company has a market capitalization of $9.60 billion, a price-to-earnings ratio of 657.94, a PEG ratio of 10.75 and a beta of 1.45. Altair Engineering Inc. has a 12 month low of $75.71 and a 12 month high of $113.12. The firm’s 50-day moving average is $111.68 and its 200 day moving average is $108.44.

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

Insider Buying and Selling at Altair Engineering

In other news, Director Teresa A. Harris sold 2,700 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $111.61, for a total transaction of $301,347.00. Following the transaction, the director now directly owns 18,542 shares of the company’s stock, valued at approximately $2,069,472.62. This trade represents a 12.71 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Matthew Charles Brown sold 3,811 shares of the firm’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 transaction of $425,040.83. Following the transaction, the chief financial officer now directly owns 69,394 shares in the company, valued at approximately $7,739,512.82. This trade represents a 5.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 12,172 shares of company stock valued at $1,356,847 in the last three months. Company insiders own 21.75% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Needham & Company LLC restated a “hold” rating on shares of Altair Engineering in a report on Friday, February 21st. Rosenblatt Securities restated a “neutral” rating and issued a $113.00 target price on shares of Altair Engineering in a report on Monday, February 24th. One investment analyst has rated the stock with a sell rating and seven have given a hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $100.83.

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.