TIG Advisors LLC Acquires New Stake in Altair Engineering Inc. (NASDAQ:ALTR)

TIG Advisors LLC bought a new position in shares of Altair Engineering Inc. (NASDAQ:ALTR) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 220,467 shares of the software’s stock, valued at approximately $24,055,000. Altair Engineering accounts for approximately 1.7% of TIG Advisors LLC’s portfolio, making the stock its 17th largest holding.

Several other large investors also recently made changes to their positions in the business. NBT Bank N A NY grew its holdings in shares of Altair Engineering by 76.4% in the 4th quarter. NBT Bank N A NY now owns 247 shares of the software’s stock worth $27,000 after acquiring an additional 107 shares during the last quarter. UMB Bank n.a. grew its position in Altair Engineering by 77.0% in the fourth quarter. UMB Bank n.a. now owns 285 shares of the software’s stock worth $31,000 after acquiring an additional 124 shares in the last quarter. Johnson Financial Group Inc. acquired a new position in Altair Engineering during the fourth quarter worth $37,000. GAMMA Investing LLC raised its holdings in Altair Engineering by 14.6% during the fourth quarter. GAMMA Investing LLC now owns 729 shares of the software’s stock valued at $80,000 after buying an additional 93 shares in the last quarter. Finally, Blue Trust Inc. lifted its holdings in 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 purchasing an additional 536 shares during the last quarter. Institutional investors own 63.38% of the company’s stock.

Altair Engineering Price Performance

NASDAQ:ALTR opened at $111.85 on Tuesday. Altair Engineering Inc. has a one year low of $75.71 and a one year high of $113.12. The company has a fifty day moving average price of $111.69 and a 200 day moving average price of $108.56. The stock has a market cap of $9.60 billion, a P/E ratio of 657.94, a PEG ratio of 10.75 and a beta of 1.45.

Altair Engineering (NASDAQ:ALTR) last announced its quarterly earnings data on Thursday, February 20th. The software reported $0.36 EPS for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $182.98 million. As a group, equities research analysts anticipate that Altair Engineering Inc. will post 0.87 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on ALTR shares. Needham & Company LLC reiterated a “hold” rating on shares of Altair Engineering in a research note on Friday, February 21st. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $113.00 price target on shares of Altair Engineering in a research report on Monday, February 24th. One investment analyst has rated the stock with a sell rating and seven have assigned a hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $100.83.

Insider Activity at Altair Engineering

In related news, CMO Amy Messano sold 416 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $111.30, for a total value of $46,300.80. Following the completion of the transaction, the chief marketing officer now owns 22,980 shares of the company’s stock, valued at $2,557,674. This represents a 1.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Teresa A. Harris sold 450 shares of Altair Engineering stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $111.08, for a total value of $49,986.00. Following the sale, the director now directly owns 18,092 shares in the company, valued at $2,009,659.36. The trade was a 2.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,172 shares of company stock worth $1,356,847. 21.75% of the stock is owned by corporate insiders.

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.