Yakira Capital Management Inc. Makes New Investment in Altair Engineering Inc. (NASDAQ:ALTR)

Yakira Capital Management Inc. acquired a new stake in Altair Engineering Inc. (NASDAQ:ALTR) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 28,500 shares of the software’s stock, valued at approximately $3,110,000. Altair Engineering accounts for 1.1% of Yakira Capital Management Inc.’s investment portfolio, making the stock its 27th biggest holding.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Principal Financial Group Inc. lifted its stake in Altair Engineering by 1.7% in the fourth quarter. Principal Financial Group Inc. now owns 168,665 shares of the software’s stock valued at $18,403,000 after buying an additional 2,872 shares during the period. UMB Bank n.a. lifted its position in shares of Altair Engineering by 77.0% during the 4th quarter. UMB Bank n.a. now owns 285 shares of the software’s stock valued at $31,000 after acquiring an additional 124 shares during the period. Zacks Investment Management bought a new position in Altair Engineering during the third quarter worth $2,516,000. KBC Group NV grew its holdings in Altair Engineering by 62.4% in the fourth quarter. KBC Group NV now owns 2,663 shares of the software’s stock worth $291,000 after purchasing an additional 1,023 shares during the period. Finally, Blue Trust Inc. increased its stake in Altair Engineering by 185.5% in the fourth quarter. Blue Trust Inc. now owns 825 shares of the software’s stock valued at $90,000 after purchasing an additional 536 shares in the last quarter. Institutional investors own 63.38% of the company’s stock.

Analysts Set New Price Targets

ALTR has been the subject of several research reports. Rosenblatt Securities restated 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 reissued a “hold” rating on shares of Altair Engineering in a research note on Friday, February 21st. One analyst has rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $100.83.

Insider Activity

In other Altair Engineering news, Director Teresa A. Harris sold 2,700 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $111.61, for a total value of $301,347.00. Following the completion of the sale, the director now owns 18,542 shares in the company, valued at approximately $2,069,472.62. This trade represents a 12.71 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CRO Nelson Dias sold 373 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 $41,600.69. Following the completion of the transaction, the executive now owns 57,573 shares in the company, valued at $6,421,116.69. The trade was a 0.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 12,172 shares of company stock worth $1,356,847 over the last quarter. Insiders own 21.75% of the company’s stock.

Altair Engineering Stock Performance

ALTR stock opened at $111.85 on Friday. The business has a 50-day simple moving average of $111.22 and a two-hundred day simple moving average of $106.36. The company has a market capitalization of $9.60 billion, a P/E ratio of 657.94, a price-to-earnings-growth ratio of 10.75 and a beta of 1.45. Altair Engineering Inc. has a 52-week low of $75.71 and a 52-week high of $113.12.

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

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.