Select Equity Group L.P. Sells 7,206 Shares of Altair Engineering Inc. (NASDAQ:ALTR)

Select Equity Group L.P. decreased its position in shares of Altair Engineering Inc. (NASDAQ:ALTR) by 33.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,140 shares of the software’s stock after selling 7,206 shares during the quarter. Select Equity Group L.P.’s holdings in Altair Engineering were worth $1,543,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in ALTR. UMB Bank n.a. lifted its stake 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 worth $31,000 after purchasing an additional 124 shares during the last quarter. Blue Trust Inc. lifted its stake in shares of Altair Engineering by 185.5% during 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. KBC Group NV lifted its stake in shares of Altair Engineering by 62.4% during the 4th 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 last quarter. Retirement Systems of Alabama lifted its stake in shares of Altair Engineering by 0.7% during the 4th quarter. Retirement Systems of Alabama now owns 72,685 shares of the software’s stock worth $7,931,000 after purchasing an additional 494 shares during the last quarter. Finally, Louisiana State Employees Retirement System lifted its stake in shares of Altair Engineering by 0.6% during the 4th quarter. Louisiana State Employees Retirement System now owns 16,600 shares of the software’s stock worth $1,811,000 after purchasing an additional 100 shares during the last quarter. 63.38% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Insider Activity

In other news, Director Teresa A. Harris sold 2,700 shares of the stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $111.61, for a total value 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 represents a 12.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Matthew Charles Brown sold 3,811 shares of the stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $111.53, for a total value of $425,040.83. Following the completion of the transaction, the chief financial officer now directly owns 69,394 shares in the company, valued at $7,739,512.82. This represents a 5.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,172 shares of company stock valued at $1,356,847. Company insiders own 21.75% of the company’s stock.

Altair Engineering Price Performance

Shares of NASDAQ:ALTR opened at $111.85 on Friday. The business’s 50-day moving average is $111.80 and its 200 day moving average is $109.58. Altair Engineering Inc. has a 1 year low of $75.71 and a 1 year high of $113.12. The firm has a market capitalization 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.

Altair Engineering (NASDAQ:ALTR) last announced its quarterly earnings data on Thursday, February 20th. The software reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.15). The firm had revenue of $192.63 million during the quarter, compared to analyst estimates of $182.98 million. Altair Engineering had a net margin of 2.13% and a return on equity of 8.08%. On average, analysts expect that Altair Engineering Inc. will post 0.87 EPS for the current year.

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.