Citigroup Inc. reduced its stake in shares of Altair Engineering Inc (NASDAQ:ALTR) by 19.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,535 shares of the software’s stock after selling 1,810 shares during the period. Citigroup Inc.’s holdings in Altair Engineering were worth $208,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in ALTR. Royce & Associates LP raised its stake in shares of Altair Engineering by 171.3% in the fourth quarter. Royce & Associates LP now owns 67,816 shares of the software’s stock worth $1,870,000 after purchasing an additional 42,816 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. grew its holdings in shares of Altair Engineering by 57.1% in the fourth quarter. Los Angeles Capital Management & Equity Research Inc. now owns 30,079 shares of the software’s stock worth $830,000 after acquiring an additional 10,935 shares during the period. California Public Employees Retirement System grew its holdings in shares of Altair Engineering by 173.0% in the fourth quarter. California Public Employees Retirement System now owns 15,779 shares of the software’s stock worth $435,000 after acquiring an additional 10,000 shares during the period. Eaton Vance Management grew its holdings in shares of Altair Engineering by 14.2% in the fourth quarter. Eaton Vance Management now owns 473,591 shares of the software’s stock worth $13,062,000 after acquiring an additional 58,794 shares during the period. Finally, Prudential Financial Inc. bought a new stake in shares of Altair Engineering in the fourth quarter worth $579,000. 38.18% of the stock is owned by institutional investors.
Shares of NASDAQ ALTR traded up $0.18 during mid-day trading on Wednesday, reaching $38.99. The company’s stock had a trading volume of 199,800 shares, compared to its average volume of 211,779. The firm has a market cap of $2.60 billion, a price-to-earnings ratio of 105.38 and a beta of 1.62. The company has a quick ratio of 1.19, a current ratio of 1.21 and a debt-to-equity ratio of 0.11. Altair Engineering Inc has a 52 week low of $25.28 and a 52 week high of $43.99.
Several analysts have issued reports on ALTR shares. ValuEngine raised Altair Engineering from a “hold” rating to a “buy” rating in a report on Monday, February 4th. Needham & Company LLC reissued a “buy” rating and set a $40.00 price target on shares of Altair Engineering in a report on Friday, March 1st. Zacks Investment Research lowered Altair Engineering from a “buy” rating to a “hold” rating in a report on Monday, March 18th. Finally, Guggenheim started coverage on Altair Engineering in a report on Tuesday, March 19th. They set a “neutral” rating and a $37.70 price target for the company. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Altair Engineering presently has a consensus rating of “Hold” and a consensus target price of $38.67.
In related news, CFO Howard N. Morof sold 4,000 shares of the business’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $36.63, for a total value of $146,520.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, President Brett R. Chouinard sold 8,000 shares of the business’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $36.53, for a total value of $292,240.00. The disclosure for this sale can be found here. Insiders sold 118,169 shares of company stock worth $4,357,716 over the last quarter. 38.24% of the stock is owned by company insiders.
Altair Engineering Profile
Altair Engineering Inc, together with its subsidiaries, provides software and cloud solutions worldwide. The company operates through two segments, Software and Client Engineering Services. Its integrated suite of multi-disciplinary computer aided engineering software optimizes design performance across various disciplines, including structures, motion, fluids, thermal management, electromagnetics, system modeling and embedded systems.
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