Voloridge Investment Management LLC Buys New Position in Altair Engineering Inc. (NASDAQ:ALTR)

Voloridge Investment Management LLC bought a new position in Altair Engineering Inc. (NASDAQ:ALTR) in the 4th quarter, Holdings Channel reports. The fund bought 41,974 shares of the software’s stock, valued at approximately $4,580,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Magnetar Financial LLC purchased a new position in shares of Altair Engineering in the fourth quarter worth $62,142,000. Norges Bank bought a new stake in shares of Altair Engineering in the 4th quarter worth about $37,899,000. Schonfeld Strategic Advisors LLC raised its position in shares of Altair Engineering by 13,097.8% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 331,528 shares of the software’s stock valued at $36,173,000 after buying an additional 329,016 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Altair Engineering by 4.8% during the 4th quarter. Vanguard Group Inc. now owns 6,894,230 shares of the software’s stock valued at $752,229,000 after buying an additional 317,575 shares in the last quarter. Finally, Woodline Partners LP bought a new position in shares of Altair Engineering in the 4th quarter valued at about $32,733,000. 63.38% of the stock is currently owned by institutional investors.

Altair Engineering Price Performance

Shares of NASDAQ ALTR opened at $111.85 on Tuesday. Altair Engineering Inc. has a 1 year low of $75.71 and a 1 year high of $113.12. The firm has a 50-day simple moving average of $111.86 and a two-hundred day simple moving average of $109.95. The company 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 issued its quarterly earnings results on Thursday, February 20th. The software reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.15). Altair Engineering had a return on equity of 8.08% and a net margin of 2.13%. The business had revenue of $192.63 million for the quarter, compared to the consensus estimate of $182.98 million. As a group, equities research analysts expect that Altair Engineering Inc. will post 0.87 EPS for the current year.

Wall Street Analysts Forecast Growth

ALTR has been the topic of a number of recent research reports. Needham & Company LLC restated a “hold” rating on shares of Altair Engineering in a research report on Friday, February 21st. Rosenblatt Securities restated a “neutral” rating and set a $113.00 price target on shares of Altair Engineering in a report on Monday, February 24th. One analyst has rated the stock with a sell rating and seven have given a hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $100.83.

Insider Transactions at Altair Engineering

In other news, CMO Amy Messano sold 416 shares of the firm’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $111.30, for a total transaction of $46,300.80. Following the transaction, the chief marketing officer now owns 22,980 shares in the company, valued at approximately $2,557,674. This trade represents a 1.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CRO Nelson Dias sold 1,671 shares of Altair Engineering stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $111.30, for a total value of $185,982.30. Following the completion of the sale, the executive now owns 55,411 shares of the company’s stock, valued at $6,167,244.30. The trade was a 2.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 9,472 shares of company stock worth $1,055,500. Insiders own 21.75% of the company’s stock.

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.