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

Marco Investment Management LLC bought a new stake in Altair Engineering Inc. (NASDAQ:ALTR) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 2,945 shares of the software’s stock, valued at approximately $248,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of ALTR. Wellington Management Group LLP acquired a new stake in Altair Engineering in the 3rd quarter valued at approximately $37,487,000. Victory Capital Management Inc. raised its position in Altair Engineering by 95.7% in the 3rd quarter. Victory Capital Management Inc. now owns 392,414 shares of the software’s stock valued at $24,549,000 after buying an additional 191,866 shares during the last quarter. Vanguard Group Inc. raised its position in Altair Engineering by 3.2% in the 3rd quarter. Vanguard Group Inc. now owns 5,727,942 shares of the software’s stock valued at $358,340,000 after buying an additional 179,838 shares during the last quarter. Ameriprise Financial Inc. increased its position in shares of Altair Engineering by 22.8% during the 3rd quarter. Ameriprise Financial Inc. now owns 951,698 shares of the software’s stock worth $59,538,000 after purchasing an additional 176,780 shares during the last quarter. Finally, Comerica Bank acquired a new position in shares of Altair Engineering during the 3rd quarter worth approximately $11,051,000. Institutional investors and hedge funds own 63.38% of the company’s stock.

Altair Engineering Stock Performance

ALTR opened at $83.58 on Monday. The business has a fifty day simple moving average of $83.87 and a 200 day simple moving average of $78.91. The company has a market capitalization of $6.89 billion, a PE ratio of -642.92, a price-to-earnings-growth ratio of 11.14 and a beta of 1.42. Altair Engineering Inc. has a 1 year low of $57.59 and a 1 year high of $92.92. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.16 and a quick ratio of 2.16.

Altair Engineering (NASDAQ:ALTR) last released its quarterly earnings results on Thursday, February 22nd. The software reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.07. The business had revenue of $171.50 million during the quarter, compared to the consensus estimate of $172.48 million. Altair Engineering had a positive return on equity of 3.77% and a negative net margin of 1.46%. Research analysts expect that Altair Engineering Inc. will post 0.63 EPS for the current year.

Insider Activity

In other news, major shareholder George J. Christ sold 12,783 shares of the company’s stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $85.85, for a total transaction of $1,097,420.55. Following the completion of the sale, the insider now directly owns 187,217 shares in the company, valued at approximately $16,072,579.45. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, major shareholder George J. Christ sold 83,336 shares of the company’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $85.99, for a total transaction of $7,166,062.64. Following the completion of the sale, the insider now directly owns 200,000 shares in the company, valued at approximately $17,198,000. The sale was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder George J. Christ sold 12,783 shares of the company’s stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $85.85, for a total value of $1,097,420.55. Following the sale, the insider now owns 187,217 shares of the company’s stock, valued at $16,072,579.45. The disclosure for this sale can be found here. In the last three months, insiders sold 161,830 shares of company stock worth $13,876,320. 21.75% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Oppenheimer boosted their price target on Altair Engineering from $95.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, February 23rd. Needham & Company LLC reaffirmed a “buy” rating and set a $100.00 price target on shares of Altair Engineering in a research report on Monday, March 25th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $88.00 price target on shares of Altair Engineering in a research report on Monday. Royal Bank of Canada reissued a “sector perform” rating and set a $90.00 target price on shares of Altair Engineering in a report on Thursday, March 21st. Finally, JPMorgan Chase & Co. boosted their target price on Altair Engineering from $86.00 to $95.00 and gave the stock an “overweight” rating in a report on Tuesday, March 26th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Altair Engineering currently has an average rating of “Moderate Buy” and a consensus price target of $90.00.

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.