Ameriprise Financial Inc. Sells 485,223 Shares of Altair Engineering Inc. (NASDAQ:ALTR)

Ameriprise Financial Inc. decreased its position in shares of Altair Engineering Inc. (NASDAQ:ALTR) by 70.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 203,035 shares of the software’s stock after selling 485,223 shares during the period. Ameriprise Financial Inc.’s holdings in Altair Engineering were worth $22,153,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the company. Louisiana State Employees Retirement System increased its position in Altair Engineering by 0.6% during the fourth quarter. Louisiana State Employees Retirement System now owns 16,600 shares of the software’s stock valued at $1,811,000 after acquiring an additional 100 shares during the last quarter. New York State Teachers Retirement System increased its position in Altair Engineering by 1.2% during the fourth quarter. New York State Teachers Retirement System now owns 8,600 shares of the software’s stock valued at $938,000 after acquiring an additional 100 shares during the last quarter. State of Michigan Retirement System increased its position in Altair Engineering by 0.7% during the fourth quarter. State of Michigan Retirement System now owns 14,200 shares of the software’s stock valued at $1,549,000 after acquiring an additional 100 shares during the last quarter. Thrivent Financial for Lutherans increased its position in Altair Engineering by 0.7% during the fourth quarter. Thrivent Financial for Lutherans now owns 14,065 shares of the software’s stock valued at $1,535,000 after acquiring an additional 104 shares during the last quarter. Finally, NBT Bank N A NY increased its position in Altair Engineering by 76.4% during the fourth quarter. NBT Bank N A NY now owns 247 shares of the software’s stock valued at $27,000 after acquiring an additional 107 shares during the last quarter. Institutional investors own 63.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Rosenblatt Securities reiterated a “neutral” rating and set a $113.00 price objective on shares of Altair Engineering in a research report on Monday, February 24th. Needham & Company LLC restated a “hold” rating on shares of Altair Engineering in a report on Friday, February 21st. One analyst has rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $100.83.

Altair Engineering Stock Performance

NASDAQ ALTR opened at $111.85 on Thursday. The company’s 50-day moving average price is $111.77 and its 200-day moving average price is $109.50. The stock has a market cap of $9.60 billion, a PE ratio of 657.94, a PEG ratio of 10.75 and a beta of 1.45. Altair Engineering Inc. has a 12 month low of $75.71 and a 12 month high of $113.12.

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

Insider Activity

In related news, Director Teresa A. Harris sold 2,700 shares of Altair Engineering stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $111.61, for a total transaction of $301,347.00. Following the transaction, the director now directly owns 18,542 shares of the company’s stock, valued at $2,069,472.62. This trade represents a 12.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CRO Nelson Dias sold 373 shares of the company’s stock in a transaction 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 sale, the executive now owns 57,573 shares of the company’s stock, valued at approximately $6,421,116.69. This represents a 0.64% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 12,172 shares of company stock worth $1,356,847. 21.75% of the stock is currently owned by corporate insiders.

Altair Engineering 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.