Mitsubishi UFJ Asset Management Co. Ltd. Grows Position in Altair Engineering Inc. (NASDAQ:ALTR)

Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Altair Engineering Inc. (NASDAQ:ALTR) by 460.4% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 6,243 shares of the software’s stock after purchasing an additional 5,129 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Altair Engineering were worth $685,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Magnetar Financial LLC acquired a new position in Altair Engineering during the fourth quarter valued at approximately $62,142,000. Vanguard Group Inc. raised its stake in shares of Altair Engineering by 4.8% in the 4th quarter. Vanguard Group Inc. now owns 6,894,230 shares of the software’s stock valued at $752,229,000 after acquiring an additional 317,575 shares during the period. New York Life Investment Management LLC lifted its holdings in shares of Altair Engineering by 1,103.3% during the 4th quarter. New York Life Investment Management LLC now owns 76,363 shares of the software’s stock valued at $8,332,000 after acquiring an additional 70,017 shares in the last quarter. State Street Corp boosted its position in Altair Engineering by 3.3% during the 3rd quarter. State Street Corp now owns 2,053,957 shares of the software’s stock worth $196,173,000 after purchasing an additional 65,589 shares during the period. Finally, Versor Investments LP increased its holdings in Altair Engineering by 1,069.9% in the 4th quarter. Versor Investments LP now owns 59,655 shares of the software’s stock valued at $6,509,000 after purchasing an additional 54,556 shares in the last quarter. Institutional investors and hedge funds own 63.38% of the company’s stock.

Analyst Ratings Changes

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

Insiders Place Their Bets

In other Altair Engineering news, CMO Amy Messano sold 235 shares of Altair Engineering stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $111.53, for a total value of $26,209.55. Following the completion of the transaction, the chief marketing officer now owns 23,651 shares of the company’s stock, valued at $2,637,796.03. The trade was a 0.98 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Matthew Charles Brown sold 3,811 shares of the stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $111.53, for a total transaction of $425,040.83. Following the sale, the chief financial officer now directly owns 69,394 shares in the company, valued at $7,739,512.82. This trade represents a 5.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 12,172 shares of company stock valued at $1,356,847 in the last ninety days. Corporate insiders own 21.75% of the company’s stock.

Altair Engineering Stock Performance

NASDAQ:ALTR opened at $111.85 on Thursday. Altair Engineering Inc. has a one year low of $75.71 and a one year high of $113.12. The business’s 50-day simple moving average is $111.17 and its 200 day simple moving average is $106.06. The stock has a market cap of $9.60 billion, a price-to-earnings ratio of 657.94, a price-to-earnings-growth ratio of 10.75 and a beta of 1.45.

Altair Engineering (NASDAQ:ALTR) last released its earnings results on Thursday, February 20th. The software reported $0.36 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.15). The business had revenue of $192.63 million for the quarter, compared to analysts’ expectations of $182.98 million. Altair Engineering had a net margin of 2.13% and a return on equity of 8.08%. On average, equities research analysts predict that Altair Engineering Inc. will post 0.87 EPS for the current year.

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.