Pictet Asset Management Holding SA Sells 2,267,281 Shares of Altair Engineering Inc. (NASDAQ:ALTR)

Pictet Asset Management Holding SA cut its holdings in Altair Engineering Inc. (NASDAQ:ALTR) by 99.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,118 shares of the software’s stock after selling 2,267,281 shares during the period. Pictet Asset Management Holding SA’s holdings in Altair Engineering were worth $886,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. NBT Bank N A NY grew its stake in Altair Engineering by 76.4% during the fourth quarter. NBT Bank N A NY now owns 247 shares of the software’s stock worth $27,000 after purchasing an additional 107 shares during the period. UMB Bank n.a. boosted its holdings in shares of Altair Engineering by 77.0% during the 4th quarter. UMB Bank n.a. now owns 285 shares of the software’s stock worth $31,000 after buying an additional 124 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Altair Engineering by 14.6% during the 4th quarter. GAMMA Investing LLC now owns 729 shares of the software’s stock worth $80,000 after buying an additional 93 shares during the period. Blue Trust Inc. increased its stake in shares of Altair Engineering by 185.5% in the 4th quarter. Blue Trust Inc. now owns 825 shares of the software’s stock valued at $90,000 after acquiring an additional 536 shares in the last quarter. Finally, IFP Advisors Inc acquired a new position in shares of Altair Engineering during the 4th quarter valued at $185,000. 63.38% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on ALTR shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Altair Engineering in a research note on Friday, February 21st. Rosenblatt Securities reaffirmed a “neutral” rating and set a $113.00 price target on shares of Altair Engineering in a research note on Monday, February 24th. One research analyst has rated the stock with a sell rating and seven have given a hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $100.83.

Altair Engineering Price Performance

ALTR opened at $111.85 on Monday. Altair Engineering Inc. has a fifty-two week low of $75.71 and a fifty-two week high of $113.12. The firm has a market capitalization of $9.60 billion, a PE ratio of 657.94, a P/E/G ratio of 10.75 and a beta of 1.45. The company’s 50-day moving average is $111.22 and its 200 day moving average is $106.46.

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

Insider Buying and Selling at Altair Engineering

In other news, CFO Matthew Charles Brown sold 3,811 shares of the business’s stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $111.53, for a total value of $425,040.83. Following the transaction, the chief financial officer now owns 69,394 shares in the company, valued at $7,739,512.82. The trade was a 5.21 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CMO Amy Messano sold 235 shares of the stock in a transaction that occurred 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 sale, the chief marketing officer now directly 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 disclosure for this sale can be found here. In the last three months, insiders have sold 12,172 shares of company stock worth $1,356,847. Corporate insiders own 21.75% of the company’s stock.

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.