ARK Investment Management LLC Sells 5,183 Shares of Altair Engineering Inc. (NASDAQ:ALTR)

ARK Investment Management LLC trimmed its holdings in Altair Engineering Inc. (NASDAQ:ALTR) by 12.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 35,280 shares of the software’s stock after selling 5,183 shares during the period. ARK Investment Management LLC’s holdings in Altair Engineering were worth $3,849,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Creative Planning lifted its stake in shares of Altair Engineering by 5.9% during the 3rd quarter. Creative Planning now owns 11,279 shares of the software’s stock worth $1,077,000 after buying an additional 631 shares during the last quarter. Blue Trust Inc. raised its holdings in Altair Engineering by 572.1% in the 3rd quarter. Blue Trust Inc. now owns 289 shares of the software’s stock valued at $28,000 after acquiring an additional 246 shares during the period. Private Advisor Group LLC acquired a new stake in Altair Engineering during the third quarter worth approximately $208,000. Ballentine Partners LLC boosted its holdings in shares of Altair Engineering by 8.5% during the third quarter. Ballentine Partners LLC now owns 2,236 shares of the software’s stock worth $214,000 after acquiring an additional 175 shares during the period. Finally, Louisiana State Employees Retirement System grew its position in shares of Altair Engineering by 2.5% in the third quarter. Louisiana State Employees Retirement System now owns 16,500 shares of the software’s stock valued at $1,576,000 after purchasing an additional 400 shares during the last quarter. 63.38% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Loop Capital reissued a “hold” rating and set a $113.00 price target on shares of Altair Engineering in a report on Thursday, October 31st. Rosenblatt Securities reiterated a “neutral” rating and set a $113.00 price objective on shares of Altair Engineering in a research report on Monday. Wolfe Research cut shares of Altair Engineering from a “strong-buy” rating to a “hold” rating in a research report on Sunday, November 3rd. Needham & Company LLC restated a “hold” rating on shares of Altair Engineering in a research note on Friday, February 21st. Finally, William Blair reiterated a “market perform” rating on shares of Altair Engineering in a research note on Thursday, October 31st. One analyst has rated the stock with a sell rating and seven have issued a hold rating to the company. According to MarketBeat.com, Altair Engineering has a consensus rating of “Hold” and a consensus target price of $100.83.

Altair Engineering Stock Performance

Shares of NASDAQ ALTR opened at $111.60 on Thursday. Altair Engineering Inc. has a 52 week low of $75.71 and a 52 week high of $113.12. The stock’s fifty day moving average is $110.21 and its 200 day moving average is $102.03. The stock has a market capitalization of $9.49 billion, a P/E ratio of 656.47, a PEG ratio of 10.75 and a beta of 1.42.

Altair Engineering (NASDAQ:ALTR) last issued 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 firm had revenue of $192.63 million during the quarter, compared to analyst estimates of $182.98 million. Altair Engineering had a net margin of 2.13% and a return on equity of 8.08%. Equities research analysts forecast that Altair Engineering Inc. will post 0.87 earnings per share for the current year.

Insider Buying and Selling at Altair Engineering

In other news, CEO James Ralph Scapa sold 13,000 shares of the business’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $105.69, for a total transaction of $1,373,970.00. Following the completion of the transaction, the chief executive officer now owns 134,045 shares of the company’s stock, valued at approximately $14,167,216.05. The trade was a 8.84 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Jrs Investments Llc sold 6,500 shares of the company’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $105.69, for a total value of $686,985.00. The disclosure for this sale can be found here. Insiders sold a total of 59,143 shares of company stock worth $6,265,694 over the last three months. Corporate 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.