Intech Investment Management LLC Invests $1.08 Million in Altair Engineering Inc. (NASDAQ:ALTR)

Intech Investment Management LLC acquired a new stake in Altair Engineering Inc. (NASDAQ:ALTR) during the 3rd quarter, HoldingsChannel reports. The firm acquired 11,350 shares of the software’s stock, valued at approximately $1,084,000.

Several other institutional investors and hedge funds have also bought and sold shares of ALTR. New York State Teachers Retirement System lifted its position in shares of Altair Engineering by 1.2% during the 3rd quarter. New York State Teachers Retirement System now owns 8,500 shares of the software’s stock valued at $812,000 after buying an additional 100 shares during the last quarter. ProShare Advisors LLC raised its stake in Altair Engineering by 1.6% in the 2nd quarter. ProShare Advisors LLC now owns 10,219 shares of the software’s stock valued at $1,002,000 after acquiring an additional 160 shares during the period. Ballentine Partners LLC lifted its holdings in Altair Engineering by 8.5% during the third quarter. Ballentine Partners LLC now owns 2,236 shares of the software’s stock valued at $214,000 after purchasing an additional 175 shares during the last quarter. GAMMA Investing LLC boosted its position in Altair Engineering by 81.7% during the second quarter. GAMMA Investing LLC now owns 418 shares of the software’s stock worth $41,000 after purchasing an additional 188 shares during the period. Finally, Thrivent Financial for Lutherans boosted its position in Altair Engineering by 1.5% during the third quarter. Thrivent Financial for Lutherans now owns 13,961 shares of the software’s stock worth $1,333,000 after purchasing an additional 201 shares during the period. 63.38% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on ALTR shares. Royal Bank of Canada upped their price target on shares of Altair Engineering from $90.00 to $113.00 and gave the company a “sector perform” rating in a research note on Thursday, October 31st. Rosenblatt Securities increased their target price on Altair Engineering from $88.00 to $113.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Loop Capital reaffirmed a “hold” rating and issued a $113.00 price target on shares of Altair Engineering in a report on Thursday, October 31st. William Blair reiterated a “market perform” rating on shares of Altair Engineering in a research note on Thursday, October 31st. Finally, Wolfe Research downgraded Altair Engineering from a “strong-buy” rating to a “hold” rating in a research note on Sunday, November 3rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, Altair Engineering presently has an average rating of “Hold” and an average price target of $100.71.

Altair Engineering Price Performance

Altair Engineering stock opened at $105.42 on Thursday. The stock has a market cap of $8.97 billion, a price-to-earnings ratio of 277.43, a PEG ratio of 12.17 and a beta of 1.44. The company has a quick ratio of 3.27, a current ratio of 3.27 and a debt-to-equity ratio of 0.27. The business has a 50-day simple moving average of $99.81 and a 200 day simple moving average of $94.23. Altair Engineering Inc. has a 52 week low of $70.07 and a 52 week high of $113.12.

Insider Activity

In other news, major shareholder Christ Revocable Trust sold 50,048 shares of Altair Engineering stock in a transaction on Friday, September 27th. The shares were sold at an average price of $95.07, for a total transaction of $4,758,063.36. Following the completion of the sale, the insider now directly owns 149,952 shares of the company’s stock, valued at approximately $14,255,936.64. The trade was a 25.02 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Teresa A. Harris sold 620 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $89.70, for a total transaction of $55,614.00. Following the completion of the transaction, the director now owns 21,242 shares of the company’s stock, valued at $1,905,407.40. This trade represents a 2.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 343,044 shares of company stock worth $33,980,921. 21.75% of the stock is currently owned by insiders.

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.