Primecap Management Co. CA Trims Stock Holdings in Altair Engineering Inc. (NASDAQ:ALTR)

Primecap Management Co. CA lowered its holdings in shares of Altair Engineering Inc. (NASDAQ:ALTR) by 6.4% in the third quarter, Holdings Channel.com reports. The fund owned 322,493 shares of the software’s stock after selling 21,910 shares during the quarter. Primecap Management Co. CA’s holdings in Altair Engineering were worth $30,801,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Blue Trust Inc. boosted its stake in shares of Altair Engineering by 572.1% during the third quarter. Blue Trust Inc. now owns 289 shares of the software’s stock valued at $28,000 after purchasing an additional 246 shares during the period. GAMMA Investing LLC grew its stake in Altair Engineering by 81.7% in the 2nd quarter. GAMMA Investing LLC now owns 418 shares of the software’s stock worth $41,000 after acquiring an additional 188 shares in the last quarter. FSC Wealth Advisors LLC increased its position in shares of Altair Engineering by 41.3% during the second quarter. FSC Wealth Advisors LLC now owns 832 shares of the software’s stock worth $82,000 after acquiring an additional 243 shares during the period. Van ECK Associates Corp raised its stake in shares of Altair Engineering by 41.7% during the second quarter. Van ECK Associates Corp now owns 1,057 shares of the software’s stock valued at $104,000 after acquiring an additional 311 shares in the last quarter. Finally, KBC Group NV boosted its holdings in shares of Altair Engineering by 17.9% in the third quarter. KBC Group NV now owns 1,640 shares of the software’s stock valued at $157,000 after purchasing an additional 249 shares during the period. Institutional investors own 63.38% of the company’s stock.

Altair Engineering Price Performance

Shares of ALTR opened at $104.29 on Friday. The company has a 50 day moving average of $98.86 and a two-hundred day moving average of $93.67. The company has a market cap of $8.87 billion, a price-to-earnings ratio of 274.45, a price-to-earnings-growth ratio of 11.98 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. Altair Engineering Inc. has a twelve month low of $68.87 and a twelve month high of $113.12.

Analysts Set New Price Targets

Several research analysts have commented on the company. Rosenblatt Securities raised their price objective on Altair Engineering from $88.00 to $113.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Needham & Company LLC reaffirmed a “hold” rating and issued a $100.00 price objective on shares of Altair Engineering in a research note on Thursday, October 31st. William Blair reissued a “market perform” rating on shares of Altair Engineering in a research report on Thursday, October 31st. Wolfe Research lowered shares of Altair Engineering from a “strong-buy” rating to a “hold” rating in a report on Sunday, November 3rd. Finally, Loop Capital reissued a “hold” rating and set a $113.00 price objective on shares of Altair Engineering in a report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $100.71.

Insider Transactions at Altair Engineering

In related news, major shareholder George J. Christ sold 97,824 shares of Altair Engineering stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $95.23, for a total value of $9,315,779.52. Following the completion of the sale, the insider now directly owns 302,176 shares in the company, valued at $28,776,220.48. This trade represents a 24.46 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Christ Revocable Trust sold 100,000 shares of Altair Engineering stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $106.57, for a total transaction of $10,657,000.00. The disclosure for this sale can be found here. Insiders sold 362,544 shares of company stock valued at $35,717,201 in the last quarter. 21.75% of the stock is currently owned by corporate insiders.

Altair Engineering Company 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.