Select Equity Group L.P. Buys 15,285 Shares of Altair Engineering Inc. (NASDAQ:ALTR)

Select Equity Group L.P. boosted its stake in shares of Altair Engineering Inc. (NASDAQ:ALTR) by 244.2% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,545 shares of the software’s stock after buying an additional 15,285 shares during the period. Select Equity Group L.P.’s holdings in Altair Engineering were worth $1,348,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of ALTR. Oak Ridge Investments LLC bought a new position in Altair Engineering during the 1st quarter valued at approximately $63,423,000. Artisan Partners Limited Partnership bought a new stake in shares of Altair Engineering in the 1st quarter worth $37,357,000. ARK Investment Management LLC increased its holdings in shares of Altair Engineering by 276.5% in the 1st quarter. ARK Investment Management LLC now owns 386,786 shares of the software’s stock worth $24,201,000 after purchasing an additional 284,042 shares in the last quarter. BlackRock Inc. increased its holdings in shares of Altair Engineering by 2.8% in the 1st quarter. BlackRock Inc. now owns 4,407,004 shares of the software’s stock worth $275,747,000 after purchasing an additional 121,841 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Altair Engineering by 10.1% in the 1st quarter. Geode Capital Management LLC now owns 731,597 shares of the software’s stock worth $45,776,000 after purchasing an additional 67,414 shares in the last quarter. 56.91% of the stock is owned by institutional investors.

In related news, major shareholder George J. Christ sold 64,535 shares of Altair Engineering stock in a transaction on Tuesday, July 6th. The stock was sold at an average price of $70.92, for a total transaction of $4,576,822.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO James Ralph Scapa sold 2,230 shares of Altair Engineering stock in a transaction on Wednesday, May 12th. The shares were sold at an average price of $64.33, for a total value of $143,455.90. The disclosure for this sale can be found here. Insiders have sold 487,695 shares of company stock worth $32,176,217 over the last quarter. 25.26% of the stock is owned by company insiders.

ALTR has been the subject of a number of research analyst reports. William Blair raised Altair Engineering from a “market perform” rating to an “outperform” rating in a report on Friday, May 7th. Zacks Investment Research raised Altair Engineering from a “sell” rating to a “hold” rating in a report on Wednesday, July 7th. The Goldman Sachs Group began coverage on Altair Engineering in a report on Friday, May 14th. They issued a “buy” rating and a $68.00 target price for the company. Finally, Guggenheim reaffirmed a “hold” rating on shares of Altair Engineering in a report on Sunday, May 30th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $61.00.

Shares of ALTR traded up $0.31 during trading hours on Thursday, hitting $67.03. The stock had a trading volume of 173,169 shares, compared to its average volume of 240,461. The company has a market cap of $5.04 billion, a price-to-earnings ratio of 370.67 and a beta of 1.50. The firm has a fifty day moving average price of $66.73. Altair Engineering Inc. has a 12 month low of $37.24 and a 12 month high of $72.15.

Altair Engineering (NASDAQ:ALTR) last released its earnings results on Thursday, May 6th. The software reported $0.31 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.10. The company had revenue of $150.16 million for the quarter, compared to the consensus estimate of $139.40 million. Altair Engineering had a positive return on equity of 4.01% and a negative net margin of 0.44%. Altair Engineering’s quarterly revenue was up 14.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.16 earnings per share. On average, equities research analysts forecast that Altair Engineering Inc. will post -0.04 earnings per share for the current fiscal year.

About Altair Engineering

Altair Engineering, Inc engages in the provision of software and cloud solutions for product design & development, high performance cloud computing and data intelligence. It operates through the following segments: Software and Client Engineering Services. The Software segment includes a portfolio of software products; as well as solvers and optimization technology products, modelling and visualization tools.

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Institutional Ownership by Quarter for Altair Engineering (NASDAQ:ALTR)

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