Needham Investment Management LLC Purchases 37,500 Shares of Altair Engineering Inc. (NASDAQ:ALTR)

Needham Investment Management LLC grew its position in shares of Altair Engineering Inc. (NASDAQ:ALTR) by 19.3% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 231,500 shares of the software’s stock after buying an additional 37,500 shares during the quarter. Altair Engineering accounts for approximately 1.7% of Needham Investment Management LLC’s investment portfolio, making the stock its 15th biggest holding. Needham Investment Management LLC owned 0.27% of Altair Engineering worth $22,111,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Blue Trust Inc. raised its stake in shares of Altair Engineering by 572.1% during the 3rd quarter. Blue Trust Inc. now owns 289 shares of the software’s stock worth $28,000 after purchasing an additional 246 shares during the period. GAMMA Investing LLC raised its holdings in shares of 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 purchasing an additional 188 shares during the period. FSC Wealth Advisors LLC lifted its position in shares of Altair Engineering by 41.3% during the 2nd quarter. FSC Wealth Advisors LLC now owns 832 shares of the software’s stock valued at $82,000 after buying an additional 243 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Altair Engineering by 41.7% during the 2nd quarter. Van ECK Associates Corp now owns 1,057 shares of the software’s stock worth $104,000 after acquiring an additional 311 shares during the period. Finally, KBC Group NV raised its position 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. Hedge funds and other institutional investors own 63.38% of the company’s stock.

Insider Activity at Altair Engineering

In other news, CEO James Ralph Scapa sold 13,000 shares of Altair Engineering stock in a transaction dated 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 transaction, the chief executive officer now directly owns 134,045 shares of the company’s stock, valued at $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 available at this hyperlink. Also, major shareholder Christ Revocable Trust sold 100,000 shares of the stock in a transaction that occurred 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. Over the last 90 days, insiders sold 361,924 shares of company stock worth $35,986,262. 21.75% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. William Blair reissued a “market perform” rating on shares of Altair Engineering in a research note on Thursday, October 31st. Loop Capital restated a “hold” rating and set a $113.00 target price on shares of Altair Engineering in a report on Thursday, October 31st. Needham & Company LLC restated a “hold” rating and issued a $100.00 target price on shares of Altair Engineering in a report on Thursday, October 31st. Royal Bank of Canada increased 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 report on Thursday, October 31st. Finally, Wolfe Research downgraded Altair Engineering from a “strong-buy” rating to a “hold” rating in a report on Sunday, November 3rd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $100.71.

Altair Engineering Stock Performance

ALTR stock traded down $0.13 on Tuesday, hitting $105.70. The company had a trading volume of 109,772 shares, compared to its average volume of 585,556. The stock has a market cap of $8.99 billion, a price-to-earnings ratio of 278.51, a P/E/G ratio of 12.14 and a beta of 1.44. The company has a current ratio of 3.27, a quick ratio of 3.27 and a debt-to-equity ratio of 0.27. The stock’s 50-day simple moving average is $100.49 and its 200 day simple moving average is $94.60. Altair Engineering Inc. has a 12-month low of $70.07 and a 12-month high of $113.12.

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.