Harbor Capital Advisors Inc., a financial investment firm, has recently acquired a new stake in Altair Engineering Inc., according to a filing with the Securities and Exchange Commission (SEC). The firm purchased 9,673 shares of Altair Engineering’s stock during the second quarter of this year, amounting to approximately $734,000 in value.
Altair Engineering Inc. is a software company that specializes in providing simulation and optimization solutions for various industries. Their software products enable businesses to design and develop innovative products efficiently, reduce product development timelines, and improve overall performance.
In addition to Harbor Capital Advisors’ recent investment, there have been significant developments in terms of stock transactions involving major shareholders of Altair Engineering. On July 17th, Jrs Investments Llc sold 5,000 shares of the company’s stock at an average price of $74.91 per share, resulting in a total value of $374,550. Another major shareholder, George J. Christ, also sold 100,000 shares on July 19th at an average price of $74.42 per share, bringing the total value to $7,442,000. These sales were disclosed through filings with the SEC.
Furthermore, Jrs Investments Llc sold an additional 5,000 shares on July 17th at an average price of $74.91 per share. This transaction amounted to a total value of $374,550. In total, insiders have sold 130,000 shares of Altair Engineering’s stock over the past three months at a combined worth of $9,502,700. It is worth noting that corporate insiders currently own approximately 22.17% of the company’s stock.
These recent stock transactions by major shareholders indicate a shift in ownership within Altair Engineering Inc., which could potentially have implications for its future direction and strategy.
Investors and industry observers are advised to carefully monitor these developments and consider the implications for Altair Engineering’s stock performance. While stock transactions by major shareholders provide insight into their confidence or outlook for a company, it is important to conduct thorough analysis and take into account other factors that may influence the company’s value and prospects.
Altair Engineering Inc., with its expertise in simulation and optimization software, continues to demonstrate its value proposition in various industries. As businesses increasingly recognize the importance of efficient product development and performance improvement, Altair Engineering’s solutions are likely to remain in demand. Investors seeking opportunities in the software industry should closely evaluate Altair Engineering’s offerings and carefully consider its financial performance alongside recent market dynamics.
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Updated on: 19/09/2023
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Altair Engineering Inc. Sees Surge in Interest from Hedge Funds and Analysts Remain Bullish on Future Growth Potential
Altair Engineering Inc. (NASDAQ:ALTR) has recently seen an increase in interest from various hedge funds and institutional investors, as reported by Bloomberg. Global Retirement Partners LLC, for example, saw a significant growth of 91.6% in its holdings of Altair Engineering during the first quarter. In addition to this, UBS Group AG and Harvest Fund Management Co. Ltd also increased their stakes in the company by 48.7% and 138.6%, respectively.
These investments have undoubtedly caught the attention of market analysts, who have issued several reports on Altair Engineering’s stock. Rosenblatt Securities reiterated a “buy” rating on the stock with a price target of $74.00, while Royal Bank of Canada raised their price objective to $74.00 as well, giving it a “sector perform” rating. Needham & Company LLC also restated a “buy” rating with a target price of $77.00.
In terms of performance, Altair Engineering opened at $65.58 on September 19th on the NASDAQ exchange. The company’s fifty-two week range shows that it has traded between a low of $43.17 and a high of $78.49 in the past year. With a market capitalization of $5.33 billion, Altair Engineering has certainly attracted attention from investors.
However, it is important to note that Altair Engineering reported lower than expected earnings results for the most recent quarter ending August 3rd, with earnings per share coming in at ($0.15), missing analysts’ consensus estimates by ($0.y08). This was accompanied by negative returns on equity and net margin for the company.
Despite these challenges, analysts still have faith in Altair Engineering’s potential for growth going forward and have set a consensus target price of $73.00 for its shares.
Altair Engineering specializes in providing software solutions across various industries such as automotive, aerospace, consumer goods, and more. With a debt-to-equity ratio of 0.36 and a current ratio of 1.84, the company seems to have a stable financial position.
In conclusion, while Altair Engineering has faced some setbacks in recent earnings reports, the interest shown by institutional investors and positive ratings from analysts suggest that there is still confidence in its future prospects. As with any investment, it is important for individual investors to conduct thorough research and make informed decisions based on their own risk tolerance and investment goals.
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