State of Michigan Retirement System Raises Stock Position in Altair Engineering Inc. (NASDAQ:ALTR)

State of Michigan Retirement System lifted its stake in Altair Engineering Inc. (NASDAQ:ALTR) by 0.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,200 shares of the software’s stock after buying an additional 100 shares during the period. State of Michigan Retirement System’s holdings in Altair Engineering were worth $1,549,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. UMB Bank n.a. boosted its stake in Altair Engineering by 77.0% in the fourth quarter. UMB Bank n.a. now owns 285 shares of the software’s stock valued at $31,000 after acquiring an additional 124 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Altair Engineering by 14.6% in the 4th quarter. GAMMA Investing LLC now owns 729 shares of the software’s stock valued at $80,000 after purchasing an additional 93 shares during the last quarter. Blue Trust Inc. boosted its position in shares of Altair Engineering by 185.5% in the 4th quarter. Blue Trust Inc. now owns 825 shares of the software’s stock valued at $90,000 after purchasing an additional 536 shares during the period. Van ECK Associates Corp grew its stake in Altair Engineering by 28.5% during the 3rd quarter. Van ECK Associates Corp now owns 1,358 shares of the software’s stock worth $130,000 after buying an additional 301 shares during the last quarter. Finally, KBC Group NV increased its position in Altair Engineering by 17.9% during the third quarter. KBC Group NV now owns 1,640 shares of the software’s stock worth $157,000 after buying an additional 249 shares during the period. 63.38% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Rosenblatt Securities reissued a “neutral” rating and issued a $113.00 price objective on shares of Altair Engineering in a report on Monday, February 24th. Needham & Company LLC reiterated a “hold” rating on shares of Altair Engineering in a research note on Friday, February 21st. One equities research analyst has rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $100.83.

Altair Engineering Price Performance

Shares of NASDAQ ALTR opened at $111.24 on Friday. The stock has a fifty day moving average price of $110.57 and a 200 day moving average price of $103.10. Altair Engineering Inc. has a 1-year low of $75.71 and a 1-year high of $113.12. The company has a market cap of $9.54 billion, a PE ratio of 654.35, a P/E/G ratio of 10.75 and a beta of 1.45.

Altair Engineering (NASDAQ:ALTR) last released its earnings results on Thursday, February 20th. The software reported $0.36 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.15). Altair Engineering had a return on equity of 8.08% and a net margin of 2.13%. The firm had revenue of $192.63 million during the quarter, compared to analyst estimates of $182.98 million. Analysts anticipate that Altair Engineering Inc. will post 0.87 earnings per share for the current fiscal year.

Insider Activity at Altair Engineering

In related news, Director Teresa A. Harris sold 2,700 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $111.61, for a total value of $301,347.00. Following the completion of the sale, the director now owns 18,542 shares in the company, valued at $2,069,472.62. This trade represents a 12.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CMO Amy Messano sold 235 shares of the company’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $111.53, for a total transaction of $26,209.55. Following the transaction, the chief marketing officer now owns 23,651 shares in the company, valued at $2,637,796.03. The trade was a 0.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 33,305 shares of company stock worth $3,592,359 over the last 90 days. Company insiders own 21.75% of the company’s stock.

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.