Magnetar Financial LLC Acquires New Shares in Altair Engineering Inc. (NASDAQ:ALTR)

Magnetar Financial LLC acquired a new stake in shares of Altair Engineering Inc. (NASDAQ:ALTR) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 569,534 shares of the software’s stock, valued at approximately $62,142,000. Altair Engineering comprises about 1.5% of Magnetar Financial LLC’s holdings, making the stock its 19th largest holding. Magnetar Financial LLC owned approximately 0.67% of Altair Engineering at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Fisher Asset Management LLC boosted its position in shares of Altair Engineering by 27.0% during the third quarter. Fisher Asset Management LLC now owns 401,612 shares of the software’s stock valued at $38,358,000 after buying an additional 85,303 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in Altair Engineering by 1.7% in the fourth quarter. Principal Financial Group Inc. now owns 168,665 shares of the software’s stock valued at $18,403,000 after acquiring an additional 2,872 shares during the period. Citigroup Inc. lifted its holdings in Altair Engineering by 141.0% in the third quarter. Citigroup Inc. now owns 50,518 shares of the software’s stock valued at $4,825,000 after acquiring an additional 29,556 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Altair Engineering in the third quarter valued at about $1,356,000. Finally, UMB Bank n.a. lifted its holdings 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 during the period. 63.38% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Rosenblatt Securities reissued a “neutral” rating and issued a $113.00 target price on shares of Altair Engineering in a report on Monday, February 24th. Needham & Company LLC reissued a “hold” rating on shares of Altair Engineering in a report on Friday, February 21st. One analyst has rated the stock with a sell rating and seven have issued a hold rating to the stock. According to MarketBeat.com, Altair Engineering has a consensus rating of “Hold” and a consensus price target of $100.83.

Altair Engineering Stock Up 0.2 %

NASDAQ ALTR opened at $111.67 on Thursday. The stock’s 50-day moving average price is $110.86 and its 200-day moving average price is $104.30. Altair Engineering Inc. has a 52 week low of $75.71 and a 52 week high of $113.12. The company has a market capitalization of $9.58 billion, a P/E ratio of 656.88, a price-to-earnings-growth ratio of 10.75 and a beta of 1.45.

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

Insider Activity at Altair Engineering

In related news, CFO Matthew Charles Brown sold 1,048 shares of Altair Engineering stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $108.90, for a total transaction of $114,127.20. Following the sale, the chief financial officer now owns 55,519 shares of the company’s stock, valued at approximately $6,046,019.10. This trade represents a 1.85 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Teresa A. Harris sold 2,700 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $111.61, for a total value of $301,347.00. Following the transaction, the director now owns 18,542 shares of the company’s stock, valued at $2,069,472.62. This represents a 12.71 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,220 shares of company stock valued at $1,470,974. 21.75% of the stock is owned by company 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.