Mirabella Financial Services LLP Increases Stake in Altair Engineering Inc. (NASDAQ:ALTR)

Mirabella Financial Services LLP lifted its position in Altair Engineering Inc. (NASDAQ:ALTR) by 560.7% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 37,262 shares of the software’s stock after buying an additional 31,622 shares during the period. Mirabella Financial Services LLP’s holdings in Altair Engineering were worth $3,420,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in ALTR. Fisher Asset Management LLC increased its position in Altair Engineering by 27.0% during the 3rd quarter. Fisher Asset Management LLC now owns 401,612 shares of the software’s stock valued at $38,358,000 after purchasing an additional 85,303 shares during the period. Daiwa Securities Group Inc. boosted its stake in shares of Altair Engineering by 44.1% during the third quarter. Daiwa Securities Group Inc. now owns 24,500 shares of the software’s stock valued at $2,340,000 after purchasing an additional 7,500 shares in the last quarter. Citigroup Inc. increased its holdings in Altair Engineering by 141.0% during the third quarter. Citigroup Inc. now owns 50,518 shares of the software’s stock valued at $4,825,000 after buying an additional 29,556 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Altair Engineering by 9.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 505,470 shares of the software’s stock worth $48,277,000 after buying an additional 42,592 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its holdings in Altair Engineering by 31.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 392,343 shares of the software’s stock worth $37,473,000 after buying an additional 94,219 shares during the period. 63.38% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ALTR has been the topic of a number of analyst reports. William Blair reiterated a “market perform” rating on shares of Altair Engineering in a report on Thursday, October 31st. Wolfe Research downgraded shares of Altair Engineering from a “strong-buy” rating to a “hold” rating in a report on Sunday, November 3rd. Loop Capital reissued a “hold” rating and set a $113.00 price target on shares of Altair Engineering in a research report on Thursday, October 31st. The Goldman Sachs Group downgraded shares of Altair Engineering from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $85.00 to $71.00 in a research report on Friday, August 2nd. Finally, Needham & Company LLC restated a “hold” rating and issued a $100.00 target price on shares of Altair Engineering in a research note on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $100.71.

Altair Engineering Price Performance

Shares of ALTR opened at $105.25 on Monday. The firm has a market capitalization of $8.95 billion, a PE ratio of 276.85, a price-to-earnings-growth ratio of 12.09 and a beta of 1.44. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.27 and a quick ratio of 3.27. The company’s fifty day moving average price is $99.20 and its 200-day moving average price is $93.94. Altair Engineering Inc. has a 1-year low of $70.07 and a 1-year high of $113.12.

Insider Buying and Selling at Altair Engineering

In related news, Director Teresa A. Harris sold 620 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $89.70, for a total value of $55,614.00. Following the sale, the director now owns 21,242 shares in the company, valued at $1,905,407.40. This represents a 2.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO James Ralph Scapa sold 13,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $89.04, for a total transaction of $1,157,520.00. Following the transaction, the chief executive officer now directly owns 134,045 shares of the company’s stock, valued at $11,935,366.80. This represents a 8.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 362,544 shares of company stock worth $35,717,201. 21.75% of the stock is currently owned by insiders.

Altair Engineering 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.