Cortina Asset Management LLC lessened its stake in shares of Altair Engineering Inc (NASDAQ:ALTR) by 0.9% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 607,365 shares of the software’s stock after selling 5,618 shares during the period. Altair Engineering makes up about 1.5% of Cortina Asset Management LLC’s investment portfolio, making the stock its 3rd largest holding. Cortina Asset Management LLC owned 0.85% of Altair Engineering worth $24,531,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently bought and sold shares of the company. Hilton Capital Management LLC bought a new position in Altair Engineering during the 1st quarter valued at approximately $50,000. BNP Paribas Arbitrage SA increased its holdings in shares of Altair Engineering by 1,026.5% in the 1st quarter. BNP Paribas Arbitrage SA now owns 5,689 shares of the software’s stock worth $209,000 after purchasing an additional 5,184 shares in the last quarter. Metropolitan Life Insurance Co. NY increased its holdings in shares of Altair Engineering by 275.0% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 7,988 shares of the software’s stock worth $220,000 after purchasing an additional 5,858 shares in the last quarter. Marshall Wace North America L.P. increased its holdings in shares of Altair Engineering by 187.5% in the 1st quarter. Marshall Wace North America L.P. now owns 10,584 shares of the software’s stock worth $389,000 after purchasing an additional 6,902 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. increased its holdings in shares of Altair Engineering by 53.2% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 11,039 shares of the software’s stock worth $406,000 after purchasing an additional 3,835 shares in the last quarter. 38.54% of the stock is owned by institutional investors.
ALTR has been the subject of a number of research analyst reports. Zacks Investment Research lowered Bridge Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday. ValuEngine lowered Zymeworks from a “buy” rating to a “hold” rating in a report on Saturday, May 18th. Six analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $40.28.
In other news, CFO Howard N. Morof sold 4,000 shares of the firm’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $41.82, for a total value of $167,280.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Uwe Schramm sold 2,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $38.57, for a total value of $77,140.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 373,436 shares of company stock worth $14,326,255. Company insiders own 29.27% of the company’s stock.
Shares of Altair Engineering stock traded down $0.19 on Tuesday, reaching $42.19. The company’s stock had a trading volume of 162,678 shares, compared to its average volume of 315,452. The company has a market cap of $3.00 billion, a P/E ratio of 114.03 and a beta of 1.40. The company’s fifty day moving average price is $39.43. Altair Engineering Inc has a 52 week low of $25.28 and a 52 week high of $43.99. The company has a quick ratio of 1.06, a current ratio of 1.09 and a debt-to-equity ratio of 0.12.
Altair Engineering (NASDAQ:ALTR) last released its quarterly earnings results on Thursday, May 9th. The software reported $0.26 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.22 by $0.04. The firm had revenue of $127.86 million for the quarter, compared to the consensus estimate of $125.82 million. Altair Engineering had a return on equity of 11.56% and a net margin of 2.62%. The company’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same period last year, the business posted $0.35 EPS. As a group, analysts expect that Altair Engineering Inc will post 0.52 EPS for the current fiscal year.
About Altair Engineering
Altair Engineering Inc, together with its subsidiaries, provides software and cloud solutions worldwide. The company operates through two segments, Software and Client Engineering Services. Its integrated suite of multi-disciplinary computer aided engineering software optimizes design performance across various disciplines, including structures, motion, fluids, thermal management, electromagnetics, system modeling and embedded systems.
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