Congress Asset Management Co. Purchases New Shares in Altair Engineering Inc. (NASDAQ:ALTR)

Congress Asset Management Co. acquired a new position in Altair Engineering Inc. (NASDAQ:ALTR) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,297 shares of the software’s stock, valued at approximately $251,000.

Several other large investors also recently made changes to their positions in ALTR. Massachusetts Financial Services Co. MA grew its holdings in Altair Engineering by 31.6% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 392,343 shares of the software’s stock worth $37,473,000 after acquiring an additional 94,219 shares during the last quarter. Fisher Asset Management LLC grew its stake 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 purchasing an additional 85,303 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of Altair Engineering by 25.2% in the third quarter. Victory Capital Management Inc. now owns 388,089 shares of the software’s stock valued at $37,066,000 after purchasing an additional 78,048 shares in the last quarter. State Street Corp raised its position in Altair Engineering by 3.3% in the 3rd quarter. State Street Corp now owns 2,053,957 shares of the software’s stock worth $196,173,000 after purchasing an additional 65,589 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Altair Engineering by 3.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,423,880 shares of the software’s stock worth $136,020,000 after buying an additional 53,088 shares in the last quarter. Institutional investors own 63.38% of the company’s stock.

Wall Street Analysts Forecast Growth

ALTR has been the subject of several research reports. Royal Bank of Canada lifted their target price on Altair Engineering from $90.00 to $113.00 and gave the company a “sector perform” rating in a research note on Thursday, October 31st. Wolfe Research cut Altair Engineering from a “strong-buy” rating to a “hold” rating in a report on Sunday, November 3rd. Rosenblatt Securities raised their target price on shares of Altair Engineering from $88.00 to $113.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. William Blair reissued a “market perform” rating on shares of Altair Engineering in a research note on Thursday, October 31st. Finally, Needham & Company LLC reaffirmed a “hold” rating and issued a $100.00 price objective on shares of Altair Engineering in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $100.71.

Altair Engineering Stock Up 0.3 %

Shares of NASDAQ ALTR opened at $111.13 on Wednesday. The firm has a 50 day moving average price of $109.57 and a 200 day moving average price of $101.05. The company has a debt-to-equity ratio of 0.27, a quick ratio of 3.27 and a current ratio of 3.27. The stock has a market cap of $9.45 billion, a P/E ratio of 292.46, a P/E/G ratio of 10.62 and a beta of 1.42. Altair Engineering Inc. has a 52-week low of $75.71 and a 52-week high of $113.12.

Insider Activity

In other Altair Engineering news, CEO James Ralph Scapa sold 16,095 shares of Altair Engineering stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $105.65, for a total value of $1,700,436.75. Following the transaction, the chief executive officer now owns 117,950 shares of the company’s stock, valued at approximately $12,461,417.50. The trade was a 12.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Jrs Investments Llc sold 6,500 shares of the stock in a transaction on Friday, November 29th. The stock was sold at an average price of $105.69, for a total transaction of $686,985.00. The disclosure for this sale can be found here. Insiders sold 59,143 shares of company stock valued at $6,265,694 in the last quarter. 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.