Cresset Asset Management LLC Trims Holdings in Altair Engineering Inc. (NASDAQ:ALTR)

Cresset Asset Management LLC trimmed its position in Altair Engineering Inc. (NASDAQ:ALTR) by 12.7% during the fourth quarter, Holdings Channel.com reports. The firm owned 6,337 shares of the software’s stock after selling 921 shares during the period. Cresset Asset Management LLC’s holdings in Altair Engineering were worth $691,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System lifted its holdings in Altair Engineering by 0.6% in the 4th quarter. Louisiana State Employees Retirement System now owns 16,600 shares of the software’s stock valued at $1,811,000 after purchasing an additional 100 shares in the last quarter. New York State Teachers Retirement System increased its stake in shares of Altair Engineering by 1.2% during the 4th quarter. New York State Teachers Retirement System now owns 8,600 shares of the software’s stock valued at $938,000 after acquiring an additional 100 shares during the last quarter. State of Michigan Retirement System increased its stake in shares of Altair Engineering by 0.7% during the 4th quarter. State of Michigan Retirement System now owns 14,200 shares of the software’s stock valued at $1,549,000 after acquiring an additional 100 shares during the last quarter. Thrivent Financial for Lutherans increased its stake in shares of Altair Engineering by 0.7% during the 4th quarter. Thrivent Financial for Lutherans now owns 14,065 shares of the software’s stock valued at $1,535,000 after acquiring an additional 104 shares during the last quarter. Finally, NBT Bank N A NY increased its stake in shares of Altair Engineering by 76.4% during the 4th quarter. NBT Bank N A NY now owns 247 shares of the software’s stock valued at $27,000 after acquiring an additional 107 shares during the last quarter. 63.38% of the stock is currently owned by hedge funds and other institutional investors.

Altair Engineering Stock Performance

ALTR opened at $111.85 on Wednesday. The firm has a 50 day moving average price of $111.76 and a 200 day moving average price of $109.48. The company has a market cap of $9.60 billion, a PE ratio of 657.94, a price-to-earnings-growth ratio of 10.75 and a beta of 1.45. Altair Engineering Inc. has a 1 year low of $75.71 and a 1 year high of $113.12.

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

Insider Buying and Selling

In related news, CMO Amy Messano sold 416 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $111.30, for a total transaction of $46,300.80. Following the completion of the sale, the chief marketing officer now owns 22,980 shares of the company’s stock, valued at approximately $2,557,674. This represents a 1.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Nelson Dias sold 1,671 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $111.30, for a total transaction of $185,982.30. Following the completion of the sale, the executive now directly owns 55,411 shares of the company’s stock, valued at $6,167,244.30. This trade represents a 2.93% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 12,172 shares of company stock valued at $1,356,847. 21.75% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on ALTR. Needham & Company LLC reaffirmed a “hold” rating on shares of Altair Engineering in a research note on Friday, February 21st. Rosenblatt Securities reaffirmed a “neutral” rating and set a $113.00 price objective on shares of Altair Engineering in a research note on Monday, February 24th. One analyst has rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $100.83.

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.