Altair Engineering Inc.'s Chief Technology Officer, Srikanth Mahalingam, recently sold a portion of his company shares, according to the latest regulatory filings. The transactions, executed on May 8, 2024, involved the sale of 153 shares of Class A Common Stock of NASDAQ:ALTR at a weighted average price of $84.3792 per share. This sale amounted to a total of approximately $12,910.
The sale was conducted in multiple transactions with prices ranging from $84.32 to $84.38 per share. It's noted that these shares were sold to meet the tax withholding requirements associated with the vesting of restricted stock units. Following the transaction, Mahalingam's remaining stake in the company includes 36,556 shares, which accounts for unvested restricted stock units totaling 12,650 shares.
Investors often look to the buying and selling activities of company insiders as a gauge of confidence in the firm's prospects or for indications of potential future developments. However, it's also common for executives to sell shares for personal financial management, including tax obligations as in this case.
Altair Engineering Inc., headquartered in Troy, Michigan, operates in the prepackaged software industry and is incorporated in Delaware. The company, under the ticker NASDAQ:ALTR, continues to be a significant player in the technology sector.
Investors and stakeholders can request more detailed information regarding the specific prices at which the shares were sold within the reported range, as indicated by Mahalingam in the filing. The transactions were officially signed off by Raoul Maitra, attorney-in-fact for Mahalingam Srikanth, on May 10, 2024.
InvestingPro Insights
Altair Engineering Inc. (NASDAQ:ALTR) has been displaying a robust financial performance as reflected in the latest data. The company's market capitalization stands at a solid $7.11 billion, indicating a strong market presence. Despite the high price-to-earnings (P/E) ratio, which is currently at 726.69 and adjusted to 675.11 for the last twelve months as of Q1 2024, investors may find the growth prospects appealing as suggested by the PEG ratio of 6.34 for the same period. This ratio can be a useful indicator for investors to understand the stock's value while considering the company's earnings growth rate.
Moreover, the revenue growth of Altair Engineering Inc. has been steady, with a 7.11% increase over the last twelve months as of Q1 2024. This is complemented by a gross profit margin of 80.64%, demonstrating the company's ability to maintain profitability. The InvestingPro Tips highlight the importance of such margins as they reflect the efficiency of a company's core business.
On the shareholder returns front, Altair's one-year price total return as of the 131st day of 2024 stands at an impressive 25.01%, showcasing the stock's significant appreciation over the past year. This performance is further corroborated by the stock trading at 92.21% of its 52-week high, with a closing price of $85.68 on the previous day.
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