Teresa A. Harris, a director at Altair Engineering Inc. (NASDAQ:ALTR), has recently sold a total of 620 shares of Class A Common Stock at a price of $84.00 per share, resulting in a transaction value of $52,080. The sale occurred on April 2, 2024, and was disclosed in a regulatory filing with the Securities and Exchange Commission (SEC).
The transaction was executed under a prearranged trading plan that complies with Rule 10b5-1 of the Exchange Act, which allows insiders to set up a predetermined plan to sell stocks at a time when they are not in possession of material non-public information. This plan had been established by Harris on November 15, 2023.
In addition to the sale, Harris also acquired 620 shares of Class A Common Stock on the same day through the exercise of stock options. These options, which were fully vested and had a conversion price of $4.52, were part of an award that began vesting in annual installments starting November 23, 2017. It is important to note that the transactions related to the option exercises are reported with a total value of $0, as the exercise price is not considered in the total transaction value.
Following the sale, Harris's remaining ownership in Altair Engineering includes 18,895 shares of Class A Common Stock, which takes into account 2,974 restricted stock units that are currently unvested.
Investors often monitor insider transactions as they can provide insights into how executives and directors view the stock's valuation and future prospects. However, such transactions are not always indicative of future price performance and can be influenced by a variety of factors, including personal financial planning and diversification strategies.
Altair Engineering, headquartered in Troy, Michigan, specializes in prepackaged software services and has a strong presence in the technology sector. The company's stock is publicly traded on the NASDAQ exchange under the ticker symbol ALTR.
InvestingPro Insights
As Teresa A. Harris, a director at Altair Engineering Inc. (NASDAQ:ALTR), navigates her stock transactions, investors keeping an eye on ALTR might be interested in some key financial metrics and analyst insights from InvestingPro. The company holds a market capitalization of $6.98 billion, reflecting its significant presence in the prepackaged software services sector.
While the recent insider sale might draw attention, it's worth noting that Altair Engineering's stock has demonstrated resilience over time. The six-month price total return as of this year shows a robust increase of 33.06%, suggesting a positive trend in investor sentiment. Additionally, the stock is trading at 90.14% of its 52-week high, indicating that it remains within reach of its peak performance over the past year.
Altair's financial health can be further examined through its gross profit margin, which stands at an impressive 80.12% for the last twelve months as of Q4 2023. This high margin indicates the company's efficiency in managing its production costs relative to its revenues.
For those looking for deeper insights, InvestingPro provides additional analysis and metrics. There are several more "InvestingPro Tips" available, which could offer further context to the company's valuation and future prospects. Investors can explore these tips and make more informed decisions by using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
With the next earnings date approaching on May 2, 2024, stakeholders and potential investors will have their eyes set on Altair's performance and strategic direction. As the market anticipates these results, current "InvestingPro Fair Value" estimates place the stock at $65.67, which may serve as a benchmark for evaluating the company's market position and potential investment opportunities.
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