In a recent transaction, George J. Christ, a significant shareholder in Altair Engineering Inc. (NASDAQ:ALTR), sold a total of 12,760 shares of the company's Class A Common Stock. The sale took place on March 22, 2024, with the shares fetching a price range between $86.34 and $87.04 per share. The total value of the shares sold amounted to over $1.1 million.
The transactions were executed in multiple parts, with prices ranging from $85.74 to $86.69 for some of the shares and from $86.75 to $87.495 for the remainder. The exact number of shares sold at each price point within these ranges has not been disclosed; however, the reporting person has agreed to provide full details if requested by Altair Engineering Inc., its security holders, or the Securities and Exchange Commission staff.
Following these transactions, Christ still holds a substantial number of shares in the company, indirectly through various trusts and investment entities. Notably, shares are held by the Christ Revocable Trust, The Dana Christ Irrevocable Trust, The Lauren Christ Irrevocable Trust, and GC Investments LLC. Christ serves as a trustee or manager for these entities and has disclaimed beneficial ownership of the securities except to the extent of his pecuniary interest.
Altair Engineering Inc., headquartered in Troy, Michigan, specializes in prepackaged software services and has been a key player in the technology sector. The recent stock sale by one of its significant shareholders may be of interest to investors monitoring insider activity as an indicator of the company's financial health and future prospects.
InvestingPro Insights
As investors analyze the recent insider sale by George J. Christ at Altair Engineering Inc. (NASDAQ:ALTR), it's important to consider the company's financial metrics which provide a broader context. Altair's market capitalization stands at $7 billion, reflecting its substantial presence in the software services sector. Despite a challenging P/E Ratio of -764.14, the company has shown resilience with a positive revenue growth of 7.07% for the last twelve months as of Q4 2023, indicating an upward trend in sales. This is further corroborated by the company's gross profit margin which impressively sits at 80.12% for the same period, suggesting strong operational efficiency.
Investors should also note the company's performance in the stock market, where it has seen a 1 Year Price Total Return of 22.52%, signaling a robust appreciation in its share value over the past year. The price of Altair's stock is currently at 90.8% of its 52-week high, with the previous close at $84.37. This demonstrates a solid market position, with the potential for growth as indicated by the fair value analyst targets of $95, although the InvestingPro Fair Value estimate is slightly more conservative at $64.5.
With these insights, those interested in a deeper dive into Altair Engineering's financials and insider movements can access additional InvestingPro Tips to inform their investment strategies. Altair's next earnings date is set for May 2, 2024, which will likely provide further clarity on the company's trajectory. For those looking to enhance their research, InvestingPro offers more tips, and by using the coupon code PRONEWS24, investors can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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