Altair Engineering Inc. (NASDAQ:ALTR) executive George J. Christ, who serves as a manager and trustee for various entities, has sold a significant amount of his holdings in the company. The recent sale totaled over $4.5 million worth of Class A Common Stock, according to the latest SEC filing.
On May 17, Christ sold 47,800 shares at a weighted average price of $90.3231, and an additional 2,200 shares at a weighted average price of $91.1552. The transactions occurred in multiple trades within the price ranges of $90.015 to $91.00 for the first batch of shares and $91.07 to $91.28 for the latter. Following these transactions, Christ's direct and indirect holdings in Altair Engineering Inc. have been adjusted accordingly.
The reported sales were conducted indirectly through GC Investments LLC, with Christ disclaiming beneficial ownership of the securities except to the extent of his pecuniary interest. Additionally, Christ holds indirect ownership through the Christ Revocable Trust and The Dana and Lauren Christ Irrevocable Trusts, where he serves as a trustee or co-trustee, as noted in the footnotes of the filing.
Investors and followers of Altair Engineering Inc. often look to such filings for insight into executive confidence in the company's performance and future prospects. The sale by Christ represents a notable change in his investment in the company, though it is not necessarily indicative of the company's operational status.
The sale comes at a time when Altair Engineering Inc., a global technology company providing solutions in product development, high-performance computing, and data analytics, continues to innovate and expand its market presence.
This move by a high-ranking executive will likely be of interest to current and potential shareholders as they assess the company's stock performance and executive transactions.
InvestingPro Insights
Amidst executive George J. Christ's recent sale of Altair Engineering Inc. (NASDAQ:ALTR) shares, the company's stock performance and financial metrics provide a broader context for investors. With a robust market capitalization of $7.57 billion, Altair is positioned as a significant player in the technology sector. The company's P/E ratio, standing at an adjusted 716.56 for the last twelve months as of Q1 2024, reflects a premium valuation that investors are willing to pay for its earnings growth potential.
Investors tracking revenue growth will note that Altair has achieved a 7.11% increase in the last twelve months as of Q1 2024, with a quarterly growth rate of 4.14% in Q1 2024. This steady growth is a positive sign for the company's expansion and market reach. Moreover, the gross profit margin remains high at 80.64%, indicating efficient operations and strong pricing power.
For those considering the company's stock for their portfolio, Altair's recent price performance has been positive, with a 1-month price total return of 9.94%, showcasing investor optimism in the short term. This is complemented by a 1-year price total return of 29.49%, suggesting a favorable longer-term trend in the stock's performance.
InvestingPro Tips highlight that Altair's EBITDA has seen a remarkable growth of 259.85% in the last twelve months as of Q1 2024, potentially signaling operational efficiency improvements or strategic initiatives bearing fruit. Additionally, with the next earnings date on August 1, 2024, investors may want to keep a close eye on the company's upcoming financial results for further insights.
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