In a recent transaction, the Christ Revocable Trust, which is a significant shareholder of Altair Engineering Inc. (NASDAQ:ALTR), has sold a substantial number of shares in the company. The trust offloaded a total of 83,336 shares at an average price of $85.99, resulting in a total sale amount of approximately $7.17 million.
The transactions took place on March 28, 2024, and were disclosed in a filing with the Securities and Exchange Commission on April 1, 2024. According to the filing, the shares were sold in multiple transactions at prices ranging from $85.66 to $86.49. This price range indicates a weighted average price at which the shares were sold, providing an insight into the trading activity surrounding Altair Engineering's stock.
After the sale, the Christ Revocable Trust's holdings in Altair Engineering Inc. stand at 200,000 shares of Class A Common Stock, maintaining a significant stake in the company. The trust's actions are a routine part of managing investment portfolios, and such transactions are commonly reported by insiders and substantial shareholders.
Altair Engineering Inc., headquartered in Troy, Michigan, operates in the prepackaged software industry and is known for its advanced engineering software and on-demand computing technologies.
Investors and market watchers often pay close attention to insider transactions as they can provide valuable insights into the perspectives of those closest to the company. However, it's important to note that such transactions do not necessarily indicate a change in the company's fundamentals or future performance.
For those interested in the specifics of the sale and the remaining ownership details, the information is available in the full SEC filing.
InvestingPro Insights
Following the recent insider sale by the Christ Revocable Trust, investors in Altair Engineering Inc. (NASDAQ:ALTR) may be contemplating the company's current valuation and performance metrics. According to InvestingPro, Altair's market capitalization stands at $7.04 billion, reflecting the market's assessment of the company's value.
With a trailing twelve-month P/E ratio at an exceptionally high -1328.21, the company's earnings do not currently justify the stock price, which may be a concern for value-oriented investors. Additionally, the PEG ratio, which accounts for growth, is deeply negative at -9.99, suggesting that the market may have concerns about future earnings growth relative to the current P/E ratio.
On the positive side, Altair has demonstrated a steady revenue growth of 7.07% over the last twelve months as of Q4 2023, with a quarterly growth figure closely behind at 6.9%. The company also boasts a robust gross profit margin of 80.12%, indicating strong operational efficiency in generating profit from its revenues.
For those looking to delve deeper into Altair's financial health and future prospects, InvestingPro provides additional insights and metrics. Currently, there are PRONEWS24 more InvestingPro Tips available, which can help inform investment decisions. Interested readers can use the coupon code PRONEWS24 to receive an extra 10% off a yearly or biyearly Pro and Pro+ subscription, gaining access to a comprehensive suite of investment tools and data.
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