In a notable transaction this week, the Christ Revocable Trust, a significant shareholder in Altair Engineering Inc. (NASDAQ:ALTR), has sold a substantial number of shares in the company. The trust divested a total of 83,336 shares at an average price of $85.99, amounting to over $7.1 million.
This sale occurred on March 28th, with the prices of the shares ranging between $85.66 and $86.49. Following the transaction, the Christ Revocable Trust still retains 200,000 shares of Altair Engineering Inc., maintaining a strong position in the company's ownership structure.
Altair Engineering Inc., known for its services in prepackaged software, has seen its stock price fluctuate in recent months, and this transaction comes at a time when the market is paying close attention to insider activities.
Investors and market analysts often look at insider sales and purchases to gain insights into a company's financial health and future prospects. While the reasons behind the Christ Revocable Trust's sale have not been disclosed, the remaining significant stake suggests a continued vested interest in the company's performance.
The reporting person has agreed to provide additional details regarding the sale, including the number of shares sold at each price point within the range, to Altair Engineering Inc., any of its security holders, or the SEC staff upon request.
Altair Engineering Inc.'s shares continue to be actively traded, and investors are keeping a close watch on further insider transactions that may provide clues to the company's trajectory.
InvestingPro Insights
Following the recent news of the Christ Revocable Trust selling shares in Altair Engineering Inc. (NASDAQ:ALTR), investors might find the latest metrics from InvestingPro illuminating. Altair's market capitalization stands at $7.02 billion, reflecting the company's substantial size in the prepackaged software industry. Despite the insider sale, the company maintains a robust gross profit margin of 80.12% for the last twelve months as of Q4 2023, indicating efficient management and a strong competitive position.
InvestingPro Tips suggest that while the P/E Ratio is currently negative at -774.59, and even more so when adjusted for the last twelve months at -1303.25, these figures may not fully capture the company's potential, especially considering the impressive EBITDA growth of 110.48% in the same period. This growth indicates significant improvements in earnings before interest, taxes, depreciation, and amortization, which could be a positive signal for future profitability.
Moreover, Altair's recent share price performance also shows positive momentum, with a 6-month total return of 37.71%, and the price is currently at 92.71% of its 52-week high. This could suggest a growing confidence among investors about the company's future direction. For those interested in deeper analysis, InvestingPro offers additional tips to help evaluate the potential of Altair Engineering Inc., and new users can use 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, and a fair value estimate by analysts at $95, compared to InvestingPro’s fair value of $65.65, investors will be keen to see if the company's financial results align with these valuations. It's worth noting that there are many more InvestingPro Tips available for those who seek to make informed decisions backed by comprehensive data.
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