In a recent transaction, Ravi Kunju, the Chief Product Strategy Officer of Altair Engineering Inc. (NASDAQ:ALTR), sold 1,095 shares of the company's common stock. The sale, which took place on May 10, 2024, was executed at a weighted average price of $85.3208 per share, with the transaction totaling approximately $93,426.
The shares were sold in multiple transactions with prices ranging from $85.2513 to $85.35 each. Following this sale, Kunju's ownership in Altair Engineering Inc. stands at 30,582 shares, which includes 8,376 Class A Common Stock restricted stock units that are unvested. The details of the sale, including the price range, were disclosed in compliance with SEC regulations, ensuring transparency in the transaction.
Investors and the market often closely monitor insider sales such as this for insights into executive perspectives on the company's value and prospects. However, it's important to note that insider selling can occur for various reasons and may not necessarily reflect a negative outlook.
Altair Engineering Inc., headquartered in Troy, Michigan, specializes in prepackaged software services and is known for its innovative product design and development solutions. The company's stock is traded on the NASDAQ under the ticker symbol ALTR.
InvestingPro Insights
As investors digest the recent insider sale at Altair Engineering Inc. (NASDAQ:ALTR), a closer look at the company's financial health and market performance through InvestingPro metrics can offer a broader context. Altair's market capitalization stands at a robust $7.11 billion, reflecting its significant presence in the software services industry.
The company's Price/Earnings (P/E) ratio, a key metric indicating investor expectations of future earnings growth, is notably high at 727.8. However, when adjusted for the last twelve months as of Q1 2024, the P/E ratio shows a slight decrease to 675.35. This could suggest a market anticipation of Altair's growth or a premium being placed on its current earnings.
Altair's revenue growth for the last twelve months as of Q1 2024 is reported at 7.11%, with a gross profit margin of an impressive 80.64%, indicating the company's efficiency in converting sales into profit. This is a critical factor for investors considering the company's profit-generating potential.
InvestingPro Tips reveal that Altair's Price to Book ratio, which stands at 9.33, is another aspect for potential investors to consider, as it might signal the market's valuation of the company relative to its book value. Additionally, Altair's EBITDA growth for the same period is a staggering 259.85%, suggesting significant operational profitability and potential for reinvestment.
For those looking to delve deeper into Altair's financials and market performance, InvestingPro offers additional insights and tips. There are currently 5 more InvestingPro Tips available, which can be accessed with an additional 10% off a yearly or biyearly Pro and Pro+ subscription using coupon code PRONEWS24.
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