In a recent transaction, the Christ Revocable Trust, a significant shareholder of Altair Engineering Inc. (NASDAQ:ALTR), has sold a notable amount of company stock, reflecting active trading by insiders. The trust offloaded shares worth more than $1.1 million, according to the latest regulatory filings.
The transactions, which took place on March 22, involved a series of sales at varying prices. The shares were sold at prices ranging from $85.74 to $87.495, with the average price per share for one batch at $86.3365 and for another at $87.0356. These sales resulted in a total transaction value of $1,106,377 for the trust.
The Christ Revocable Trust, which is a 10% owner of Altair Engineering, carried out these sales through multiple transactions. Following the sales, the trust's holdings in the company have decreased, but it still retains a significant stake with hundreds of thousands of shares in the software services provider.
Altair Engineering is known for its expertise in the field of prepackaged software, serving a diverse clientele with its innovative solutions. The company's stock activity, especially transactions by major shareholders and insiders, is closely watched by investors as it can provide insights into the company's performance and insider perspectives.
Investors and market analysts often look at insider trading as a signal of the leadership's confidence in the company's future prospects. The sale of a large number of shares by a trust associated with the company might lead to discussions among stakeholders about the potential implications for Altair Engineering's market outlook.
The reporting person has committed to providing full information regarding the number of shares sold at each separate price within the stated ranges upon request by Altair Engineering Inc., its security holders, or the SEC staff. This transparency ensures that all parties interested in the company's financial dealings have access to detailed information about these transactions.
As the market processes this new information, Altair Engineering's stock could be subject to increased attention as investors reassess their positions in light of the trust's recent sales.
InvestingPro Insights
Altair Engineering Inc. (NASDAQ:ALTR) has been under the investor's microscope recently due to significant insider transactions. While the Christ Revocable Trust has reduced its position, the company's financial health and market performance remain key areas of focus. Here are some insights based on real-time data from InvestingPro:
Despite a challenging market, Altair Engineering boasts a robust gross profit margin of 80.12% for the last twelve months as of Q4 2023, indicating efficient operations and strong pricing power. The company also experienced a notable EBITDA growth of 110.48% in the same period, reflecting potential operational improvements and cost management success.
InvestingPro Tips suggest that investors should consider the company's recent price performance, which includes a 6-month total return of 38.95% and a 1-year total return of 22.52%. These figures suggest a positive trend in investor sentiment over the medium to long term. Moreover, with the stock trading at 90.8% of its 52-week high and a fair value estimate by analysts at $95, compared to InvestingPro's fair value estimate of $64.5, investors are presented with differing perspectives on the company's valuation.
As Altair Engineering approaches its next earnings date on May 2, 2024, stakeholders are keen to see if the company's financials align with market expectations. For those looking to delve deeper into Altair's stock and gain additional insights, InvestingPro offers a comprehensive list of tips, and readers can enjoy an extra 10% off a yearly or biyearly Pro and Pro+ subscription by using the coupon code PRONEWS24. With several more InvestingPro Tips available, investors can make more informed decisions regarding their investment in Altair Engineering.
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