In a recent transaction, the James R. Scapa Declaration of Trust, associated with Altair Engineering Inc. (NASDAQ:ALTR), has sold a significant number of shares in the company. The trust, which is a major shareholder, offloaded shares worth over $600,000.
On June 10, 2024, the trust sold a total of 6,500 shares of Altair Engineering's Class A common stock. The shares were sold in multiple transactions at prices ranging from $91.99 to $94.20 per share. The total value of the shares sold amounted to approximately $605,569. The sales were conducted under a plan that complies with Rule 10b5-1 of the Exchange Act, which was previously established on March 11, 2024.
The transactions were part of a series of planned sales. The first set of shares, totaling 1,450, were sold at weighted average prices between $91.99 and $92.97, resulting in a range of the transaction value. Another set, comprising 4,950 shares, was sold at weighted average prices ranging from $93.00 to $93.94. The final batch of 100 shares sold at weighted average prices between $94.17 and $94.20.
Following these transactions, the James R. Scapa Declaration of Trust no longer holds any shares of Class A common stock directly. It's worth noting that the trust also reported the conversion of Class B common stock to Class A common stock, which did not involve any monetary transaction and was reported at a value of $0.
Investors and followers of Altair Engineering Inc. often monitor insider transactions as they can provide insights into the company's performance and the confidence level of its major shareholders. The recent sales by the James R. Scapa Declaration of Trust represent a notable change in its investment in the company.
In other recent news, Altair Engineering Inc. has reported impressive Q1 results for 2024, exceeding its own projections. The company announced total revenue of $172.9 million, with software revenue contributing $158.4 million, a 6.9% year-over-year increase on a constant currency basis. Altair's adjusted EBITDA was reported at $45.8 million, and it ended the quarter with a substantial cash reserve of $557.6 million.
In addition to its financial performance, Altair has made strategic acquisitions to enhance its data analytics and AI capabilities, and is anticipating the launch of Altair SimSolid for electronics, signaling a continued focus on growth and innovation. Despite a slight underperformance in Q2 due to external factors, the company remains optimistic about future growth and market opportunities.
These are among the recent developments for Altair, which also received the 2024 Google (NASDAQ:GOOGL) Cloud North America Partner of the Year Award for Diversity, Equity, and Inclusion. The company is actively engaging with customers and focusing on executive connections to drive growth, even as it expands into new verticals and strengthens its position in the aerospace and defense sectors.
InvestingPro Insights
Altair Engineering Inc. (NASDAQ:ALTR) has been making waves in the market with its recent financial performance. As of Q1 2024, the company reported a robust revenue growth of 7.11% over the last twelve months, signaling a steady upward trajectory. This is complemented by a gross profit margin of an impressive 80.64%, reflecting the company's ability to maintain profitability amidst its expansion efforts.
Investors have responded positively to Altair's financial health, as evidenced by the company's stock price nearing its 52-week high, currently at 97.4% of that peak. This optimism is also mirrored in the company's price total return over the past year, which stands at a solid 23.58%. The company's fair value, as assessed by analysts, is $95, indicating a potential upside considering the previous close price of $92.92.
For those interested in a deeper dive into Altair's financials and stock performance, InvestingPro offers additional insights. There are currently more tips available on the platform, providing a comprehensive analysis for potential investors. To access these insights, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
With the recent insider transactions, these metrics can be particularly valuable for investors seeking to understand the long-term value and potential of Altair Engineering Inc. The InvestingPro Tips suggest keeping an eye on insider transactions as they can often precede market movements or indicate insider confidence in the company's future.
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