In a recent move, the Christ Revocable Trust, 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 100,000 shares at prices that varied within a narrow range, signaling a notable transaction for both the trust and the company.
The sales took place on June 27, 2024, and were executed in multiple transactions. The first batch of 74,471 shares was sold at an average price of $98.1254, with individual sales prices ranging from $97.76 to $98.75. The second set of 25,529 shares fetched an average price of $99.1866 per share, with the prices ranging from $98.77 to $99.695. The total proceeds from these transactions amounted to approximately $9.84 million.
Following these transactions, the Christ Revocable Trust's holdings in Altair Engineering decreased, yet the trust still maintains a significant stake in the company with 200,000 shares remaining in its possession.
Altair Engineering, a company specializing in prepackaged software services, has seen its shares being actively traded by insiders, which often attracts the attention of investors seeking to understand the strategic moves of significant shareholders.
The trust's sell-off was disclosed in a regulatory filing, which also included a statement that the trust would provide additional details regarding the specific number of shares sold at each price point within the reported ranges upon request.
Investors and market watchers typically monitor such insider transactions for insights into the company's financial health and the confidence level of its major stakeholders. The recent sales by the Christ Revocable Trust might be interpreted in various ways, but without further information, it remains a single data point in the broader analysis of Altair Engineering's stock performance and future prospects.
In other recent news, Altair Engineering Inc. reported a robust first quarter in 2024, with total revenue reaching $172.9 million and software revenue accounting for $158.4 million, marking a 6.9% increase from the previous year. Adjusted EBITDA for the same period was reported at $45.8 million. The company's inclusion in the S&P MidCap 400 Index is seen as a validation of Altair's business strategy and performance, reflecting consistent growth and an established position in various fields. Furthermore, Altair announced a partnership with technology firm HP Inc (NYSE:HPQ). to enhance its material data center, aiming to streamline design and production processes for 3D-printed parts. This collaboration is expected to benefit users of Altair's Inspire™ Print3D and facilitate more efficient design and production of parts for Multi Jet Fusion and Metal Jet printers. Altair is also expanding into new sectors such as healthcare, heavy industry, and consumer electronics, and is enhancing its presence in the aerospace and defense sectors. The company remains optimistic about strong software revenue growth and adjusted EBITDA for the remainder of 2024. These are recent developments in the company's strategic moves and financial performance.
InvestingPro Insights
As Altair Engineering Inc. (NASDAQ:ALTR) experiences notable insider transactions, a closer examination of the company's financial metrics provides additional context for investors. According to InvestingPro data, Altair's market capitalization stands at $8.13 billion, reflecting its position in the market. Despite a high Price/Earnings (P/E) ratio of 832.97, which has slightly adjusted to 771.16 over the last twelve months as of Q1 2024, the company shows a robust gross profit margin of 80.64% during the same period. This margin indicates a strong ability to control costs and generate earnings relative to its revenue.
Investors may also find the company's revenue growth noteworthy, with a 7.11% increase over the last twelve months as of Q1 2024. This is complemented by a quarterly revenue growth of 4.14% in Q1 2024, suggesting a steady upward trajectory in the company's sales. Furthermore, Altair's share price has been performing positively, with a 31.53% total return over the past year, and currently trading at 97.1% of its 52-week high, indicating investor confidence and a potential approach to peak valuation levels.
For those considering an in-depth analysis of Altair Engineering's potential investment opportunities, InvestingPro offers additional insights. There are PRONEWS24 additional tips listed on InvestingPro that could help refine investment strategies. By using the coupon code PRONEWS24, investors can receive an extra 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking valuable resources for making informed decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.