Srikanth Mahalingam, Chief Technology Officer of Altair Engineering Inc. (NASDAQ:ALTR), has reported a recent transaction involving the sale of company stock. According to a recent SEC filing, Mahalingam sold 119 shares of Altair's Class A Common Stock at an average price of $105.80 per share, totaling approximately $12,589.
In addition to the sale, Mahalingam exercised options to acquire 6,000 shares of Class A Common Stock, although these transactions were recorded at no cost. Following these transactions, Mahalingam directly owns 40,041 shares of Altair Engineering, which includes 12,650 restricted stock units that remain unvested.
Altair Engineering, based in Troy, Michigan, specializes in prepackaged software services.
In other recent news, Altair Engineering Inc. has made significant strides in multiple areas. The company's Q2 2024 earnings saw a notable increase, with total revenue reaching $148.8 million and software revenue hitting $135.4 million, marking a 10.6% year-over-year growth. Altair has also entered a definitive agreement to be acquired by Siemens (ETR:SIEGn) for $10.6 billion. Following this announcement, RBC Capital increased its price target for Altair, while William Blair downgraded the stock from Outperform to Market Perform.
Altair has made strategic partnerships with Moya Aero and the European Space Agency (ESA) for the advancement of aerospace technology. Both collaborations leverage Altair's HyperWorks design and simulation platform, with the partnership with Moya Aero focusing on the development of electric vertical takeoff and landing (eVTOL) and unmanned aerial vehicles.
In the realm of technological advancements, Altair, in collaboration with the Technical University of Munich, achieved a breakthrough in quantum computing, particularly in computational fluid dynamics. Lastly, Matrix Capital Management has decided to maintain its full investment position in Altair, indicating confidence in the company's long-term strategic value. These are some of the recent developments shaping Altair's trajectory in the engineering software solutions market.
InvestingPro Insights
Altair Engineering Inc. (NASDAQ:ALTR) has been showing robust financial performance, which provides context to the recent insider transaction. According to InvestingPro data, the company's revenue growth has been solid, with a 13.02% increase in quarterly revenue as of Q3 2024. This growth trajectory is complemented by a strong gross profit margin of 81.29% over the last twelve months, indicating efficient cost management.
The company's market capitalization stands at $8.99 billion, reflecting investor confidence in Altair's business model and future prospects. This valuation is supported by a year-to-date price total return of 25.25%, outperforming many of its peers in the software services sector.
InvestingPro Tips highlight that Altair has seen strong revenue growth over the last twelve months, aligning with the reported quarterly increase. Additionally, analysts have recently revised their earnings upwards for the company, suggesting positive sentiment about its financial outlook.
These insights from InvestingPro provide a broader perspective on Altair's financial health and market position, which may be relevant when considering the context of insider transactions such as the one reported by CTO Srikanth Mahalingam. For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for Altair Engineering, providing a deeper dive into the company's financial and market metrics.
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