Altair Engineering Inc. (NASDAQ:ALTR) Chief Product Strategy Officer Ravi Kunju has recently engaged in a stock transaction involving the company's shares. On March 13, 2024, Kunju sold a total of 76 shares of Altair Engineering's common stock at an average price of $81.6538 per share, totaling approximately $6,205.
The shares were sold at prices ranging from $81.19 to $81.66, indicating a slight variation in the market price during the time of the transactions. The sale was made to satisfy the tax withholding obligation related to the vesting of Class A Common Stock restricted stock units, as noted in the footnotes of the filing.
Following this transaction, Kunju's holdings in the company have been adjusted to 29,035 shares, which includes 5,793 Class A Common Stock restricted stock units that are yet to vest. This information provides investors with insight into the executive's current stake in the company and potential future changes in ownership.
The transaction was disclosed in a filing with the Securities and Exchange Commission on March 14, 2024. Altair Engineering is known for its services in prepackaged software, and this transaction comes as a routine disclosure of the trading activities of its executives.
InvestingPro Insights
As investors analyze the recent stock transaction by Altair Engineering Inc.'s (NASDAQ:ALTR) Chief Product Strategy Officer, it's essential to consider the company's financial health and market performance. According to the latest InvestingPro data, Altair Engineering holds a market capitalization of $539.98 million and has experienced a significant price uptick over the last six months, with a 291.04% return. This could indicate a growing investor confidence in the company's long-term prospects.
Despite a challenging period with a gross profit margin reported at -24297.49% for the last twelve months as of Q3 2023, Altair Engineering has shown resilience in the market with a strong return of 21.09% over the last month. This aligns with one of the InvestingPro Tips that highlights the company's significant return over the last week at 8.77%, suggesting a recent positive trend in its stock performance.
Moreover, analysts have revised their earnings upwards for the upcoming period, as per another InvestingPro Tip, which could signal an optimistic outlook for the company's future financial results. This is particularly relevant for investors considering the executive's stock sale and its implications.
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