In a recent transaction, George J. Christ, a significant shareholder in Altair Engineering Inc. (NASDAQ:ALTR), sold 50,048 shares of the company’s stock. The sale was executed at an average price of $95.07 per share, resulting in a total value of approximately $4.76 million.
The transactions occurred in multiple parts, with share prices ranging from $94.95 to $95.9375. This information was disclosed in compliance with regulatory requirements, and full details of the shares sold at each price point are available upon request.
Following the sale, Christ still holds a substantial number of shares indirectly through various trusts and investment entities. Specifically, the shares are held by the Christ Revocable Trust, the Dana Christ Irrevocable Trust, the Lauren Christ Irrevocable Trust, and GC Investments LLC. It is important to note that Christ disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest.
This sale represents a notable transaction for Altair Engineering, a company specializing in prepackaged software services. Investors often monitor insider sales as they can provide insights into the perspectives of company executives and significant shareholders regarding the stock’s future performance.
Altair Engineering’s stock performance and future prospects continue to be a point of interest for investors in the technology sector.
In other recent news, Altair Engineering Inc. reported a significant growth in its Q2 2024 earnings, with total revenue reaching $148.8 million and software revenue hitting $135.4 million, a 10.6% year-over-year increase. The company’s strong performance in the aerospace and defense sector and the release of enhanced AI capabilities in Altair HyperWorks 2024 were key contributors to this growth. Altair’s leadership in data science and machine learning was recognized by Gartner (NYSE:), further solidifying its position in the industry.
The company also announced the acquisition of Metrics Design Automation, expanding its reach within the field. Altair’s full-year 2024 guidance includes software revenue of $590 million to $600 million and total revenue of $648 million to $658 million, indicating a positive outlook for the business.
Altair also acknowledged the ongoing investment by Matrix Capital Management, expressing gratitude for the firm’s continued support. This move demonstrates Matrix Capital’s confidence in Altair’s long-term strategic value. These recent developments underline Altair’s strong trajectory in the competitive landscape of engineering software solutions.
InvestingPro Insights
Altair Engineering Inc. (NASDAQ:ALTR) has shown impressive financial performance, which adds context to the recent insider sale by George J. Christ. According to InvestingPro data, the company boasts a market capitalization of $8.09 billion, reflecting its substantial presence in the prepackaged software services sector.
Altair’s revenue growth remains positive, with a 6.85% increase over the last twelve months as of Q2 2024, reaching $627.21 million. This growth trajectory aligns with the company’s strong position in the technology market. Moreover, Altair’s gross profit margin stands at an impressive 80.92%, indicating efficient cost management and potentially high-value products or services.
One of the InvestingPro Tips highlights that Altair’s stock price has outperformed the S&P 500 in the past year, with a one-year price total return of 51.65%. This substantial return may provide some context for the insider’s decision to sell shares, possibly to realize gains.
Another relevant InvestingPro Tip notes that analysts have recently revised their earnings expectations upwards for the upcoming year. This positive outlook could suggest that despite the insider sale, there’s confidence in the company’s future performance.
For investors seeking a deeper understanding of Altair Engineering’s prospects, InvestingPro offers 12 additional tips, providing a more comprehensive analysis of the company’s financial health and market position.
Altair’s next earnings date is set for October 31, 2024, which will be a key event for investors to gauge the company’s ongoing performance and potentially validate the positive analyst revisions.
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