Altair Engineering Inc.'s (NASDAQ:ALTR) Chief Accounting Officer, Brian Gayle, recently sold company stock valued at approximately $69,648. The transaction was executed on May 17, 2024, with the shares being sold at a weighted average price of $90.102.
The sale involved a total of 773 shares of Class A Common Stock, with prices ranging from $90.1001 to $90.11. Following the transaction, Gayle's remaining stake in the company includes 18,423 shares. It is noted that this figure also comprises 4,552 Class A Common Stock restricted stock units that are still unvested.
Investors often monitor insider sales as they may provide insights into an executive’s view of the company's current valuation and future prospects. The details of the sale, including the price range and the number of shares sold at each price point, are available to Altair Engineering Inc. shareholders and the Securities and Exchange Commission staff upon request.
The sale was officially documented and signed by attorney-in-fact Raoul Maitra on behalf of Brian Gayle on May 20, 2024. The transaction is part of the routine filings with the Securities and Exchange Commission that disclose the trading activities of a company's insiders.
InvestingPro Insights
As Altair Engineering Inc. (NASDAQ:ALTR) continues to navigate the market, the recent insider sale by Chief Accounting Officer Brian Gayle has drawn attention to the company's financial health and stock performance. InvestingPro data provides additional context to this event, offering a snapshot of the company's current valuation metrics and recent stock movements.
With a market capitalization of $7.61 billion, Altair Engineering's P/E ratio stands at a lofty 779.32, which adjusts to a slightly lower 724.44 on a last twelve months basis as of Q1 2024. This high P/E ratio may indicate that investors have high expectations for the company's future growth or that the stock is overvalued relative to earnings. The company's revenue growth for the last twelve months as of Q1 2024 was 7.11%, showing a steady increase, while the quarterly revenue growth for Q1 2024 was 4.14%.
The stock has experienced a 29.49% return over the past year, with a recent uptick as indicated by a 5.89% one-week total price return. Altair's stock is trading close to its 52-week high at 98.87% of that value. The InvestingPro Fair Value estimate of $71.81 suggests that the stock might be overvalued at its previous close price of $90.5.
One of the InvestingPro Tips highlights the importance of considering both market performance and fundamental analysis when evaluating insider transactions. In this case, Gayle's sale occurs in a context where the stock has shown strong recent performance, but the InvestingPro Fair Value suggests potential overvaluation.
For investors seeking a more in-depth analysis, InvestingPro offers a comprehensive list of additional tips. Currently, there are 18 additional tips available for Altair Engineering Inc., which can be accessed through an InvestingPro subscription. Interested readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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