GC Investments LLC, a significant shareholder in Altair Engineering Inc. (NASDAQ:ALTR), has sold a substantial number of shares in the company. The transactions, which took place on June 12, 2024, were reported in a recent filing with the Securities and Exchange Commission.
The investment firm disposed of a total of 100,000 shares of Altair Engineering's Class A Common Stock in two separate transactions. The first sale involved 76,384 shares at a weighted average price of $97.1172, with the price ranging from $96.40 to $97.385 per share. The second transaction consisted of 23,616 shares sold at an average price of $97.5854, within a range from $97.40 to $98.00 per share. The total amount realized from these sales amounted to over $9.7 million.
Following these transactions, GC Investments LLC's holdings in Altair Engineering have been reduced to 100,000 shares. The sales represent a change in the investment firm's position in the software services company, which specializes in prepackaged software solutions.
Investors and market watchers often look to insider transactions as a signal of the company's performance and the confidence that major stakeholders have in the business's prospects. The sales by GC Investments LLC could thus be of interest to those following Altair Engineering's stock.
Altair Engineering has not commented on the transactions, and it remains to be seen what impact, if any, this will have on the company's share price or investor sentiment.
The reporting person has agreed to provide further details about the number of shares sold at each price upon request by Altair Engineering Inc., its shareholders, or the SEC staff, as indicated in the footnotes of the filing.
This report provides transparency into the trading activities of significant shareholders and is a routine disclosure for publicly traded companies.
In other recent news, Altair Engineering Inc. has reported impressive Q1 results for 2024, outperforming its own projections. The company posted total revenue of $172.9 million, with software revenue accounting for $158.4 million, representing a 6.9% year-over-year increase on a constant currency basis. The adjusted EBITDA was reported at $45.8 million, and the company concluded the quarter with a robust cash reserve of $557.6 million.
Altair has been concentrating on expansion and innovation, with strategic acquisitions and the expected launch of Altair SimSolid for electronics. The company has also been recognized for its efforts in diversity, equity, and inclusion, winning the 2024 Google (NASDAQ:GOOGL) Cloud North America Partner of the Year Award.
Despite Q2 results slightly underperforming due to currency impact and seasonality, Altair remains focused on its growth strategy. The company sees stronger demand in sectors like healthcare, heavy industry, and consumer electronics and is expanding its sales team approach into new verticals. These recent developments indicate a forward-looking approach for Altair.
InvestingPro Insights
In light of GC Investments LLC's recent divestment from Altair Engineering Inc. (NASDAQ:ALTR), current and potential investors might be seeking deeper financial metrics to understand the company's valuation and performance. According to InvestingPro data, Altair Engineering holds a market capitalization of $7.99 billion, a substantial figure that positions the company prominently in the software services sector.
InvestingPro data also reveals that Altair's Price/Earnings (P/E) Ratio stands at a lofty 822.97, with an adjusted P/E Ratio for the last twelve months as of Q1 2024 at 765.96. These figures suggest a high valuation compared to earnings, which may be a point of consideration for value-focused investors. Additionally, the company's Price/Book ratio for the same period is 10.58, offering insight into how the market values the company relative to its book value.
Altair's financial health can further be assessed by its Revenue Growth, which shows a 7.11% increase in the last twelve months as of Q1 2024. This steady growth may indicate the company's ability to expand its business and generate increased sales over time. For investors interested in operational efficiency, Altair's Gross Profit Margin stands at an impressive 80.64%, highlighting the company's ability to retain a significant portion of its sales as gross profit.
For those looking to dive deeper into Altair Engineering's performance metrics and gain additional insights, InvestingPro offers several more InvestingPro Tips to guide investment decisions. With the use of coupon code PRONEWS24, investors can receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking access to a comprehensive suite of tools and analytics.
It's noteworthy that the InvestingPro platform lists a total of 15 additional tips for Altair Engineering, which could be instrumental in making informed decisions, especially in the context of significant shareholder transactions such as those by GC Investments LLC.
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