In a recent transaction, the James R. Scapa Declaration of Trust, which is associated with a significant shareholder of Altair Engineering Inc. (NASDAQ:ALTR), sold a substantial number of shares in the company. The sale was executed on September 30, 2024, and involved the disposal of 6,500 shares of Class A Common Stock at an average price range between $95.0289 and $95.547, resulting in a total sale value of approximately $618,168.
The transactions were carried out in multiple tranches within the stated price range. Specifically, 5,572 shares were sold at prices ranging from $94.40 to $95.39, and the remaining 928 shares were sold at prices between $95.41 and $95.76. The sales were conducted in accordance with a Rule 10b5-1 trading plan, which had been previously established on March 11, 2024.
It is important to note that the trust also reported acquiring 6,500 shares of Class A Common Stock on the same day, although these were obtained at no cost. This transaction did not affect the total number of shares owned by the trust in a significant way, as the shares sold were part of a previously arranged trading plan.
Altair Engineering Inc. is a technology company that specializes in services related to prepackaged software. This recent stock activity by one of its trustees may be of interest to investors who closely monitor insider transactions as indicators of company health and executive confidence in the firm's prospects.
For those interested in the specifics of the trustee's holdings, the trust's ownership in Class A Common Stock was reduced to zero following the sales, while it continues to hold over 10 million shares in Class B Common Stock, which are convertible into Class A shares under certain conditions.
Investors and analysts often scrutinize insider transactions as they can provide insights into the executives' perspective on the company's future performance. However, it should be noted that such transactions do not always predict future stock movements and must be considered as part of a broader investment strategy and analysis.
In other recent news, Altair Engineering Inc. has demonstrated strong growth in its Q2 2024 earnings, with total revenue reaching $148.8 million and software revenue hitting $135.4 million. This represents a 10.6% year-over-year increase in software revenue, which now comprises 91% of the company's total revenue. The growth was largely driven by strong performance in the aerospace and defense sector and the release of enhanced AI capabilities in Altair HyperWorks 2024.
Altair's leadership in data science and machine learning has been recognized by Gartner (NYSE:IT), and the company has expanded its reach with the acquisition of Metrics Design Automation. The full-year 2024 guidance includes software revenue of $590 million to $600 million and total revenue of $648 million to $658 million. Adjusted EBITDA for 2024 is projected to be between $136 million and $144 million.
On another note, Altair has acknowledged the ongoing support from Matrix Capital Management, underscoring Matrix Capital's belief in Altair's long-term strategic value. These are among the recent developments that suggest a strong trajectory for Altair Engineering Inc. in the competitive landscape of engineering software solutions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.