George J. Christ, a significant shareholder of Altair Engineering Inc. (NASDAQ:ALTR), recently sold a substantial portion of his shares in the company. According to a recent SEC filing, Christ disposed of a total of 100,000 shares of Class A Common Stock over several transactions on October 11 and October 14. The shares were sold at a price range between $95.196 and $96.1469, amounting to a total sale value of approximately $9.52 million.
Following these transactions, Christ holds 302,176 shares of Altair Engineering through GC Investments LLC. Additionally, Christ maintains ownership stakes in several trusts, including the Christ Revocable Trust and The Dana and Lauren Christ Irrevocable Trusts, which collectively hold significant shares in the company.
These transactions were conducted indirectly through GC Investments LLC, where Christ serves as a manager. The filing notes that Christ disclaims beneficial ownership beyond his pecuniary interest in the securities.
In other recent news, Altair Engineering Inc. has demonstrated robust growth in its Q2 2024 earnings with total revenue reaching $148.8 million and software revenue hitting $135.4 million, marking a 10.6% year-over-year increase. Altair has also expanded its reach with the acquisition of Metrics Design Automation, contributing to the company's simulation-as-a-service offerings. The full-year 2024 guidance includes projected software revenue of $590 million to $600 million and total revenue of $648 million to $658 million. Adjusted EBITDA for 2024 is expected to be between $136 million and $144 million.
In a significant breakthrough in quantum computing, Altair, in collaboration with the Technical University of Munich, has developed runnable code that addresses key implementation challenges of the Lattice-Boltzmann Method (LBM) for quantum computers and simulators. This development could significantly increase the model size and scalability of computational fluid dynamics (CFD) simulations compared to classical computing methods.
Altair has also acknowledged the ongoing support from Matrix Capital Management, expressing gratitude for Matrix Capital's decision to maintain its full investment position in the company. Analysts from Gartner (NYSE:IT) have recognized Altair's leadership in data science and machine learning. These recent developments suggest a strong trajectory for Altair Engineering Inc. in the competitive landscape of engineering software solutions.
InvestingPro Insights
Adding context to George J. Christ's recent sale of Altair Engineering Inc. (NASDAQ:ALTR) shares, InvestingPro data reveals some intriguing financial metrics. The company's market capitalization stands at $8.13 billion, reflecting its substantial presence in the industry. Altair's revenue for the last twelve months as of Q2 2024 was $627.21 million, with a modest revenue growth of 6.85% over the same period.
An InvestingPro Tip highlights that Altair's stock price has outperformed the S&P 500 in the past year, with a remarkable 45.65% price total return over the last 12 months. This strong performance might provide some insight into why a major shareholder like Christ might choose to realize gains at this time.
Another relevant InvestingPro Tip notes that analysts have recently revised their earnings expectations upwards for the company. This positive outlook could potentially offset concerns about insider selling and maintain investor confidence in Altair's future prospects.
For investors seeking a more comprehensive analysis, InvestingPro offers 14 additional tips for Altair Engineering, providing a deeper understanding of the company's financial health and market position.
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