In a recent move by Christ Revocable Trust, a significant amount of Altair Engineering Inc. (NASDAQ:ALTR) shares were sold, totaling approximately $4.78 million. The transactions, all executed on October 9, 2024, involved the sale of two separate blocks of shares at varying prices.
The first block consisted of 21,074 shares of Class A Common Stock, which were sold at a weighted average price of $95.052. The sales occurred in multiple transactions, with prices ranging from $94.95 to $95.92 per share. Following this sale, the trust's ownership in Altair Engineering Inc. was reduced to 128,878 shares.
The second block included 28,878 shares, sold at a weighted average price of $96.2158 per share. These shares were also sold through multiple transactions, with individual sale prices falling between $95.95 and $96.675. After these transactions, the trust's stake in the company was reported to be 100,000 shares.
The sales are notable not only for their size but also for the trust's position as a ten percent owner of the company, indicating a substantial change in their investment. The trust has committed to providing detailed information regarding the number of shares sold at each price point within the reported ranges upon request.
Altair Engineering Inc., known for its services in prepackaged software, has not commented on the sale. The transactions were disclosed in a filing with the Securities and Exchange Commission, with Raoul Maitra, attorney-in-fact for the trust, signing off on the document on October 10, 2024.
In other recent news, Altair Engineering Inc. has made significant strides in both its financial performance and technological advancements. The company reported robust growth in 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. This growth was mainly attributed to strong performance in the aerospace and defense sector and the release of enhanced AI capabilities in Altair HyperWorks 2024.
The company has also acknowledged the ongoing support from Matrix Capital Management, expressing gratitude for Matrix Capital's decision to maintain its full investment position in Altair. Analysts from Gartner (NYSE:IT) recognized Altair's leadership in data science and machine learning, reinforcing the company's position in the competitive landscape of computational intelligence.
Altair has 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.
On the technological front, Altair, in collaboration with the Technical University of Munich, has made a significant breakthrough in quantum computing, particularly in the realm of computational fluid dynamics (CFD). The research findings, detailed in the journal Computer Physics Communications, mark a substantial step forward in applied quantum computing, highlighting Altair's dedication to innovation in simulation technologies.
These are the recent developments in Altair Engineering Inc.'s journey.
InvestingPro Insights
Altair Engineering Inc. (NASDAQ:ALTR) has demonstrated strong financial performance, as evidenced by recent InvestingPro data. The company boasts a market capitalization of $8.07 billion, reflecting its significant presence in the prepackaged software industry. Notably, Altair's revenue for the last twelve months as of Q2 2024 stood at $627.21 million, with a healthy revenue growth of 6.85% over the same period.
One of the most striking aspects of Altair's financials is its impressive gross profit margin of 80.92% for the last twelve months as of Q2 2024. This high margin suggests that the company has a strong competitive advantage in its market and efficient cost management practices.
InvestingPro Tips highlight additional strengths of the company. One tip notes that Altair's stock price has outperformed the S&P 500 in the past year, with a one-year price total return of 41.96% as of the latest data. This outperformance aligns with the recent insider sale, potentially indicating that the stock has reached a favorable valuation point for profit-taking.
Another InvestingPro Tip points out that analysts have recently revised their earnings expectations upwards for Altair. This positive sentiment from analysts could provide context for the trust's decision to sell shares, possibly capitalizing on the stock's strong performance and positive outlook.
For investors seeking a more comprehensive analysis, InvestingPro offers 15 additional tips for Altair Engineering Inc., providing a deeper understanding of the company's financial health and market position.
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