GC Investments LLC, a significant shareholder in Altair Engineering Inc. (NASDAQ:ALTR), has sold a substantial portion of its holdings in the company. According to a recent SEC filing, the investment firm sold a total of 100,000 shares of Altair's Class A common stock over two days, October 11 and October 14, 2024. The sales were executed at weighted average prices ranging from $95.196 to $96.1469 per share, amounting to a total transaction value of approximately $9.52 million.
Following these transactions, GC Investments now holds 300,000 shares of Altair Engineering. The sales were conducted in multiple transactions, with specific details about the number of shares sold at each price available upon request to Altair Engineering or the SEC.
In other recent news, Altair Engineering Inc. has made significant strides in both financial performance and technological innovation. The company reported 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. This growth was largely driven by strong performance in the aerospace and defense sector, and the release of enhanced AI capabilities in Altair HyperWorks 2024.
In a notable partnership with the Technical University of Munich, Altair has achieved a significant breakthrough in quantum computing, particularly in computational fluid dynamics (CFD). This advancement potentially enables larger and more scalable CFD simulations compared to classical computing methods, demonstrating the practical applicability of quantum computing to real-world challenges.
Altair has also expanded its reach with the acquisition of Metrics Design Automation, contributing to the company's simulation-as-a-service offerings. Additionally, the company acknowledged the ongoing support from Matrix Capital Management, expressing gratitude for Matrix Capital's decision to maintain its full investment position in the company. Gartner (NYSE:IT) analysts recognized Altair's leadership in data science and machine learning, reinforcing the company's position in the competitive landscape of computational intelligence. These recent developments highlight Altair's continued commitment to innovation and financial growth.
InvestingPro Insights
As GC Investments LLC reduces its stake in Altair Engineering Inc. (NASDAQ:ALTR), recent data from InvestingPro sheds light on the company's current financial position and market performance. Altair's market capitalization stands at $8.13 billion, reflecting its significant presence in the engineering software industry.
The company's revenue for the last twelve months as of Q2 2024 reached $627.21 million, with a notable revenue growth of 6.85% over the same period. This growth trajectory aligns with the recent stock sales by GC Investments, potentially indicating a strategic move to capitalize on Altair's market performance.
An InvestingPro Tip highlights that Altair's stock price has shown strong momentum, outperforming 84% of other companies in the past year. This is evident in the impressive 45.65% price total return over the past year, which may have influenced GC Investments' decision to sell a portion of their holdings.
Another relevant InvestingPro Tip notes that analysts have recently revised their earnings expectations for Altair upwards. This positive outlook, combined with the company's current P/E ratio of 295.48, suggests that investors are pricing in significant future growth prospects.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for Altair Engineering, providing deeper insights into the company's financial health and market position.
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