TROY, MI – JRS Investments LLC, a significant shareholder in Altair Engineering Inc. (NASDAQ:ALTR), has recently sold a total of 6,500 shares of the company's Class A Common Stock, according to a new SEC filing. The transactions, which took place on September 30, 2024, resulted in a total sale value of over $618,168.
The sales were executed in multiple transactions with prices ranging from $95.0289 to $95.547 per share. Specifically, 5,572 shares were sold at an average price of $95.0289, and 928 shares were sold at an average price of $95.547. These sales were made pursuant to a trading plan intended to comply with Rule 10b5-1, which allows insiders to establish pre-arranged plans to buy or sell company stock.
JRS Investments' transactions come as part of its investment activities in Altair Engineering, a company specializing in services-prepackaged software, known for its innovative product design and development software.
Following the sales, JRS Investments LLC no longer holds any shares of Class A Common Stock directly. However, it's worth noting that each share of Class B common stock, which JRS Investments LLC may hold, is immediately convertible into one share of Class A common stock, providing potential for future adjustments in their holdings.
Investors often monitor insider buying and selling as it can provide insights into a company's financial health and management's confidence in the company's future prospects. Altair Engineering's stock performance and market activity may be influenced by such transactions, and investors keep a close eye on these developments.
For further details on the transactions and the current standing of JRS Investments LLC's holdings in Altair Engineering, interested parties can refer to the full SEC filing.
"In other recent news, Altair Engineering Inc. reported substantial growth in its Q2 2024 earnings, with total revenue landing at $148.8 million and software revenue reaching $135.4 million, marking a 10.6% year-over-year increase. The company's software revenue, which now comprises 91% of total revenue, was propelled largely by its strong performance in the aerospace and defense sector and the introduction of improved AI capabilities in Altair HyperWorks 2024. Altair's leadership in data science and machine learning has been acknowledged by Gartner (NYSE:IT), and the company has broadened its scope with the acquisition of Metrics Design Automation.
Altair anticipates its software revenue to continue exceeding other revenue streams, pushing gross margins higher. 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.
In other developments, Altair acknowledged the ongoing support from Matrix Capital Management, which has opted to maintain its full investment position in the company. This decision underscores Matrix Capital's confidence in Altair's long-term strategic value. As Altair moves forward, the continued support from its investors remains a key element in its strategy to stay at the forefront of computational intelligence and innovation."
InvestingPro Insights
Altair Engineering's recent stock performance and financial metrics provide additional context to the insider selling activity reported. According to InvestingPro data, Altair's stock has shown strong momentum, with a 52.67% price total return over the past year and a year-to-date return of 13.5%. This positive trend may have influenced JRS Investments' decision to sell shares, potentially capitalizing on the stock's appreciation.
The company's financial health appears robust, with a revenue of $627.21 million in the last twelve months as of Q2 2024, representing a growth of 6.85%. Notably, Altair maintains a high gross profit margin of 80.92%, indicating strong pricing power and efficient cost management in its software business.
InvestingPro Tips highlight that Altair's revenue growth has been accelerating, which aligns with the company's positive stock performance. Additionally, analysts have revised their earnings upwards for the upcoming period, suggesting potential optimism about the company's future prospects.
These insights offer a broader perspective on Altair's market position and financial strength, complementing the insider transaction information. InvestingPro provides 14 additional tips for Altair Engineering, offering investors a more comprehensive analysis of the company's outlook.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.