Altair Engineering Inc. (NASDAQ:ALTR) director Teresa A. Harris has sold shares in the company, according to a recent SEC filing. On May 7, 2024, Harris sold 620 shares of Class A Common Stock at a price of $82.89 per share, totaling $51,391.
The transaction was conducted under a prearranged trading plan that complies with Rule 10b5-1 of the Exchange Act, which allows company insiders to set up a trading plan for selling stocks they own. This plan was previously established on November 15, 2023.
In addition to the sale, the filing showed that Harris also acquired 620 shares on the same day through the exercise of stock options. However, no monetary transaction was recorded for this acquisition as the options were exercised at a price of $0.0 per share. The options, which vested in two equal annual installments starting on November 23, 2017, are now fully vested.
Following the sale, Harris still owns a significant number of shares in Altair Engineering. The SEC filing disclosed that, after these transactions, Harris's holdings include 18,895 shares of Class A Common Stock, which also accounts for 2,974 unvested Class A Common Stock restricted stock units.
Investors and market watchers often monitor insider transactions as they can provide insights into the company's performance and insider perspectives on the stock's value. Altair Engineering, a provider of services in prepackaged software, has not made any additional comments regarding these transactions.
InvestingPro Insights
As Altair Engineering Inc. (NASDAQ:ALTR) experiences insider trading activity, it's valuable for investors to consider the company's market performance and financial metrics. With a market capitalization of $7.03 billion, Altair demonstrates substantial size in the prepackaged software sector. The company's P/E ratio, a measure of its current share price relative to its per-share earnings, stands at a high 721.1, with an adjusted P/E ratio for the last twelve months as of Q1 2024 at 673.77. This suggests a premium valuation compared to earnings, which could be a point of analysis for potential investors.
The revenue growth for Altair has been positive, with a 7.11% increase over the last twelve months as of Q1 2024, indicating a steady upward trajectory in earnings. The quarterly revenue growth in Q1 2024 was 4.14%, showing consistency in the company's financial performance. Additionally, Altair's gross profit margin is notably high at 80.64%, reflecting the company's effectiveness in managing its cost of goods sold and maintaining profitability.
For those interested in the company's stock performance, Altair has seen a 1 Year Price Total Return of 27.26% as of the date provided, which is a strong indicator of investor confidence and stock appreciation over the past year. The company's stock is trading at 91.57% of its 52-week high, signaling that it's nearing its peak value over the last year.
InvestingPro Tips: Altair's EBITDA growth is remarkably high at 259.85% for the last twelve months as of Q1 2024, which could be a sign of operational efficiency and potential for future growth. Moreover, with the next earnings date on August 1, 2024, investors may want to keep an eye on the company's upcoming financial report for further insights into its performance.
For those looking to delve deeper into Altair's financial health and stock potential, InvestingPro offers additional tips and metrics. With the use of coupon code PRONEWS24, investors can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking even more valuable insights. Currently, InvestingPro lists numerous additional tips that can help investors make more informed decisions.
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