Altair Engineering Inc. (NASDAQ:ALTR) CEO James Ralph Scapa has sold a total of 5,569 shares of Class A Common Stock on May 8, 2024, for a total value of approximately $469,876. The shares were sold at prices ranging from $84.3736 to $84.38.
The transaction was disclosed in a recent filing with the Securities and Exchange Commission. According to the filing, the sale was conducted in multiple transactions at varying prices within the stated range. In a footnote, it was mentioned that the shares were sold to satisfy tax withholding obligations associated with the vesting of restricted stock units.
Following the sale, Scapa still holds a significant number of shares in the company. The filing indicated that he owns 134,045 shares of Altair Engineering directly and an additional 1,193 shares indirectly through his wife. These figures include unvested restricted stock units, with 89,292 units directly owned and 20 units indirectly owned that have not yet vested.
Altair Engineering Inc., headquartered in Troy, Michigan, specializes in prepackaged software services and is known for its advanced engineering software and on-demand computing technologies.
Investors typically monitor insider transactions such as these for insights into executive sentiment about their company's stock. However, such sales could be part of preplanned trading strategies and not necessarily an indication of a change in company outlook.
The company's stock performance and future plans are likely to be of continued interest to shareholders and potential investors as they assess the implications of insider transactions and other market factors.
InvestingPro Insights
Following recent insider transactions at Altair Engineering Inc. (NASDAQ:ALTR), investors seeking a deeper understanding of the company's financial health can look to key metrics provided by InvestingPro. With a market capitalization of $7.11 billion and a high P/E ratio of 726.69, which adjusts to 675.11 when looking at the last twelve months as of Q1 2024, Altair's valuation is a critical factor for consideration. The company's revenue for the same period stands at $619.58 million, indicating a growth of 7.11%.
InvestingPro Tips highlight that Altair's revenue growth and its P/E ratio are essential indicators of its market position and future performance. The company's Gross Profit Margin is robust at 80.64% for the last twelve months as of Q1 2024, showcasing the efficiency of its operations. Additionally, with an EBITDA growth of 259.85% in the same period, Altair demonstrates significant improvement in its earnings before interest, taxes, depreciation, and amortization, which is a positive sign for investors.
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