In a recent transaction, Jeffrey Marraccini, the Chief Information Security Officer of Altair Engineering Inc. (NASDAQ:ALTR), sold 23 shares of the company's Class A Common Stock at an average price of $84.38 each, totaling $1,940. The sale was executed on May 8, 2024, and was disclosed in a filing with the Securities and Exchange Commission on May 10, 2024.
The transaction was part of a tax withholding obligation connected to the vesting of restricted stock units (RSUs) of Class A Common Stock. Following the sale, Marraccini's remaining stake in the company includes 4,640 shares, of which 2,971 are unvested RSUs, as noted in the footnotes of the SEC filing.
Investors often monitor insider transactions like these for insights into executive confidence and company health. However, it is important to consider that sales like this one can occur for various reasons and may not always signal changes in the executive's outlook on the company.
Altair Engineering Inc., headquartered in Troy, Michigan, specializes in prepackaged software services and has been listed under the industrial classification of Services-Prepackaged Software (SIC code 7372). The company, incorporated in Delaware, continues to be a key player in the technology sector.
InvestingPro Insights
Altair Engineering Inc. (NASDAQ:ALTR) has been making waves in the technology sector with its innovative prepackaged software services. A glimpse into the company's financial health through InvestingPro data indicates a robust gross profit margin of 80.64% for the last twelve months as of Q1 2024, underlining the efficiency of its operations. Additionally, Altair has achieved a revenue growth of 7.11% during the same period, reflecting a steady upward trajectory in its business performance.
The company's stock has also seen significant movement, with a 1 Year Price Total Return of 25.01%, showcasing a strong performance over the past year. Despite the high Price/Earnings (P/E) Ratio of 726.69, the adjusted P/E ratio for the last twelve months as of Q1 2024 stands at 675.11, which may indicate market expectations of future earnings growth. Investors should note that Altair's stock is currently trading at 92.21% of its 52-week high, with a previous close price of $85.68.
InvestingPro Tips suggest that while Altair's PEG Ratio of 6.34 points to a higher price tag relative to earnings growth, the company's solid fundamentals could be a reassuring factor for investors. For those looking to delve deeper into Altair's financials and future outlook, InvestingPro offers additional tips for a comprehensive analysis. With the exclusive coupon code PRONEWS24, readers can get an extra 10% off a yearly or biyearly Pro and Pro+ subscription to access these insights.
As of now, there are 15 more InvestingPro Tips available for Altair Engineering Inc., offering a broader perspective on the company's valuation, performance metrics, and potential investment risks or opportunities.
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