Matthew Charles Brown, the Chief Financial Officer of Altair Engineering Inc. (NASDAQ:ALTR), a $9.28 billion market cap company that has delivered an impressive 29.55% return year-to-date, recently sold shares of the company's Class A Common Stock. According to InvestingPro analysis, the stock appears slightly overvalued at current levels. According to a filing with the Securities and Exchange Commission, Brown sold 1,048 shares on December 23, 2024, at a price of $108.90 per share. The transaction totaled $114,127.
The sale was conducted to satisfy tax withholding obligations related to the vesting of restricted stock units. Following the transaction, Brown retains ownership of 55,519 shares, which includes 36,062 unvested restricted stock units.
In other recent news, Altair Engineering Inc. has experienced a series of significant operational developments. The company reported a robust increase in 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. Altair also entered a definitive agreement to be acquired by Siemens (ETR:SIEGn) for $10.6 billion, prompting RBC Capital to raise its price target for Altair to $113, while William Blair downgraded the company's stock from Outperform to Market Perform.
Altair has formed several strategic partnerships recently. This includes a collaboration with CGI for IT modernization and digital transformation across various industries, focusing on leveraging Altair's data science and AI technologies. Altair also teamed up with Auburn University on a $1.25 million AFWERX Phase II STTR contract to advance aerospace technology. Furthermore, the company partnered with Moya Aero to develop electric vertical takeoff and landing vehicles and unmanned aerial vehicles as part of Altair's Aerospace Startup Acceleration Program.
The company also announced a collaboration with the European Space Agency to provide its aerospace technology to various European entities as part of the ESA Partnership Initiative for Commercialisation. These recent developments continue to shape Altair's trajectory in the engineering software solutions market.
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