👀 Ones to watch: The MOST undervalued shares to buy right nowSee Undervalued Shares

Altair Engineering CTO sells $137,133 in stock

Published 06/12/2024, 01:34 am
ALTR
-

Srikanth Mahalingam, the Chief Technology Officer of Altair Engineering Inc. (NASDAQ:ALTR), recently sold a portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Mahalingam sold 1,298 shares of Altair's Class A Common Stock on December 3, 2024, at a price of $105.65 per share. The total value of the transaction amounted to $137,133. The sale comes as Altair's stock has gained nearly 50% over the past year, with the company now commanding a market capitalization of $9 billion. InvestingPro analysis indicates the stock is trading above its Fair Value.

This sale was conducted to fulfill tax withholding obligations related to the vesting of restricted stock units, as noted in the filing. Following this transaction, Mahalingam holds 38,743 shares, which include 12,650 unvested restricted stock units. The company maintains a strong financial position, with InvestingPro data showing a GOOD overall Financial Health Score and robust current ratio of 3.27. For deeper insights into insider trading patterns and comprehensive financial analysis, access the full Pro Research Report, available exclusively to InvestingPro subscribers.

In other recent news, Altair Engineering Inc. has made significant strides in its operations. The company's Q2 2024 earnings showed a substantial increase with total revenue reaching $148.8 million and software revenue hitting $135.4 million, marking a 10.6% year-over-year increase. Additionally, Altair has entered a definitive agreement to be acquired by Siemens (ETR:SIEGn) for $10.6 billion. Following this announcement, RBC Capital increased its price target for Altair to $113, while William Blair downgraded Altair's stock from Outperform to Market Perform.

In a series of strategic partnerships, Altair has teamed up with Auburn University on a $1.25 million AFWERX contract to advance aerospace technology, Moya Aero to develop electric vertical takeoff and landing vehicles, and the European Space Agency to provide its aerospace technology to various European entities. These recent developments indicate a dynamic period for Altair Engineering Inc., with significant changes in its financial performance, stock analysis, and technological advancements.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.