In a recent transaction, George J. Christ, a significant shareholder of Altair Engineering Inc. (NASDAQ:ALTR), sold a total of 83,336 shares of the company's Class A Common Stock, resulting in proceeds of over $7.1 million. The sale was executed at a weighted average price of approximately $85.99 per share, with individual sales prices ranging between $85.66 and $86.49.
This transaction was disclosed in a filing with the Securities and Exchange Commission, which provided detailed information about the stock sales. According to the filing, after the sale, Christ still retains a considerable stake in the company, with direct ownership of 200,000 shares. Additionally, there are holdings in various trusts and investment entities associated with Christ, including 187,475 shares each in The Dana Christ Irrevocable Trust and The Lauren Christ Irrevocable Trust, as well as 300,000 shares owned by GC Investments LLC.
The transaction details also indicate that Christ serves as a trustee or manager for these entities and disclaims beneficial ownership of the shares, except to the extent of his pecuniary interest. The inclusion of these shares in the report is not to be taken as an admission of beneficial ownership for all of the reported shares for any purpose.
Investors often keep a close eye on insider transactions as they can provide insights into the executives' perspectives on the company's current valuation and future prospects. Altair Engineering, with its specialization in prepackaged software services, remains a watched entity in the tech sector, and transactions of this magnitude are noteworthy events for market participants.
The company, headquartered in Troy, Michigan, has not commented on the transaction. The reporting person has agreed to provide additional information regarding the sales upon request by Altair Engineering Inc., its security holders, or the SEC staff.
InvestingPro Insights
Altair Engineering Inc. (NASDAQ:ALTR) has recently been the subject of significant insider trading, with George J. Christ's sale of shares catching the attention of investors. The sale, which netted over $7.1 million, was conducted at prices close to the company's 52-week high, with the stock trading at approximately 92.71% of its peak value. This could be a signal that insiders might perceive the stock to be fairly valued, if not fully valued, at current levels.
InvestingPro data shows that Altair Engineering has a market capitalization of $7.02 billion, reflecting its standing in the tech sector. Notably, the company's revenue for the last twelve months as of Q4 2023 was $612.7 million, with a growth of 7.07% compared to the previous year. This growth is consistent with the quarterly increase of 6.9% for Q4 2023. Although the P/E ratio appears negative at -774.59, with an adjusted figure of -1303.25 for the same period, the company's gross profit margin remains robust at 80.12%, indicating a strong ability to manage production costs relative to sales.
InvestingPro Tips suggest that while the negative P/E ratio could typically be a red flag, the substantial gross profit margin may reflect a fundamentally sound business model with the potential for improved profitability. Moreover, the company's EBITDA growth of 110.48% for the last twelve months as of Q4 2023 is an indicator of its operational efficiency and could be a harbinger of future earnings improvement.
For investors seeking more in-depth analysis, additional tips are available on InvestingPro, which currently lists 12 more insights into Altair Engineering's financial health and stock performance. By using the coupon code PRONEWS24, readers can receive an extra 10% off a yearly or biyearly Pro and Pro+ subscription, offering a more comprehensive view of the company's financial landscape and investment potential.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.