In a recent move by GC Investments LLC, a significant sale of Altair Engineering Inc. (NASDAQ:ALTR) shares was executed, amounting to over $4.5 million. This transaction, reported on May 20, 2024, involved the disposal of 50,000 shares of Class A Common Stock by the investment firm, which is also a ten percent owner of the company.
The sale took place on May 17, 2024, with the shares being sold at a weighted average price between $90.3231 and $91.1552 per share. Specifically, 47,800 shares were sold at an average price of $90.3231, and an additional 2,200 shares were sold at an average price of $91.1552. The prices for these transactions varied, with the range for the larger block of shares being between $90.015 and $91.00, while the smaller block was sold at prices ranging from $91.07 to $91.28.
Following the transaction, GC Investments LLC's ownership in Altair Engineering decreased, but the firm still held a substantial 250,000 shares of the company's stock. The sales were conducted directly by GC Investments LLC, indicating a straightforward disposition of the shares.
The reported figures were disclosed in a regulatory filing with the Securities and Exchange Commission, which detailed the transactions and provided the assurance that the reporting person would furnish further details about the number of shares sold at each price upon request.
Investors and market watchers often scrutinize such filings to gauge insider sentiment and financial moves within publicly traded companies. The sale by GC Investments LLC represents a notable change in its investment position in Altair Engineering Inc.
InvestingPro Insights
Amid the significant sale of Altair Engineering Inc. (NASDAQ:ALTR) shares by GC Investments LLC, current market metrics from InvestingPro offer a broader perspective on the company's financial standing. With a formidable market capitalization of $7.57 billion, Altair's valuation reflects its position in the market. The company's P/E ratio stands at 772.8, a figure that adjusts to 716.56 when considering the last twelve months as of Q1 2024. This high P/E ratio could suggest that investors are expecting higher future growth or that the stock is currently overvalued. In terms of growth, Altair has exhibited a revenue increase of 7.11% over the last twelve months leading into Q1 2024, with a gross profit margin of an impressive 80.64%, indicating efficient management of production costs relative to sales.
InvestingPro Tips highlight the company's PEG ratio of 6.73, which could be seen as steep, suggesting that the stock's price is high compared to its earnings growth potential. Additionally, Altair's price is currently at 98.27% of its 52-week high, coupled with a year-to-date price total return of 7.55%, signaling a strong recent performance in the stock market.
For investors seeking further insights, InvestingPro features additional tips that can help in making more informed decisions. Currently, there are 15 more InvestingPro Tips available for Altair Engineering Inc., which can be accessed with a subscription. Interested readers can take advantage of a special offer using the coupon code PRONEWS24 to get an extra 10% off a yearly or biyearly Pro and Pro+ subscription, enhancing their investment analysis with a wealth of expert data and analysis.
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