James Ralph Scapa, CEO of Altair Engineering Inc. (NASDAQ:ALTR), a $9 billion market cap company that has delivered an impressive 25.74% return year-to-date, recently sold 16,095 shares of Class A Common Stock, according to a SEC filing. The shares were sold at an average price of $105.65 each, totaling approximately $1.7 million. This transaction was conducted to satisfy tax withholding obligations related to the vesting of restricted stock units. According to InvestingPro, the company maintains a GOOD financial health score, with solid revenue growth of 7.15% in the last twelve months. Following this sale, Scapa owns 117,950 shares directly, which includes 88,194 unvested restricted stock units. Additionally, there are 1,193 shares indirectly owned by his wife, including 20 unvested restricted stock units. For deeper insights into ALTR's valuation and comprehensive analysis, check out the detailed Pro Research Report available on InvestingPro, which currently indicates the stock may be overvalued relative to its Fair Value.
In other recent news, Altair Engineering Inc. has seen significant developments in its operations. The computational intelligence 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. In a major corporate development, Altair has entered into 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.
Altair has also formed strategic partnerships with Auburn University, Moya Aero, and the European Space Agency to advance aerospace technology and develop electric vertical takeoff and landing vehicles. These collaborations are expected to yield next-generation solutions for vortex engines and enhance the capabilities of unmanned aerial vehicles. These are recent developments that continue to shape Altair's trajectory in the engineering software solutions market.
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