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.