Jeffrey Marraccini, an executive at Altair Engineering Inc. (NASDAQ:ALTR), recently sold a portion of his holdings in the company. According to a recent SEC filing, Marraccini sold 1,824 shares of Class A Common Stock at a price of $104.10 per share, amounting to a total transaction value of $189,878. Following this sale, Marraccini holds 4,680 shares in the company.
Additionally, the filing disclosed several stock option exercises by Marraccini. On November 5, he exercised options to acquire a total of 1,824 shares of Class A Common Stock at no cost. These transactions did not involve any cash outlay, as they were part of Marraccini's compensation package.
The filing also noted that some of the shares Marraccini holds include 2,825 restricted stock units that have yet to vest.
In other recent news, Altair Engineering Inc. has been the focus of several significant developments. 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. Altair has also entered into a definitive agreement to be acquired by Siemens (ETR:SIEGn) for $10.6 billion, which translates to $113 per share in cash. This acquisition price was reflected in RBC Capital's revised price target for Altair of $113.00, up from the previous $90.00.
Meanwhile, Altair's stock was downgraded from Outperform to Market Perform by William Blair following the announcement of its acquisition by Siemens. In addition, Altair, in collaboration with the Technical University of Munich, achieved a breakthrough in quantum computing, particularly in computational fluid dynamics. Altair also expressed gratitude for the ongoing support from Matrix Capital Management, which decided to maintain its full investment position in the company. These are the latest developments in a dynamic period for Altair Engineering Inc.
InvestingPro Insights
Altair Engineering Inc. (NASDAQ:ALTR) has been showing strong market performance, with a 51.92% price total return over the past year. This impressive growth aligns with the recent insider transaction, potentially indicating confidence in the company's trajectory.
The company's financial health appears robust, with a revenue of $644.66 million in the last twelve months as of Q3 2023, representing a 7.15% growth. Notably, Altair's quarterly revenue growth accelerated to 13.02% in Q3 2023, suggesting an improving business momentum.
An InvestingPro Tip highlights that Altair's revenue growth has been accelerating, which corroborates the positive trend observed in the quarterly figures. This could be a factor influencing executive decisions, including stock transactions.
Another relevant InvestingPro Tip notes that Altair is trading near its 52-week high, with the current price at 91.92% of its peak. This strong market position may provide context for the timing of the insider sale.
For investors seeking a more comprehensive analysis, InvestingPro offers 15 additional tips for Altair Engineering, providing deeper insights into the company's financial health and market position.
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