In a recent transaction involving Altair Engineering Inc. (NASDAQ:ALTR), Chief Revenue Officer Dias Nelson sold 22,500 shares of Class A Common Stock, amounting to approximately $2.39 million. The shares were sold at a weighted average price of $106.23, with individual sale prices ranging from $106.085 to $106.81 per share. The stock, which has gained 46% over the past year and currently trades near $106, appears overvalued according to InvestingPro analysis.
The transaction took place on December 10, 2024, as disclosed in a Form 4 filing with the Securities and Exchange Commission. Following this sale, Nelson retains ownership of 48,437 shares, including 21,443 restricted stock units that remain unvested.
The transaction also involved the exercise of stock options, allowing Nelson to acquire 22,500 shares at a conversion price of $39.82 per share. These options, which were fully vested, were subsequently sold on the same day.
Altair Engineering, headquartered in Troy, Michigan, is known for its prepackaged software services and continues to see active participation from its executive team in the company's stock market activities. The company, with a market capitalization of $9 billion, maintains strong financial health with an impressive gross profit margin of 81% and has received a "GOOD" overall rating from InvestingPro's comprehensive analysis system.
In other recent news, Altair Engineering Inc. has experienced several significant developments. The company's Q2 2024 earnings showed a substantial increase, with total revenue hitting $148.8 million and software revenue reaching $135.4 million, a 10.6% year-over-year growth. In addition, 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 announced a series of strategic partnerships. The company has teamed up with Auburn University on a $1.25 million AFWERX Phase II STTR contract to advance aerospace technology. It has also partnered with Moya Aero to develop electric vertical takeoff and landing vehicles and unmanned aerial vehicles. Furthermore, Altair is collaborating with the European Space Agency to provide its aerospace technology to various European entities.
These are recent developments that continue to shape Altair's trajectory in the engineering software solutions market. The company's strategic partnerships and acquisition by Siemens are expected to strengthen its position in the industry.
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