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No, I'm afraid the Alta doesn't track heart rate. The sensor for this (and the one for tracking floors) was left out to make the tracker as small as possible. You can compare the features of the various fitbit models here:
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Fitbit Product Experts Alumni are retired members of the Fitbit Product Expert Program. Learn more
That's true but it all depends on the type of exercise you are doing. As the Alta doesn't track your heart rate all it knows is the motion it detects and, from that, the amount and frequency of steps. If the activity you are doing is mainly step based then it should be quite accurate. But if the activity doesn't result in the Alta detecting steps then it will under estimate your calories.
If this is the situation you can usually get more accurate calorie burn data for those activities by manually logging them:
http://help.fitbit.com/articles/en_US/Help_article/How-do-I-log-or-record-an-activity/
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