Palo Alto Investors LP lifted its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 2.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 218,707 shares of the medical equipment provider’s stock after purchasing an additional 6,200 shares during the quarter. Align Technology accounts for about 2.3% of Palo Alto Investors LP’s portfolio, making the stock its 13th biggest position. Palo Alto Investors LP owned about 0.27% of Align Technology worth $54,924,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in ALGN. California Public Employees Retirement System grew its holdings in shares of Align Technology by 1.8% during the fourth quarter. California Public Employees Retirement System now owns 241,142 shares of the medical equipment provider’s stock worth $53,579,000 after buying an additional 4,159 shares in the last quarter. Whittier Trust Co. of Nevada Inc. grew its holdings in shares of Align Technology by 166.7% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 504 shares of the medical equipment provider’s stock worth $112,000 after buying an additional 315 shares in the last quarter. Candriam Luxembourg S.C.A. bought a new position in shares of Align Technology during the fourth quarter worth about $1,262,000. Sei Investments Co. grew its holdings in shares of Align Technology by 45.0% during the fourth quarter. Sei Investments Co. now owns 88,023 shares of the medical equipment provider’s stock worth $12,095,000 after buying an additional 27,297 shares in the last quarter. Finally, First Trust Advisors LP grew its holdings in shares of Align Technology by 23.8% during the fourth quarter. First Trust Advisors LP now owns 221,827 shares of the medical equipment provider’s stock worth $49,288,000 after buying an additional 42,668 shares in the last quarter. 78.03% of the stock is currently owned by institutional investors.
A number of research analysts recently issued reports on ALGN shares. Zacks Investment Research upgraded Align Technology from a “hold” rating to a “buy” rating and set a $272.00 price objective for the company in a report on Wednesday, April 4th. Vetr downgraded Align Technology from a “strong-buy” rating to a “buy” rating and set a $302.42 price target for the company. in a research note on Monday, March 12th. BidaskClub upgraded Align Technology from a “hold” rating to a “buy” rating in a research note on Saturday, March 10th. Stifel Nicolaus lifted their target price on Align Technology from $295.00 to $320.00 and gave the stock a “buy” rating in a research note on Thursday, April 26th. Finally, Berenberg Bank initiated coverage on Align Technology in a report on Friday, April 20th. They set a “buy” rating and a $305.00 price target for the company. Three research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and four have issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $297.44.
In other Align Technology news, Director Thomas M. Prescott sold 82,000 shares of the business’s stock in a transaction on Monday, April 30th. The shares were sold at an average price of $252.75, for a total transaction of $20,725,500.00. Following the completion of the sale, the director now directly owns 222,399 shares in the company, valued at approximately $56,211,347.25. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO John Morici sold 2,405 shares of the business’s stock in a transaction on Wednesday, May 30th. The shares were sold at an average price of $331.35, for a total transaction of $796,896.75. Following the sale, the chief financial officer now owns 514 shares of the company’s stock, valued at $170,313.90. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 188,434 shares of company stock worth $51,437,919. Insiders own 1.40% of the company’s stock.
Align Technology opened at $363.49 on Thursday, according to Marketbeat. Align Technology, Inc. has a twelve month low of $142.01 and a twelve month high of $365.76. The stock has a market cap of $27.93 billion, a price-to-earnings ratio of 93.44, a PEG ratio of 2.52 and a beta of 1.55.
Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, April 25th. The medical equipment provider reported $1.17 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.98 by $0.19. The firm had revenue of $436.92 million for the quarter, compared to analysts’ expectations of $408.27 million. Align Technology had a return on equity of 30.36% and a net margin of 16.12%. The company’s revenue for the quarter was up 40.8% compared to the same quarter last year. During the same period last year, the firm earned $0.59 earnings per share. equities research analysts forecast that Align Technology, Inc. will post 4.73 EPS for the current fiscal year.
Align Technology Company Profile
Align Technology, Inc designs, manufactures, and markets a system of clear aligner therapy, intraoral scanners, and computer-aided design and computer-aided manufacturing (CAD/CAM) digital services. The company's Clear Aligner segment offers Invisalign Full, a treatment used for a range of malocclusion; Invisalign Teen treatment that addresses orthodontic needs of teenage patients, such as compliance indicators, compensation for tooth eruption, and six free single arch replacement aligners; and Invisalign Assist treatment for anterior alignment and aesthetically-oriented cases.
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