RMB Capital Management LLC lowered its stake in Align Technology, Inc. (NASDAQ:ALGN) by 10.1% during the second quarter, Holdings Channel.com reports. The fund owned 61,843 shares of the medical equipment provider’s stock after selling 6,975 shares during the period. RMB Capital Management LLC’s holdings in Align Technology were worth $16,926,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in ALGN. Edgewood Management LLC increased its position in shares of Align Technology by 52.9% in the second quarter. Edgewood Management LLC now owns 3,080,611 shares of the medical equipment provider’s stock valued at $843,163,000 after acquiring an additional 1,066,376 shares during the last quarter. BlackRock Inc. increased its position in shares of Align Technology by 4.4% in the first quarter. BlackRock Inc. now owns 7,239,770 shares of the medical equipment provider’s stock valued at $2,058,482,000 after acquiring an additional 304,685 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Align Technology by 12.3% in the second quarter. Renaissance Technologies LLC now owns 2,537,681 shares of the medical equipment provider’s stock valued at $694,563,000 after acquiring an additional 277,681 shares during the last quarter. Bessemer Group Inc. grew its holdings in Align Technology by 16,612.4% during the second quarter. Bessemer Group Inc. now owns 202,721 shares of the medical equipment provider’s stock worth $55,485,000 after purchasing an additional 201,508 shares during the period. Finally, Redmile Group LLC bought a new position in Align Technology during the first quarter worth about $40,716,000. 88.92% of the stock is currently owned by institutional investors and hedge funds.
Shares of NASDAQ:ALGN traded up $3.50 during trading on Friday, reaching $178.12. 76,917 shares of the stock were exchanged, compared to its average volume of 1,155,671. Align Technology, Inc. has a 12 month low of $169.84 and a 12 month high of $398.88. The firm has a market cap of $14.20 billion, a PE ratio of 36.18, a PEG ratio of 1.46 and a beta of 2.02. The stock has a 50-day moving average price of $185.73 and a 200-day moving average price of $262.04. The company has a current ratio of 1.85, a quick ratio of 1.74 and a debt-to-equity ratio of 0.04.
Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.13. Align Technology had a return on equity of 29.26% and a net margin of 19.06%. The company had revenue of $600.70 million during the quarter, compared to analysts’ expectations of $599.86 million. During the same quarter in the previous year, the company posted $1.30 earnings per share. The business’s revenue was up 22.5% on a year-over-year basis. On average, sell-side analysts expect that Align Technology, Inc. will post 5 earnings per share for the current fiscal year.
In other news, insider Joseph M. Hogan acquired 4,995 shares of Align Technology stock in a transaction dated Friday, August 2nd. The stock was bought at an average price of $199.83 per share, for a total transaction of $998,150.85. Following the completion of the acquisition, the insider now directly owns 165,440 shares in the company, valued at approximately $33,059,875.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Vamsi Mohan Raj Pudipeddi acquired 1,100 shares of Align Technology stock in a transaction dated Tuesday, August 6th. The shares were purchased at an average price of $188.11 per share, with a total value of $206,921.00. Following the acquisition, the vice president now owns 1,100 shares of the company’s stock, valued at $206,921. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 44,157 shares of company stock valued at $7,976,448. Corporate insiders own 1.30% of the company’s stock.
A number of equities analysts recently commented on the company. ValuEngine upgraded Align Technology from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Wolfe Research assumed coverage on Align Technology in a report on Thursday, May 30th. They set a “peer perform” rating for the company. Zacks Investment Research cut Align Technology from a “buy” rating to a “hold” rating in a report on Tuesday, May 21st. Credit Suisse Group reduced their price target on Align Technology from $340.00 to $320.00 and set an “outperform” rating for the company in a report on Thursday, July 25th. Finally, UBS Group set a $230.00 price target on Align Technology and gave the stock a “hold” rating in a report on Friday, July 26th. One research analyst has rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $297.91.
Align Technology Company Profile
Align Technology, Inc, a medical device company, designs, manufactures, and markets Invisalign clear aligners and iTero intraoral scanners and services for orthodontics, and restorative and aesthetic dentistry worldwide. It operates in two segments, Clear Aligner; and Scanners and Services. The Clear Aligner segment consists of comprehensive products, including Invisalign Comprehensive treatment that addresses the orthodontic needs of teenage patients, such as compliance indicators and compensation for tooth eruption; Invisalign Assist treatment, which offers support to dental practitioners throughout the treatment process, including progress tracking; and Invisalign First Phase I and Invisalign First Comprehensive Phase II package for younger patients with early mixed dentition with a mixture of primary/baby and permanent teeth.
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