Axiom International Investors LLC DE acquired a new stake in Align Technology, Inc. (NASDAQ:ALGN) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 147,770 shares of the medical equipment provider’s stock, valued at approximately $27,525,000. Axiom International Investors LLC DE owned about 0.18% of Align Technology at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Schroder Investment Management Group acquired a new stake in Align Technology in the 2nd quarter valued at approximately $104,000. Whittier Trust Co. purchased a new position in Align Technology in the 3rd quarter valued at approximately $107,000. Bronfman E.L. Rothschild L.P. boosted its position in Align Technology by 13.0% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 912 shares of the medical equipment provider’s stock valued at $137,000 after buying an additional 105 shares during the period. BlueMountain Capital Management LLC purchased a new position in Align Technology in the 2nd quarter valued at approximately $148,000. Finally, Commonwealth Bank of Australia boosted its position in Align Technology by 10.5% in the 2nd quarter. Commonwealth Bank of Australia now owns 1,129 shares of the medical equipment provider’s stock valued at $169,000 after buying an additional 107 shares during the period. Institutional investors own 83.91% of the company’s stock.
In other news, CFO John Morici sold 1,500 shares of the stock in a transaction on Friday, November 24th. The shares were sold at an average price of $255.00, for a total value of $382,500.00. Following the completion of the sale, the chief financial officer now owns 1,544 shares of the company’s stock, valued at $393,720. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Emory Wright sold 5,025 shares of the stock in a transaction on Tuesday, November 28th. The stock was sold at an average price of $263.68, for a total transaction of $1,324,992.00. Following the completion of the sale, the vice president now directly owns 80,762 shares of the company’s stock, valued at approximately $21,295,324.16. The disclosure for this sale can be found here. Insiders have sold 52,849 shares of company stock worth $13,494,348 in the last three months. Insiders own 1.60% of the company’s stock.
Align Technology, Inc. (NASDAQ:ALGN) traded up $4.74 during mid-day trading on Wednesday, reaching $232.10. 247,290 shares of the company were exchanged, compared to its average volume of 1,023,068. Align Technology, Inc. has a 52-week low of $88.56 and a 52-week high of $266.41. The stock has a market capitalization of $18,104.13, a P/E ratio of 66.81, a P/E/G ratio of 2.16 and a beta of 1.43.
Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Thursday, October 26th. The medical equipment provider reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.19. Align Technology had a net margin of 19.98% and a return on equity of 25.60%. The company had revenue of $385.30 million for the quarter, compared to the consensus estimate of $359.80 million. During the same quarter in the prior year, the firm earned $0.63 earnings per share. The company’s revenue for the quarter was up 38.3% compared to the same quarter last year. analysts predict that Align Technology, Inc. will post 3.62 EPS for the current year.
Several equities research analysts have recently issued reports on ALGN shares. Zacks Investment Research cut shares of Align Technology from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 21st. Piper Jaffray Companies reissued a “buy” rating and issued a $200.00 price target on shares of Align Technology in a research report on Monday, September 11th. Robert W. Baird reissued a “buy” rating on shares of Align Technology in a research report on Tuesday, September 12th. Goldman Sachs Group boosted their price target on shares of Align Technology from $185.00 to $210.00 and gave the company a “buy” rating in a research report on Friday, September 15th. Finally, Morgan Stanley restated an “overweight” rating and issued a $220.00 price objective (up from $195.00) on shares of Align Technology in a research note on Friday, October 6th. Eleven research analysts have rated the stock with a buy rating, Align Technology currently has a consensus rating of “Buy” and an average target price of $235.55.
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About Align Technology
Align Technology, Inc designs, manufactures and markets a system of clear aligner therapy, intra-oral scanners and computer-aided design/computer-aided manufacturing (CAD/CAM) digital services used in dentistry, orthodontics and dental records storage. The Company operates through two segments: Clear Aligner segment and Scanner and Services (Scanner) segment.
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