DnB Asset Management AS increased its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 17.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,600 shares of the medical equipment provider’s stock after purchasing an additional 2,800 shares during the quarter. DnB Asset Management AS’s holdings in Align Technology were worth $4,133,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Commonwealth Bank of Australia increased 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 acquiring an additional 107 shares during the period. QS Investors LLC increased its position in Align Technology by 4.7% in the 2nd quarter. QS Investors LLC now owns 2,729 shares of the medical equipment provider’s stock valued at $410,000 after acquiring an additional 123 shares during the period. Bayesian Capital Management LP increased its position in Align Technology by 3.2% in the 2nd quarter. Bayesian Capital Management LP now owns 6,500 shares of the medical equipment provider’s stock valued at $976,000 after acquiring an additional 200 shares during the period. Global Financial Private Capital LLC increased its position in Align Technology by 8.6% in the 2nd quarter. Global Financial Private Capital LLC now owns 2,605 shares of the medical equipment provider’s stock valued at $391,000 after acquiring an additional 206 shares during the period. Finally, YorkBridge Wealth Partners LLC increased its position in Align Technology by 4.4% in the 2nd quarter. YorkBridge Wealth Partners LLC now owns 5,681 shares of the medical equipment provider’s stock valued at $847,000 after acquiring an additional 241 shares during the period. Institutional investors and hedge funds own 82.89% of the company’s stock.
Several equities analysts have issued reports on the stock. Credit Suisse Group upgraded shares of Align Technology to a “buy” rating and set a $276.00 price target for the company in a research report on Thursday, January 4th. Zacks Investment Research cut shares of Align Technology from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 27th. Deutsche Bank assumed coverage on shares of Align Technology in a research report on Friday, December 8th. They issued a “hold” rating and a $250.00 price target for the company. Robert W. Baird restated a “buy” rating and issued a $290.00 price target on shares of Align Technology in a research report on Wednesday, November 29th. Finally, Morgan Stanley upped their price target on shares of Align Technology from $257.00 to $300.00 and gave the company an “overweight” rating in a research report on Monday, November 27th. Two research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $236.75.
In other news, Director Joseph Lacob sold 29,724 shares of the company’s stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $260.91, for a total value of $7,755,288.84. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Emory Wright sold 5,025 shares of the company’s stock in a transaction on Tuesday, November 28th. The shares were 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 in the company, valued at $21,295,324.16. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 52,849 shares of company stock worth $13,494,348. Insiders own 1.60% of the company’s stock.
Shares of Align Technology, Inc. (NASDAQ ALGN) opened at $258.43 on Friday. Align Technology, Inc. has a 12 month low of $88.56 and a 12 month high of $266.41. The company has a market cap of $20,277.74, a price-to-earnings ratio of 78.31, a PEG ratio of 1.98 and a beta of 1.43.
Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Thursday, October 26th. The medical equipment provider reported $1.01 EPS for the quarter, beating the Zacks’ 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 analyst estimates of $359.80 million. During the same period in the prior year, the firm posted $0.63 EPS. The company’s quarterly revenue was up 38.3% on a year-over-year basis. equities analysts predict that Align Technology, Inc. will post 3.67 EPS for the current year.
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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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