Investors Buy Shares of Align Technology (ALGN) on Weakness

Investors bought shares of Align Technology, Inc. (NASDAQ:ALGN) on weakness during trading on Monday. $90.28 million flowed into the stock on the tick-up and $62.25 million flowed out of the stock on the tick-down, for a money net flow of $28.03 million into the stock. Of all companies tracked, Align Technology had the 22nd highest net in-flow for the day. Align Technology traded down ($1.27) for the day and closed at $251.50

Several equities analysts have recently issued reports on the stock. BidaskClub downgraded shares of Align Technology from a “buy” rating to a “hold” rating in a research note on Friday, February 9th. Robert W. Baird reaffirmed a “buy” rating and set a $245.00 price target on shares of Align Technology in a research note on Friday, October 27th. Zacks Investment Research downgraded shares of Align Technology from a “buy” rating to a “hold” rating in a research note on Thursday, February 1st. Stifel Nicolaus raised their price target on shares of Align Technology from $265.00 to $295.00 and gave the company a “buy” rating in a research note on Tuesday, January 30th. Finally, Leerink Swann raised their price target on shares of Align Technology from $300.00 to $305.00 and gave the company an “outperform” rating in a research note on Wednesday, January 31st. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $258.54.

The company has a market capitalization of $20,160.00, a P/E ratio of 88.87, a price-to-earnings-growth ratio of 1.92 and a beta of 1.48.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Tuesday, January 30th. The medical equipment provider reported $1.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.23. Align Technology had a net margin of 15.71% and a return on equity of 28.55%. The business had revenue of $421.30 million during the quarter, compared to the consensus estimate of $395.88 million. During the same quarter last year, the firm earned $0.59 earnings per share. Align Technology’s quarterly revenue was up 43.7% on a year-over-year basis. equities analysts forecast that Align Technology, Inc. will post 4.49 EPS for the current fiscal year.

In other news, insider Joseph M. Hogan bought 1,500 shares of the stock in a transaction that occurred on Tuesday, February 13th. The stock was acquired at an average price of $233.63 per share, with a total value of $350,445.00. Following the completion of the purchase, the insider now directly owns 42,984 shares of the company’s stock, valued at $10,042,351.92. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Emory Wright sold 5,025 shares of Align Technology 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 transaction, 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 82,029 shares of company stock valued at $21,369,243 in the last three months. 1.60% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in ALGN. BlackRock Inc. increased its stake in Align Technology by 2.6% in the fourth quarter. BlackRock Inc. now owns 5,153,023 shares of the medical equipment provider’s stock valued at $1,144,948,000 after purchasing an additional 130,189 shares in the last quarter. Renaissance Technologies LLC increased its stake in Align Technology by 28.3% in the fourth quarter. Renaissance Technologies LLC now owns 2,614,100 shares of the medical equipment provider’s stock valued at $580,827,000 after purchasing an additional 576,900 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Align Technology by 2.2% in the third quarter. Bank of New York Mellon Corp now owns 1,946,097 shares of the medical equipment provider’s stock valued at $362,499,000 after purchasing an additional 42,570 shares in the last quarter. Janus Henderson Group PLC increased its stake in Align Technology by 26.6% in the third quarter. Janus Henderson Group PLC now owns 752,014 shares of the medical equipment provider’s stock valued at $140,077,000 after purchasing an additional 157,890 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its stake in Align Technology by 5.6% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 719,411 shares of the medical equipment provider’s stock valued at $159,846,000 after purchasing an additional 37,900 shares in the last quarter. 80.72% of the stock is owned by institutional investors and hedge funds.

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Align Technology Company Profile

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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