Raymond James & Associates lessened its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 14.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 72,368 shares of the medical equipment provider’s stock after selling 12,212 shares during the quarter. Raymond James & Associates owned approximately 0.09% of Align Technology worth $16,079,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also made changes to their positions in ALGN. USA Mutuals Advisors Inc. bought a new position in shares of Align Technology during the fourth quarter valued at approximately $101,000. Whittier Trust Co. of Nevada Inc. raised 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 valued at $112,000 after acquiring an additional 315 shares in the last quarter. Cobblestone Capital Advisors LLC NY bought a new position in shares of Align Technology during the fourth quarter valued at approximately $200,000. Meritage Portfolio Management purchased a new stake in Align Technology in the fourth quarter worth $201,000. Finally, Dai Ichi Life Insurance Company Ltd purchased a new stake in Align Technology in the third quarter worth $211,000. Institutional investors own 80.53% of the company’s stock.
In related news, insider Joseph M. Hogan bought 1,500 shares of the business’s stock in a transaction dated Tuesday, February 13th. The shares were purchased at an average cost of $233.63 per share, with a total value of $350,445.00. Following the completion of the purchase, the insider now owns 42,984 shares in the company, valued at approximately $10,042,351.92. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Emory Wright sold 45,780 shares of the stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $260.08, for a total value of $11,906,462.40. Following the completion of the sale, the vice president now directly owns 29,957 shares in the company, valued at $7,791,216.56. The disclosure for this sale can be found here. Corporate insiders own 1.60% of the company’s stock.
Several brokerages recently weighed in on ALGN. Robert W. Baird reaffirmed a “buy” rating and issued a $290.00 price target on shares of Align Technology in a research note on Wednesday, November 29th. Morgan Stanley upped their price target on Align Technology from $257.00 to $300.00 and gave the stock an “overweight” rating in a research note on Monday, November 27th. Stifel Nicolaus upped their price target on Align Technology from $245.00 to $265.00 and gave the stock a “buy” rating in a research note on Tuesday, November 21st. Credit Suisse Group upped their price target on Align Technology from $276.00 to $290.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 31st. Finally, BidaskClub raised Align Technology from a “hold” rating to a “buy” rating in a research note on Saturday, March 10th. Three research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $263.56.
Shares of ALGN stock opened at $270.40 on Wednesday. Align Technology, Inc. has a 12 month low of $110.25 and a 12 month high of $287.32. The company has a market capitalization of $21,267.09, a price-to-earnings ratio of 68.05, a PEG ratio of 2.01 and a beta of 1.44.
Align Technology (NASDAQ:ALGN) last released its earnings results on Tuesday, January 30th. The medical equipment provider reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.23. Align Technology had a return on equity of 28.55% and a net margin of 15.71%. The firm had revenue of $421.30 million for the quarter, compared to analysts’ expectations of $395.88 million. During the same period in the prior year, the firm posted $0.59 earnings per share. The company’s quarterly revenue was up 43.7% on a year-over-year basis. analysts anticipate that Align Technology, Inc. will post 4.52 EPS for the current fiscal year.
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Align Technology 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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