Align Technology, Inc. (NASDAQ:ALGN) Director Sells $5,453,700.00 in Stock

Align Technology, Inc. (NASDAQ:ALGN) Director Joseph Lacob sold 30,000 shares of the business’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $181.79, for a total value of $5,453,700.00. Following the completion of the sale, the director now directly owns 564 shares of the company’s stock, valued at approximately $102,529.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

NASDAQ ALGN opened at $174.37 on Friday. Align Technology, Inc. has a twelve month low of $172.62 and a twelve month high of $398.88. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.74 and a current ratio of 1.85. The stock has a market capitalization of $14.35 billion, a PE ratio of 35.44, a P/E/G ratio of 1.47 and a beta of 1.95. The stock has a 50-day simple moving average of $240.08 and a 200 day simple moving average of $272.07.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.13. Align Technology had a return on equity of 29.26% and a net margin of 19.06%. The business 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 firm earned $1.30 EPS. The firm’s revenue was up 22.5% compared to the same quarter last year. As a group, equities research analysts forecast that Align Technology, Inc. will post 5.03 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. lifted its position in shares of Align Technology by 4.4% during the 1st quarter. BlackRock Inc. now owns 7,239,770 shares of the medical equipment provider’s stock worth $2,058,482,000 after purchasing an additional 304,685 shares during the last quarter. Private Advisor Group LLC lifted its position in shares of Align Technology by 138,704.5% during the 2nd quarter. Private Advisor Group LLC now owns 3,786,588 shares of the medical equipment provider’s stock worth $4,704,000 after purchasing an additional 3,783,860 shares during the last quarter. Edgewood Management LLC lifted its position in shares of Align Technology by 52.9% during the 2nd quarter. Edgewood Management LLC now owns 3,080,611 shares of the medical equipment provider’s stock worth $843,163,000 after purchasing an additional 1,066,376 shares during the last quarter. Polen Capital Management LLC lifted its position in shares of Align Technology by 4.5% during the 2nd quarter. Polen Capital Management LLC now owns 2,603,337 shares of the medical equipment provider’s stock worth $712,533,000 after purchasing an additional 111,291 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its position in shares of Align Technology by 12.3% during the 2nd quarter. Renaissance Technologies LLC now owns 2,537,681 shares of the medical equipment provider’s stock worth $694,563,000 after purchasing an additional 277,681 shares during the last quarter. 83.14% of the stock is owned by institutional investors and hedge funds.

A number of brokerages have weighed in on ALGN. BidaskClub cut Align Technology from a “sell” rating to a “strong sell” rating in a research report on Wednesday. ValuEngine raised Align Technology from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. 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 research report on Thursday, July 25th. Stifel Nicolaus reduced their price target on Align Technology from $360.00 to $290.00 and set a “buy” rating for the company in a research report on Thursday, July 25th. Finally, Bank of America cut Align Technology from a “buy” rating to a “neutral” rating in a research report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the company. Align Technology currently has an average rating of “Buy” and a consensus price target of $297.91.

About Align Technology

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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