BBVA USA Bancshares Inc. decreased its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 9.4% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 2,560 shares of the medical equipment provider’s stock after selling 265 shares during the quarter. BBVA USA Bancshares Inc.’s holdings in Align Technology were worth $703,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of ALGN. Ameritas Investment Company LLC purchased a new position in shares of Align Technology during the first quarter valued at $26,000. Orion Portfolio Solutions LLC purchased a new position in shares of Align Technology during the fourth quarter valued at $27,000. Point72 Hong Kong Ltd purchased a new position in Align Technology in the fourth quarter valued at about $61,000. Meeder Asset Management Inc. increased its position in Align Technology by 24.8% in the 1st quarter. Meeder Asset Management Inc. now owns 378 shares of the medical equipment provider’s stock worth $66,000 after purchasing an additional 75 shares during the last quarter. Finally, Beese Fulmer Investment Management Inc. purchased a new stake in shares of Align Technology during the 2nd quarter worth about $82,000. Institutional investors and hedge funds own 86.02% of the company’s stock.
ALGN has been the subject of several recent research reports. OTR Global raised Align Technology to a “positive” rating in a research note on Friday, June 12th. Bank of America lowered shares of Align Technology from a “neutral” rating to an “underperform” rating and set a $280.00 price objective on the stock. in a research report on Monday. Credit Suisse Group cut their price objective on shares of Align Technology from $320.00 to $275.00 and set an “outperform” rating on the stock in a research report on Thursday, April 30th. Robert W. Baird raised their price objective on shares of Align Technology from $225.00 to $248.00 and gave the company an “outperform” rating in a research report on Thursday, April 30th. Finally, ValuEngine lowered shares of Align Technology from a “hold” rating to a “sell” rating in a research report on Tuesday, June 30th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $274.29.
NASDAQ:ALGN opened at $299.05 on Friday. Align Technology, Inc. has a 12 month low of $127.88 and a 12 month high of $326.36. The firm has a market cap of $25.04 billion, a price-to-earnings ratio of 13.91, a P/E/G ratio of 16.91 and a beta of 2.01. The company has a quick ratio of 1.60, a current ratio of 1.73 and a debt-to-equity ratio of 0.02. The company’s 50 day moving average is $277.03 and its 200-day moving average is $239.29.
Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, July 22nd. The medical equipment provider reported ($0.35) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.29) by ($0.06). Align Technology had a net margin of 78.75% and a return on equity of 92.72%. The firm had revenue of $352.31 million during the quarter, compared to the consensus estimate of $345.50 million. During the same period in the prior year, the business earned $1.83 EPS. Research analysts predict that Align Technology, Inc. will post 1.51 EPS for the current fiscal year.
In other news, Director Joseph Lacob sold 10,000 shares of the firm’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $251.15, for a total value of $2,511,500.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO John Morici sold 4,154 shares of the firm’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $251.55, for a total transaction of $1,044,938.70. Following the completion of the sale, the chief financial officer now owns 3,807 shares in the company, valued at approximately $957,650.85. The disclosure for this sale can be found here. In the last three months, insiders sold 25,716 shares of company stock worth $6,241,054. Insiders own 1.20% of the company’s stock.
Align Technology Company Profile
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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