Vident Investment Advisory LLC purchased a new position in shares of Align Technology, Inc. (NASDAQ:ALGN) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 4,956 shares of the medical equipment provider’s stock, valued at approximately $1,360,000.
Several other institutional investors and hedge funds also recently made changes to their positions in ALGN. Meritage Portfolio Management purchased a new stake in shares of Align Technology during the 2nd quarter valued at $259,000. OLD National Bancorp IN purchased a new position in shares of Align Technology in the 2nd quarter worth about $262,000. Ziegler Capital Management LLC lifted its stake in shares of Align Technology by 3.6% in the 2nd quarter. Ziegler Capital Management LLC now owns 78,929 shares of the medical equipment provider’s stock valued at $21,662,000 after purchasing an additional 2,713 shares in the last quarter. Archford Capital Strategies LLC acquired a new stake in Align Technology during the 2nd quarter worth approximately $331,000. Finally, Dupont Capital Management Corp acquired a new stake in shares of Align Technology in the second quarter worth $1,024,000. Institutional investors own 86.02% of the company’s stock.
Shares of Align Technology stock opened at $293.82 on Friday. The business has a 50-day moving average price of $280.38 and a 200 day moving average price of $239.85. Align Technology, Inc. has a fifty-two week low of $127.88 and a fifty-two week high of $326.36. The firm has a market cap of $23.14 billion, a P/E ratio of 13.67, a P/E/G ratio of 20.62 and a beta of 2.01. The company has a quick ratio of 1.08, a current ratio of 1.22 and a debt-to-equity ratio of 0.02.
Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, July 22nd. The medical equipment provider reported ($0.35) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.06). Align Technology had a return on equity of 81.50% and a net margin of 78.75%. The firm had revenue of $352.31 million during the quarter, compared to analyst estimates of $345.50 million. During the same quarter in the previous year, the business posted $1.83 EPS. As a group, equities research analysts anticipate that Align Technology, Inc. will post 1.15 earnings per share for the current year.
Several brokerages have recently weighed in on ALGN. Berenberg Bank downgraded Align Technology from a “buy” rating to a “hold” rating and set a $306.00 target price for the company. in a research report on Wednesday. ValuEngine downgraded shares of Align Technology from a “hold” rating to a “sell” rating in a research report on Tuesday, June 30th. Robert W. Baird lifted their price objective on shares of Align Technology from $225.00 to $248.00 and gave the company an “outperform” rating in a research note on Thursday, April 30th. Piper Sandler upped their target price on shares of Align Technology from $258.00 to $345.00 and gave the company an “overweight” rating in a research note on Thursday, July 23rd. Finally, TheStreet downgraded shares of Align Technology from a “b-” rating to a “c+” rating in a research note on Wednesday, July 22nd. Three analysts have rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the stock. Align Technology presently has an average rating of “Hold” and an average price target of $279.00.
In related news, Director Thomas M. Prescott sold 35,000 shares of Align Technology stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $301.83, for a total value of $10,564,050.00. Following the sale, the director now directly owns 114,860 shares in the company, valued at approximately $34,668,193.80. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Julie Tay sold 3,370 shares of the business’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $241.00, for a total transaction of $812,170.00. Following the transaction, the senior vice president now directly owns 25,242 shares of the company’s stock, valued at $6,083,322. The disclosure for this sale can be found here. In the last ninety days, insiders sold 60,716 shares of company stock valued at $16,805,104. 1.20% of the stock is currently owned by corporate insiders.
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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