Panagora Asset Management Inc. raised its position in Align Technology, Inc. (NASDAQ:ALGN) by 7.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,932 shares of the medical equipment provider’s stock after buying an additional 201 shares during the period. Panagora Asset Management Inc.’s holdings in Align Technology were worth $802,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in ALGN. BlackRock Inc. boosted its position in Align Technology by 4.4% in the first quarter. BlackRock Inc. now owns 7,239,770 shares of the medical equipment provider’s stock valued at $2,058,482,000 after buying an additional 304,685 shares in the last quarter. Bessemer Group Inc. lifted its position in shares of Align Technology by 16,612.4% during the second quarter. Bessemer Group Inc. now owns 202,721 shares of the medical equipment provider’s stock worth $55,485,000 after purchasing an additional 201,508 shares in the last quarter. Redmile Group LLC acquired a new position in shares of Align Technology during the first quarter worth approximately $40,716,000. Frontier Capital Management Co. LLC lifted its position in shares of Align Technology by 93.6% during the first quarter. Frontier Capital Management Co. LLC now owns 201,861 shares of the medical equipment provider’s stock worth $57,395,000 after purchasing an additional 97,597 shares in the last quarter. Finally, Northern Trust Corp lifted its position in shares of Align Technology by 6.2% during the first quarter. Northern Trust Corp now owns 980,494 shares of the medical equipment provider’s stock worth $278,784,000 after purchasing an additional 57,586 shares in the last quarter. Hedge funds and other institutional investors own 84.15% of the company’s stock.
In related news, Director C Raymond Larkin, Jr. sold 9,734 shares of the stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $296.65, for a total transaction of $2,887,591.10. Following the completion of the transaction, the director now owns 50,257 shares in the company, valued at $14,908,739.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Vamsi Mohan Raj Pudipeddi bought 1,100 shares of Align Technology stock in a transaction that occurred on Tuesday, August 6th. The shares were acquired at an average price of $188.11 per share, with a total value of $206,921.00. Following the acquisition, the vice president now directly owns 1,100 shares of the company’s stock, valued at approximately $206,921. The disclosure for this purchase can be found here. Insiders have sold 45,108 shares of company stock valued at $9,961,805 in the last three months. 1.30% of the stock is owned by insiders.
A number of equities analysts have recently issued reports on ALGN shares. BidaskClub lowered shares of Align Technology from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 14th. Credit Suisse Group reduced their target price on shares of Align Technology from $340.00 to $320.00 and set an “outperform” rating on the stock in a research report on Thursday, July 25th. Stifel Nicolaus reduced their target price on shares of Align Technology from $360.00 to $290.00 and set a “buy” rating on the stock in a research report on Thursday, July 25th. Zacks Investment Research lowered shares of Align Technology from a “buy” rating to a “hold” rating in a research report on Tuesday, May 21st. Finally, Robert W. Baird reduced their target price on shares of Align Technology from $336.00 to $259.00 and set an “outperform” rating on the stock in a research report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $297.91.
NASDAQ:ALGN traded up $3.33 during trading hours on Thursday, hitting $179.72. The stock had a trading volume of 27,331 shares, compared to its average volume of 2,090,405. Align Technology, Inc. has a one year low of $172.62 and a one year 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 company has a market cap of $14.19 billion, a price-to-earnings ratio of 36.50, a P/E/G ratio of 1.46 and a beta of 1.95. The business’s 50 day moving average is $228.57 and its 200-day moving average is $269.46.
Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $1.26 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.13 by $0.13. Align Technology had a net margin of 19.06% and a return on equity of 29.26%. The company had revenue of $600.70 million during the quarter, compared to the consensus estimate of $599.86 million. During the same quarter in the prior year, the firm earned $1.30 earnings per share. The firm’s revenue was up 22.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Align Technology, Inc. will post 5 EPS for the current fiscal year.
Align Technology 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.
Receive News & Ratings for Align Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Align Technology and related companies with MarketBeat.com's FREE daily email newsletter.