Parallel Advisors LLC trimmed its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 16.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 378 shares of the medical equipment provider’s stock after selling 76 shares during the quarter. Parallel Advisors LLC’s holdings in Align Technology were worth $205,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently modified their holdings of ALGN. BDO Wealth Advisors LLC acquired a new position in shares of Align Technology during the fourth quarter worth approximately $27,000. Prestige Wealth Management Group LLC lifted its position in shares of Align Technology by 488.9% during the fourth quarter. Prestige Wealth Management Group LLC now owns 53 shares of the medical equipment provider’s stock worth $29,000 after purchasing an additional 44 shares in the last quarter. Catalyst Capital Advisors LLC acquired a new position in shares of Align Technology during the fourth quarter worth approximately $30,000. CVA Family Office LLC acquired a new position in shares of Align Technology during the first quarter worth approximately $30,000. Finally, Winslow Evans & Crocker Inc. acquired a new position in shares of Align Technology during the fourth quarter worth approximately $37,000. 85.84% of the stock is currently owned by hedge funds and other institutional investors.
In other Align Technology news, SVP Stuart A. Hockridge sold 5,602 shares of the company’s stock in a transaction that occurred on Wednesday, February 24th. The stock was sold at an average price of $573.27, for a total value of $3,211,458.54. Also, Director George J. Morrow sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, February 8th. The shares were sold at an average price of $624.60, for a total value of $9,369,000.00. Following the completion of the sale, the director now owns 26,680 shares in the company, valued at approximately $16,664,328. The disclosure for this sale can be found here. Insiders have sold 26,102 shares of company stock worth $15,920,924 in the last quarter. 1.20% of the stock is currently owned by corporate insiders.
Align Technology (NASDAQ:ALGN) last released its earnings results on Tuesday, April 27th. The medical equipment provider reported $2.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.02 by $0.47. Align Technology had a return on equity of 68.99% and a net margin of 76.00%. The business had revenue of $894.80 million for the quarter, compared to analyst estimates of $810.27 million. During the same quarter in the prior year, the company posted $0.73 earnings per share. Align Technology’s revenue was up 62.4% on a year-over-year basis. On average, equities research analysts anticipate that Align Technology, Inc. will post 3.34 earnings per share for the current year.
A number of equities analysts have recently issued reports on the stock. Robert W. Baird upped their target price on shares of Align Technology from $655.00 to $745.00 and gave the stock an “outperform” rating in a research report on Thursday, April 29th. Berenberg Bank raised Align Technology from a “hold” rating to a “buy” rating and set a $683.00 target price for the company in a research note on Wednesday, April 28th. Credit Suisse Group boosted their target price on Align Technology from $693.00 to $715.00 and gave the company an “outperform” rating in a research note on Thursday, April 29th. Zacks Investment Research cut Align Technology from a “strong-buy” rating to a “hold” rating and set a $575.00 target price for the company. in a research note on Tuesday, April 6th. Finally, SVB Leerink boosted their target price on Align Technology from $690.00 to $770.00 and gave the company an “outperform” rating in a research note on Thursday, April 29th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company. Align Technology has a consensus rating of “Buy” and an average target price of $622.75.
About Align Technology
Align Technology, Inc, a medical device company, designs, manufactures, and markets Invisalign clear aligners and iTero intraoral scanners and services for orthodontists and general practitioner dentists, and restorative and aesthetic dentistry. It operates in two segments, Clear Aligner; and Scanners and Services.
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