Legal & General Group Plc cut its position in Align Technology, Inc. (NASDAQ:ALGN) by 0.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 374,255 shares of the medical equipment provider’s stock after selling 2,948 shares during the quarter. Legal & General Group Plc owned 0.47% of Align Technology worth $93,921,000 as of its most recent SEC filing.
Several other large investors have also recently modified their holdings of ALGN. Renaissance Technologies LLC raised its position in shares of Align Technology by 28.3% in the 4th quarter. Renaissance Technologies LLC now owns 2,614,100 shares of the medical equipment provider’s stock valued at $580,827,000 after buying an additional 576,900 shares in the last quarter. Artisan Partners Limited Partnership acquired a new position in shares of Align Technology in the 1st quarter valued at approximately $72,283,000. Carillon Tower Advisers Inc. acquired a new position in shares of Align Technology in the 4th quarter valued at approximately $62,895,000. AXA increased its position in Align Technology by 154.1% during the 4th quarter. AXA now owns 212,861 shares of the medical equipment provider’s stock worth $47,295,000 after purchasing an additional 129,100 shares in the last quarter. Finally, TCW Group Inc. increased its position in Align Technology by 140.9% during the 1st quarter. TCW Group Inc. now owns 174,075 shares of the medical equipment provider’s stock worth $43,715,000 after purchasing an additional 101,807 shares in the last quarter. Institutional investors own 78.01% of the company’s stock.
Shares of NASDAQ ALGN opened at $353.27 on Friday. Align Technology, Inc. has a 52-week low of $148.01 and a 52-week high of $371.55. The company has a market capitalization of $28.82 billion, a price-to-earnings ratio of 85.21, a price-to-earnings-growth ratio of 2.62 and a beta of 1.55.
Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, April 25th. The medical equipment provider reported $1.17 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.98 by $0.19. Align Technology had a net margin of 16.12% and a return on equity of 30.36%. The firm had revenue of $436.92 million during the quarter, compared to analysts’ expectations of $408.27 million. During the same period in the prior year, the company posted $0.59 EPS. The company’s revenue was up 40.8% on a year-over-year basis. equities research analysts predict that Align Technology, Inc. will post 4.73 earnings per share for the current year.
In other news, Director Thomas M. Prescott sold 82,000 shares of the company’s stock in a transaction on Monday, April 30th. The shares were sold at an average price of $252.75, for a total value of $20,725,500.00. Following the sale, the director now directly owns 222,399 shares of the company’s stock, valued at approximately $56,211,347.25. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Emory Wright sold 27,492 shares of the company’s stock in a transaction on Monday, May 7th. The shares were sold at an average price of $263.68, for a total transaction of $7,249,090.56. Following the completion of the sale, the senior vice president now directly owns 5,424 shares in the company, valued at $1,430,200.32. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 188,434 shares of company stock valued at $51,437,919. Corporate insiders own 1.40% of the company’s stock.
A number of research firms recently issued reports on ALGN. BidaskClub cut shares of Align Technology from a “strong-buy” rating to a “buy” rating in a research report on Monday, June 18th. Barclays upped their price objective on shares of Align Technology to $410.00 and gave the stock an “overweight” rating in a research report on Thursday. Stifel Nicolaus reiterated a “buy” rating and set a $350.00 price objective (up from $320.00) on shares of Align Technology in a research report on Friday, June 1st. Zacks Investment Research upgraded shares of Align Technology from a “hold” rating to a “strong-buy” rating and set a $366.00 price objective for the company in a research report on Wednesday, May 30th. Finally, Credit Suisse Group upped their price objective on shares of Align Technology from $300.00 to $340.00 and gave the stock an “outperform” rating in a research report on Friday, May 25th. Three investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $302.44.
About Align Technology
Align Technology, Inc designs, manufactures, and markets a system of clear aligner therapy, intraoral scanners, and computer-aided design and computer-aided manufacturing (CAD/CAM) digital services. The company's Clear Aligner segment offers Invisalign Full, a treatment used for a range of malocclusion; Invisalign Teen treatment that addresses orthodontic needs of teenage patients, such as compliance indicators, compensation for tooth eruption, and six free single arch replacement aligners; and Invisalign Assist treatment for anterior alignment and aesthetically-oriented cases.
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