Sit Investment Associates Inc. lessened its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 17.2% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 15,465 shares of the medical equipment provider’s stock after selling 3,220 shares during the period. Sit Investment Associates Inc.’s holdings in Align Technology were worth $5,291,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in ALGN. W.G. Shaheen & Associates DBA Whitney & Co acquired a new position in shares of Align Technology during the 1st quarter worth about $100,000. Cornerstone Advisors Inc. raised its position in shares of Align Technology by 133.7% during the 1st quarter. Cornerstone Advisors Inc. now owns 437 shares of the medical equipment provider’s stock worth $110,000 after purchasing an additional 250 shares during the last quarter. Pin Oak Investment Advisors Inc. acquired a new position in shares of Align Technology during the 4th quarter worth about $168,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new position in shares of Align Technology during the 1st quarter worth about $201,000. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. acquired a new position in shares of Align Technology during the 1st quarter worth about $203,000. Hedge funds and other institutional investors own 78.07% of the company’s stock.
Shares of Align Technology opened at $375.38 on Friday, according to MarketBeat Ratings. The company has a market cap of $30.09 billion, a PE ratio of 96.50, a PEG ratio of 2.76 and a beta of 1.57. Align Technology, Inc. has a 1 year low of $155.55 and a 1 year high of $378.98.
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, topping the Zacks’ consensus estimate of $0.98 by $0.19. The business had revenue of $436.92 million during the quarter, compared to the consensus estimate of $408.27 million. Align Technology had a net margin of 16.12% and a return on equity of 30.36%. The business’s revenue was up 40.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.59 EPS. research analysts forecast that Align Technology, Inc. will post 4.78 earnings per share for the current fiscal year.
Several research firms recently weighed in on ALGN. Leerink Swann upped their price target on shares of Align Technology from $305.00 to $360.00 and gave the stock an “outperform” rating in a research report on Thursday, May 24th. Barclays upped their price target on shares of Align Technology to $410.00 and gave the stock an “overweight” rating in a research report on Thursday, June 21st. Northcoast Research reiterated a “buy” rating and issued a $430.00 price objective on shares of Align Technology in a report on Tuesday, June 26th. Stifel Nicolaus increased their price objective on shares of Align Technology from $350.00 to $375.00 and gave the company a “buy” rating in a report on Friday, July 13th. Finally, Evercore ISI began coverage on shares of Align Technology in a report on Wednesday, May 16th. They issued an “outperform” rating and a $340.00 price objective for the company. Three analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $336.38.
In related news, Director Warren S. Thaler sold 3,500 shares of the stock in a transaction that occurred on Thursday, May 24th. The shares were sold at an average price of $315.10, for a total transaction of $1,102,850.00. Following the completion of the transaction, the director now owns 47,015 shares of the company’s stock, valued at approximately $14,814,426.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director C Raymond Larkin, Jr. sold 15,000 shares of the stock in a transaction that occurred on Monday, May 7th. The stock was sold at an average price of $264.45, for a total transaction of $3,966,750.00. Following the transaction, the director now directly owns 97,922 shares of the company’s stock, valued at approximately $25,895,472.90. The disclosure for this sale can be found here. Insiders have sold a total of 188,434 shares of company stock valued at $51,437,919 in the last 90 days. Insiders own 1.40% of the company’s stock.
Align Technology Profile
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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