John Morici Sells 7,969 Shares of Align Technology (NASDAQ:ALGN) Stock

Align Technology, Inc. (NASDAQ:ALGN) EVP John Morici sold 7,969 shares of the stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $189.31, for a total value of $1,508,611.39. Following the completion of the transaction, the executive vice president directly owned 8,237 shares in the company, valued at $1,559,346.47. This trade represents a 49.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Align Technology Stock Up 0.3%

Align Technology stock traded up $0.62 during midday trading on Friday, reaching $190.02. The company’s stock had a trading volume of 1,037,251 shares, compared to its average volume of 1,284,877. The business has a 50-day simple moving average of $169.74 and a 200-day simple moving average of $149.29. The company has a market cap of $13.63 billion, a P/E ratio of 33.57, a P/E/G ratio of 2.08 and a beta of 1.84. Align Technology, Inc. has a fifty-two week low of $122.00 and a fifty-two week high of $208.30.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, February 4th. The medical equipment provider reported $3.29 EPS for the quarter, beating analysts’ consensus estimates of $2.99 by $0.30. The business had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. Align Technology had a return on equity of 15.16% and a net margin of 10.17%.The business’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.44 EPS. As a group, equities analysts forecast that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Mizuho lifted their price target on shares of Align Technology from $200.00 to $215.00 and gave the stock an “outperform” rating in a research note on Thursday, February 5th. Piper Sandler lifted their target price on Align Technology from $200.00 to $220.00 and gave the stock an “overweight” rating in a research report on Thursday, February 5th. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research report on Thursday, October 30th. Morgan Stanley raised their price target on Align Technology from $154.00 to $169.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 5th. Finally, HSBC boosted their price objective on Align Technology from $140.00 to $150.00 in a research note on Friday, October 31st. Six equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $195.58.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of Align Technology by 0.7% during the third quarter. Vanguard Group Inc. now owns 8,301,611 shares of the medical equipment provider’s stock worth $1,039,528,000 after purchasing an additional 58,546 shares during the period. Capital International Investors raised its position in Align Technology by 52.2% during the 4th quarter. Capital International Investors now owns 4,643,221 shares of the medical equipment provider’s stock worth $725,039,000 after buying an additional 1,592,848 shares during the last quarter. Ninety One UK Ltd raised its position in Align Technology by 18.3% during the 3rd quarter. Ninety One UK Ltd now owns 2,267,192 shares of the medical equipment provider’s stock worth $283,898,000 after buying an additional 350,883 shares during the last quarter. Invesco Ltd. lifted its stake in shares of Align Technology by 37.4% in the 3rd quarter. Invesco Ltd. now owns 1,497,535 shares of the medical equipment provider’s stock worth $187,521,000 after acquiring an additional 407,559 shares during the period. Finally, Capital World Investors increased its stake in shares of Align Technology by 13.2% during the fourth quarter. Capital World Investors now owns 1,490,503 shares of the medical equipment provider’s stock worth $232,742,000 after acquiring an additional 173,641 shares during the period. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

About Align Technology

Align Technology, Inc (NASDAQ: ALGN) pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company’s signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.