Columbus Circle Investors lowered its position in Align Technology (NASDAQ:ALGN) by 15.3% during the first quarter, Holdings Channel reports. The institutional investor owned 101,166 shares of the medical equipment provider’s stock after selling 18,227 shares during the period. Columbus Circle Investors’ holdings in Align Technology were worth $25,406,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. National Pension Service lifted its holdings in Align Technology by 98,968.3% in the fourth quarter. National Pension Service now owns 81,236 shares of the medical equipment provider’s stock valued at $18,050,000 after acquiring an additional 81,154 shares during the period. APG Asset Management N.V. lifted its holdings in Align Technology by 113.1% in the fourth quarter. APG Asset Management N.V. now owns 107,400 shares of the medical equipment provider’s stock valued at $19,873,000 after acquiring an additional 57,000 shares during the period. Stone Ridge Asset Management LLC acquired a new position in Align Technology in the fourth quarter valued at approximately $2,479,000. Candriam Luxembourg S.C.A. acquired a new position in Align Technology in the fourth quarter valued at approximately $1,262,000. Finally, Nicollet Investment Management Inc. acquired a new position in Align Technology in the fourth quarter valued at approximately $1,514,000. Hedge funds and other institutional investors own 79.37% of the company’s stock.
In related news, SVP Julie Tay sold 2,250 shares of the stock in a transaction on Friday, May 11th. The stock was sold at an average price of $285.00, for a total value of $641,250.00. Following the completion of the transaction, the senior vice president now directly owns 17,616 shares of the company’s stock, valued at approximately $5,020,560. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Thomas M. Prescott sold 82,000 shares of the 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 completion of the transaction, the director now directly owns 222,399 shares of the company’s stock, valued at $56,211,347.25. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 156,742 shares of company stock valued at $41,228,991. Corporate insiders own 1.40% of the company’s stock.
Shares of Align Technology opened at $292.72 on Friday, Marketbeat reports. The company has a market cap of $23.08 billion, a PE ratio of 68.24, a price-to-earnings-growth ratio of 2.10 and a beta of 1.48. Align Technology has a 1-year low of $283.31 and a 1-year high of $291.39.
Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, April 25th. The medical equipment provider reported $1.17 earnings per share for the quarter, topping the Thomson Reuters’ 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 return on equity of 30.36% and a net margin of 16.12%. The business’s quarterly revenue was up 40.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.59 EPS. research analysts anticipate that Align Technology will post 4.68 earnings per share for the current year.
A number of research analysts have issued reports on ALGN shares. Stephens downgraded Align Technology from an “overweight” rating to an “equal weight” rating and set a $230.00 price target for the company. in a report on Friday, January 19th. Zacks Investment Research raised Align Technology from a “hold” rating to a “buy” rating and set a $318.00 price target for the company in a report on Monday, January 29th. Stifel Nicolaus boosted their price target on Align Technology from $265.00 to $295.00 and gave the company a “buy” rating in a report on Tuesday, January 30th. Credit Suisse Group boosted their price target on Align Technology from $276.00 to $290.00 and gave the company an “outperform” rating in a report on Wednesday, January 31st. Finally, Leerink Swann boosted their price target on Align Technology from $300.00 to $305.00 and gave the company an “outperform” rating in a report on Wednesday, January 31st. Four research analysts have rated the stock with a hold rating, twelve have given a buy rating and three have given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $270.55.
Align Technology Company 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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