Traders Buy Shares of Align Technology (ALGN) on Weakness

Traders bought shares of Align Technology, Inc. (NASDAQ:ALGN) on weakness during trading hours on Friday. $90.28 million flowed into the stock on the tick-up and $62.25 million flowed out of the stock on the tick-down, for a money net flow of $28.03 million into the stock. Of all stocks tracked, Align Technology had the 22nd highest net in-flow for the day. Align Technology traded down ($1.27) for the day and closed at $251.50

A number of brokerages recently issued reports on ALGN. BidaskClub downgraded Align Technology from a “buy” rating to a “hold” rating in a research note on Friday, February 9th. Piper Jaffray Companies reiterated a “buy” rating and set a $300.00 price objective on shares of Align Technology in a research note on Wednesday, January 31st. Zacks Investment Research downgraded Align Technology from a “buy” rating to a “hold” rating in a research note on Thursday, February 1st. Robert W. Baird reiterated a “buy” rating and set a $245.00 price objective on shares of Align Technology in a research note on Friday, October 27th. Finally, Credit Suisse Group boosted their price objective on Align Technology from $276.00 to $290.00 and gave the company an “outperform” rating in a research note on Wednesday, January 31st. Four investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Align Technology has an average rating of “Buy” and a consensus price target of $258.54.

The stock has a market capitalization of $20,164.77, a price-to-earnings ratio of 64.49, a P/E/G ratio of 1.92 and a beta of 1.48.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Tuesday, January 30th. The medical equipment provider reported $1.19 EPS for the quarter, topping the Zacks’ consensus estimate of $0.96 by $0.23. Align Technology had a return on equity of 28.55% and a net margin of 15.71%. The company had revenue of $421.30 million for the quarter, compared to analysts’ expectations of $395.88 million. During the same period in the previous year, the firm earned $0.59 EPS. The firm’s revenue was up 43.7% compared to the same quarter last year. equities research analysts predict that Align Technology, Inc. will post 4.49 earnings per share for the current fiscal year.

In other news, VP Emory Wright sold 5,025 shares of the company’s stock in a transaction that occurred on Tuesday, November 28th. The stock was sold at an average price of $263.68, for a total transaction of $1,324,992.00. Following the sale, the vice president now directly owns 80,762 shares of the company’s stock, valued at approximately $21,295,324.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Joseph M. Hogan acquired 1,500 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The shares were purchased at an average cost of $233.63 per share, for a total transaction of $350,445.00. Following the completion of the acquisition, the insider now directly owns 42,984 shares in the company, valued at $10,042,351.92. The disclosure for this purchase can be found here. Over the last three months, insiders sold 82,029 shares of company stock worth $21,369,243. 1.60% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. raised its holdings in shares of Align Technology by 2.6% during the 4th quarter. BlackRock Inc. now owns 5,153,023 shares of the medical equipment provider’s stock worth $1,144,948,000 after acquiring an additional 130,189 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of Align Technology by 28.3% during the 4th quarter. Renaissance Technologies LLC now owns 2,614,100 shares of the medical equipment provider’s stock worth $580,827,000 after acquiring an additional 576,900 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Align Technology by 2.2% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,946,097 shares of the medical equipment provider’s stock worth $362,499,000 after acquiring an additional 42,570 shares in the last quarter. Janus Henderson Group PLC raised its holdings in shares of Align Technology by 26.6% during the 3rd quarter. Janus Henderson Group PLC now owns 752,014 shares of the medical equipment provider’s stock worth $140,077,000 after acquiring an additional 157,890 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in shares of Align Technology by 5.6% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 719,411 shares of the medical equipment provider’s stock worth $159,846,000 after acquiring an additional 37,900 shares in the last quarter. 81.99% of the stock is currently owned by institutional investors and hedge funds.

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Align Technology Company Profile

Align Technology, Inc designs, manufactures and markets a system of clear aligner therapy, intra-oral scanners and computer-aided design/computer-aided manufacturing (CAD/CAM) digital services used in dentistry, orthodontics and dental records storage. The Company operates through two segments: Clear Aligner segment and Scanner and Services (Scanner) segment.

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