Eagle Asset Management Inc. lifted its position in Align Technology (NASDAQ:ALGN) by 7.1% in the 1st quarter, Holdings Channel reports. The fund owned 441,683 shares of the medical equipment provider’s stock after acquiring an additional 29,092 shares during the period. Align Technology comprises 0.6% of Eagle Asset Management Inc.’s investment portfolio, making the stock its 28th largest holding. Eagle Asset Management Inc.’s holdings in Align Technology were worth $110,919,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. USA Mutuals Advisors Inc. bought a new stake in shares of Align Technology in the 4th quarter worth about $101,000. Whittier Trust Co. of Nevada Inc. lifted its holdings in shares of Align Technology by 166.7% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 504 shares of the medical equipment provider’s stock worth $112,000 after acquiring an additional 315 shares during the last quarter. Pin Oak Investment Advisors Inc. bought a new stake in shares of Align Technology in the 4th quarter worth about $168,000. Sawtooth Solutions LLC bought a new stake in shares of Align Technology in the 1st quarter worth about $223,000. Finally, Cobblestone Capital Advisors LLC NY bought a new stake in shares of Align Technology in the 4th quarter worth about $200,000. Hedge funds and other institutional investors own 79.37% of the company’s stock.
Shares of ALGN opened at $292.72 on Friday. Align Technology has a 1-year low of $283.31 and a 1-year high of $291.39. The stock has a market cap of $23.08 billion, a P/E ratio of 75.25, a P/E/G ratio of 2.10 and a beta of 1.48.
Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, April 25th. The medical equipment provider reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $0.98 by $0.19. The business had revenue of $436.92 million for 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 company’s revenue for the quarter was up 40.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.59 EPS. equities analysts forecast that Align Technology will post 4.68 earnings per share for the current fiscal year.
ALGN has been the subject of several analyst reports. Vetr lowered shares of Align Technology from a “strong-buy” rating to a “buy” rating and set a $302.42 target price for the company. in a report on Monday, March 12th. BidaskClub upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a report on Saturday, March 10th. ValuEngine upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. Piper Jaffray reiterated a “buy” rating and set a $300.00 price objective on shares of Align Technology in a report on Wednesday, January 31st. Finally, Stifel Nicolaus lifted their price objective on shares of Align Technology from $265.00 to $295.00 and gave the company a “buy” rating in a report on Tuesday, January 30th. Four equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and three have given a strong buy rating to the company’s stock. Align Technology currently has a consensus rating of “Buy” and an average target price of $270.55.
In other Align Technology news, SVP Julie Tay sold 2,250 shares of the firm’s stock in a transaction dated Friday, May 11th. The shares were sold at an average price of $285.00, for a total transaction of $641,250.00. Following the transaction, the senior vice president now owns 17,616 shares of the company’s stock, valued at approximately $5,020,560. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joseph Lacob sold 20,000 shares of the firm’s stock in a transaction dated Monday, May 14th. The shares were sold at an average price of $289.41, for a total transaction of $5,788,200.00. The disclosure for this sale can be found here. Insiders have sold a total of 156,742 shares of company stock worth $41,228,991 in the last three months. 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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