CenturyLink Investment Management Co cut its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 17.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,522 shares of the medical equipment provider’s stock after selling 938 shares during the quarter. CenturyLink Investment Management Co’s holdings in Align Technology were worth $1,547,000 as of its most recent SEC filing.
A number of other large investors have also bought and sold shares of ALGN. W.G. Shaheen & Associates DBA Whitney & Co bought a new stake in Align Technology during the first quarter valued at about $100,000. Cornerstone Advisors Inc. raised its holdings in Align Technology by 133.7% during the first quarter. Cornerstone Advisors Inc. now owns 437 shares of the medical equipment provider’s stock valued at $110,000 after acquiring an additional 250 shares during the period. Pin Oak Investment Advisors Inc. bought a new stake in Align Technology during the fourth quarter valued at about $168,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new stake in Align Technology during the first quarter valued at about $201,000. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. bought a new stake in Align Technology during the first quarter valued at about $203,000. 78.07% of the stock is currently owned by institutional investors and hedge funds.
Align Technology traded up $1.37, hitting $340.05, during trading hours on Thursday, according to Marketbeat Ratings. 27,636 shares of the company were exchanged, compared to its average volume of 959,557. Align Technology, Inc. has a 52 week low of $149.16 and a 52 week high of $371.55. The stock has a market capitalization of $27.15 billion, a P/E ratio of 87.23, a PEG ratio of 2.50 and a beta of 1.57.
Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data 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. Align Technology had a return on equity of 30.36% and a net margin of 16.12%. The company had revenue of $436.92 million for the quarter, compared to analysts’ expectations of $408.27 million. During the same period in the previous year, the firm posted $0.59 earnings per share. The firm’s revenue for the quarter was up 40.8% on a year-over-year basis. equities analysts predict that Align Technology, Inc. will post 4.77 EPS for the current year.
In other Align Technology news, CFO John Morici sold 2,405 shares of the business’s stock in a transaction that occurred on Wednesday, May 30th. The stock was sold at an average price of $331.35, for a total transaction of $796,896.75. Following the sale, the chief financial officer now directly owns 514 shares of the company’s stock, valued at $170,313.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Jennifer Olson sold 1,505 shares of the business’s stock in a transaction that occurred on Thursday, May 31st. The stock was sold at an average price of $334.05, for a total value of $502,745.25. Following the sale, the senior vice president now directly owns 3,919 shares in the company, valued at $1,309,141.95. The disclosure for this sale can be found here. Insiders have sold 188,434 shares of company stock worth $51,437,919 over the last three months. 1.40% of the stock is currently owned by insiders.
ALGN has been the topic of a number of recent analyst reports. Barclays initiated coverage on Align Technology in a report on Thursday, March 8th. They set an “overweight” rating and a $290.00 price target on the stock. BidaskClub raised Align Technology from a “hold” rating to a “buy” rating in a report on Saturday, March 10th. Vetr cut Align Technology from a “strong-buy” rating to a “buy” rating and set a $302.42 target price on the stock. in a report on Monday, March 12th. Zacks Investment Research raised Align Technology from a “hold” rating to a “buy” rating and set a $272.00 target price on the stock in a report on Wednesday, April 4th. Finally, Morgan Stanley cut Align Technology from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $300.00 to $270.00 in a report on Wednesday, April 18th. 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 company presently has a consensus rating of “Buy” and an average target price of $327.55.
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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