Pinnacle Financial Partners Inc. acquired a new position in shares of Align Technology, Inc. (NASDAQ:ALGN) in the third quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 602 shares of the medical equipment provider’s stock, valued at approximately $236,000.
Several other large investors have also modified their holdings of the stock. Sigma Planning Corp increased its position in shares of Align Technology by 9.8% during the 2nd quarter. Sigma Planning Corp now owns 1,527 shares of the medical equipment provider’s stock worth $522,000 after purchasing an additional 136 shares during the last quarter. Lido Advisors LLC grew its position in Align Technology by 15.9% in the 2nd quarter. Lido Advisors LLC now owns 1,091 shares of the medical equipment provider’s stock valued at $373,000 after acquiring an additional 150 shares in the last quarter. Brighton Jones LLC grew its position in Align Technology by 5.5% in the 2nd quarter. Brighton Jones LLC now owns 2,898 shares of the medical equipment provider’s stock valued at $992,000 after acquiring an additional 151 shares in the last quarter. HL Financial Services LLC grew its position in Align Technology by 8.0% in the 2nd quarter. HL Financial Services LLC now owns 2,137 shares of the medical equipment provider’s stock valued at $731,000 after acquiring an additional 158 shares in the last quarter. Finally, Boston Family Office LLC grew its position in Align Technology by 6.7% in the 2nd quarter. Boston Family Office LLC now owns 2,565 shares of the medical equipment provider’s stock valued at $878,000 after acquiring an additional 160 shares in the last quarter. 78.54% of the stock is owned by hedge funds and other institutional investors.
Shares of ALGN opened at $229.75 on Friday. The stock has a market capitalization of $17.77 billion, a PE ratio of 59.06, a P/E/G ratio of 1.92 and a beta of 2.00. Align Technology, Inc. has a 1 year low of $203.12 and a 1 year high of $398.88.
Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, October 24th. The medical equipment provider reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.05. The business had revenue of $505.30 million during the quarter, compared to analysts’ expectations of $503.14 million. Align Technology had a return on equity of 34.09% and a net margin of 16.89%. The business’s quarterly revenue was up 31.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.01 EPS. As a group, sell-side analysts expect that Align Technology, Inc. will post 4.89 earnings per share for the current fiscal year.
Several equities analysts have weighed in on the company. BidaskClub raised Align Technology from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, August 28th. Robert W. Baird lifted their target price on Align Technology from $351.00 to $425.00 and gave the company an “outperform” rating in a research report on Thursday, July 26th. Barclays reaffirmed a “buy” rating on shares of Align Technology in a research report on Thursday, July 26th. Stifel Nicolaus lifted their target price on Align Technology from $375.00 to $425.00 and gave the company a “buy” rating in a research report on Thursday, July 26th. Finally, Piper Jaffray Companies lifted their target price on Align Technology to $425.00 and gave the company an “overweight” rating in a research report on Friday, July 20th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Align Technology currently has a consensus rating of “Buy” and an average price target of $354.08.
In other news, CMO Raphael Pascaud sold 10,500 shares of Align Technology stock in a transaction dated Thursday, August 23rd. The stock was sold at an average price of $361.00, for a total value of $3,790,500.00. Following the completion of the transaction, the chief marketing officer now owns 25,087 shares in the company, valued at approximately $9,056,407. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Joseph Lacob sold 10,000 shares of Align Technology stock in a transaction dated Monday, August 27th. The shares were sold at an average price of $382.00, for a total value of $3,820,000.00. The disclosure for this sale can be found here. Insiders sold a total of 55,648 shares of company stock valued at $20,577,327 in the last quarter. Company insiders own 1.40% of the company’s stock.
About Align Technology
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.
Further Reading: What is the yield curve?
Want to see what other hedge funds are holding ALGN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Align Technology, Inc. (NASDAQ:ALGN).
Receive News & Ratings for Align Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Align Technology and related companies with MarketBeat.com's FREE daily email newsletter.