Man Group plc cut its stake in Align Technology, Inc. (NASDAQ:ALGN) by 74.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 83,359 shares of the medical equipment provider’s stock after selling 238,004 shares during the quarter. Man Group plc owned about 0.11% of Align Technology worth $15,082,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of ALGN. Ossiam bought a new position in Align Technology in the second quarter worth about $43,000. TRUE Private Wealth Advisors purchased a new position in shares of Align Technology during the 2nd quarter worth approximately $45,000. Squar Milner Financial Services LLC raised its position in shares of Align Technology by 115.4% in the 3rd quarter. Squar Milner Financial Services LLC now owns 168 shares of the medical equipment provider’s stock worth $30,000 after acquiring an additional 90 shares in the last quarter. CSat Investment Advisory L.P. raised its position in shares of Align Technology by 218.7% in the 2nd quarter. CSat Investment Advisory L.P. now owns 239 shares of the medical equipment provider’s stock worth $65,000 after acquiring an additional 164 shares in the last quarter. Finally, FTB Advisors Inc. raised its position in shares of Align Technology by 102.9% in the 2nd quarter. FTB Advisors Inc. now owns 278 shares of the medical equipment provider’s stock worth $76,000 after acquiring an additional 141 shares in the last quarter. Institutional investors and hedge funds own 82.00% of the company’s stock.
Several research firms recently weighed in on ALGN. Guggenheim lowered Align Technology from a “buy” rating to a “neutral” rating and dropped their price target for the company from $250.00 to $200.00 in a research report on Monday, October 7th. Bank of America increased their price objective on Align Technology from $220.00 to $240.00 and gave the stock a “neutral” rating in a report on Thursday, October 24th. Zacks Investment Research raised Align Technology from a “sell” rating to a “hold” rating and set a $262.00 price objective for the company in a research report on Friday, October 25th. Barclays dropped their target price on shares of Align Technology from $300.00 to $272.00 and set an “overweight” rating on the stock in a report on Monday, October 7th. Finally, ValuEngine upgraded shares of Align Technology from a “sell” rating to a “hold” rating in a report on Tuesday. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Align Technology has an average rating of “Buy” and a consensus price target of $253.58.
In other news, Director Yuval Shaked sold 800 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $268.61, for a total value of $214,888.00. Following the transaction, the director now owns 41 shares in the company, valued at $11,013.01. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Julie Tay sold 2,739 shares of the stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $280.01, for a total transaction of $766,947.39. Following the sale, the senior vice president now owns 11,366 shares in the company, valued at approximately $3,182,593.66. The disclosure for this sale can be found here. Over the last three months, insiders sold 26,199 shares of company stock worth $6,787,761. Insiders own 1.30% of the company’s stock.
Align Technology stock opened at $274.34 on Tuesday. The company has a quick ratio of 1.62, a current ratio of 1.73 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $21.86 billion, a P/E ratio of 59.90, a PEG ratio of 2.43 and a beta of 2.08. The stock’s 50 day moving average is $251.84 and its 200 day moving average is $239.50. Align Technology, Inc. has a twelve month low of $169.84 and a twelve month high of $334.64.
Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $1.28 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.14 by $0.14. The company had revenue of $607.30 million during the quarter, compared to analyst estimates of $595.29 million. Align Technology had a return on equity of 28.76% and a net margin of 18.28%. During the same quarter last year, the company earned $1.24 EPS. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. As a group, equities analysts expect that Align Technology, Inc. will post 5.17 EPS for the current year.
About Align Technology
Align Technology, Inc, a medical device company, designs, manufactures, and markets Invisalign clear aligners and iTero intraoral scanners and services for orthodontics, and restorative and aesthetic dentistry worldwide. It operates in two segments, Clear Aligner; and Scanners and Services. The Clear Aligner segment consists of comprehensive products, including Invisalign Comprehensive treatment that addresses the orthodontic needs of teenage patients, such as compliance indicators and compensation for tooth eruption; Invisalign Assist treatment, which offers support to dental practitioners throughout the treatment process, including progress tracking; and Invisalign First Phase I and Invisalign First Comprehensive Phase II package for younger patients with early mixed dentition with a mixture of primary/baby and permanent teeth.
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