Riverpark Capital Management LLC cut its stake in Align Technology, Inc. (NASDAQ:ALGN) by 36.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 56,993 shares of the medical equipment provider’s stock after selling 32,872 shares during the quarter. Align Technology makes up 1.8% of Riverpark Capital Management LLC’s portfolio, making the stock its 29th biggest holding. Riverpark Capital Management LLC owned 0.07% of Align Technology worth $12,663,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. USA Mutuals Advisors Inc. acquired a new position in shares of Align Technology in the fourth quarter worth $101,000. Whittier Trust Co. of Nevada Inc. increased its stake in shares of Align Technology by 166.7% in the fourth 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. Cobblestone Capital Advisors LLC NY acquired a new position in shares of Align Technology in the fourth quarter worth $200,000. Meritage Portfolio Management acquired a new position in shares of Align Technology in the fourth quarter worth $201,000. Finally, Dai Ichi Life Insurance Company Ltd acquired a new position in shares of Align Technology in the third quarter worth $211,000. 80.60% of the stock is currently owned by institutional investors and hedge funds.
Shares of Align Technology, Inc. (NASDAQ:ALGN) opened at $271.74 on Monday. The stock has a market cap of $21,775.95, a price-to-earnings ratio of 69.68, a P/E/G ratio of 2.07 and a beta of 1.44. Align Technology, Inc. has a fifty-two week low of $104.39 and a fifty-two week high of $287.32.
In other news, insider Joseph M. Hogan purchased 1,500 shares of the firm’s stock in a transaction on Tuesday, February 13th. The stock was bought 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 of the company’s stock, valued at $10,042,351.92. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Emory Wright sold 45,780 shares of the company’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $260.08, for a total transaction of $11,906,462.40. Following the sale, the vice president now owns 29,957 shares of the company’s stock, valued at $7,791,216.56. The disclosure for this sale can be found here. Corporate insiders own 1.60% of the company’s stock.
ALGN has been the topic of a number of research reports. Stifel Nicolaus upped their price target on shares of Align Technology from $245.00 to $265.00 and gave the stock a “buy” rating in a research note on Tuesday, November 21st. Robert W. Baird reaffirmed a “buy” rating and issued a $290.00 price target on shares of Align Technology in a research note on Wednesday, November 29th. Credit Suisse Group raised shares of Align Technology to a “buy” rating and set a $276.00 price target on the stock in a research note on Thursday, January 4th. BidaskClub downgraded shares of Align Technology from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, January 31st. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and issued a $300.00 price target on shares of Align Technology in a research note on Wednesday, January 31st. Three analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $263.56.
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Align Technology 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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