Dorsey Wright & Associates increased its stake in Align Technology, Inc. (NASDAQ:ALGN) by 63.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 20,980 shares of the medical equipment provider’s stock after purchasing an additional 8,157 shares during the quarter. Align Technology comprises about 1.5% of Dorsey Wright & Associates’ portfolio, making the stock its 13th biggest holding. Dorsey Wright & Associates’ holdings in Align Technology were worth $8,208,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently bought and sold shares of the stock. Caisse DE Depot ET Placement DU Quebec raised its position in Align Technology by 282.1% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 4,700 shares of the medical equipment provider’s stock worth $1,180,000 after acquiring an additional 3,470 shares in the last quarter. BB&T Securities LLC raised its holdings in Align Technology by 10.8% during the 1st quarter. BB&T Securities LLC now owns 2,979 shares of the medical equipment provider’s stock worth $748,000 after buying an additional 291 shares during the period. Commonwealth Equity Services LLC raised its holdings in Align Technology by 33.1% during the 1st quarter. Commonwealth Equity Services LLC now owns 7,558 shares of the medical equipment provider’s stock worth $1,898,000 after buying an additional 1,879 shares during the period. Susquehanna Fundamental Investments LLC acquired a new stake in Align Technology during the 1st quarter worth about $929,000. Finally, United Capital Financial Advisers LLC raised its holdings in Align Technology by 15.4% during the 1st quarter. United Capital Financial Advisers LLC now owns 28,328 shares of the medical equipment provider’s stock worth $7,114,000 after buying an additional 3,777 shares during the period. 78.56% of the stock is owned by institutional investors and hedge funds.
Several analysts have issued reports on ALGN shares. Morgan Stanley boosted their price objective on Align Technology from $315.00 to $320.00 and gave the stock an “equal weight” rating in a report on Tuesday. Piper Jaffray Companies boosted their price objective on Align Technology to $425.00 and gave the stock an “overweight” rating in a report on Friday, July 20th. BidaskClub upgraded Align Technology from a “buy” rating to a “strong-buy” rating in a report on Tuesday, August 28th. Bank of America started coverage on Align Technology in a report on Monday, June 25th. They set a “buy” rating and a $420.00 price objective on the stock. Finally, Stifel Nicolaus boosted their price objective on Align Technology from $375.00 to $425.00 and gave the stock a “buy” rating in a report on Thursday, July 26th. Four equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $363.09.
In other news, CMO Raphael Pascaud sold 10,500 shares of the company’s 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 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 filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Joseph M. Hogan sold 25,000 shares of the company’s stock in a transaction dated Tuesday, August 14th. The shares were sold at an average price of $367.48, for a total value of $9,187,000.00. Following the completion of the transaction, the insider now owns 105,713 shares in the company, valued at approximately $38,847,413.24. The disclosure for this sale can be found here. Insiders sold a total of 55,648 shares of company stock worth $20,577,327 in the last quarter. 1.40% of the stock is owned by corporate insiders.
Shares of ALGN traded up $14.64 during trading hours on Friday, reaching $327.50. The company’s stock had a trading volume of 1,458,700 shares, compared to its average volume of 966,935. The company has a market capitalization of $31.42 billion, a price-to-earnings ratio of 82.33, a P/E/G ratio of 2.61 and a beta of 1.52. Align Technology, Inc. has a 1-year low of $191.35 and a 1-year high of $398.88.
Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, July 25th. The medical equipment provider reported $1.30 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.21. The company had revenue of $490.26 million for the quarter, compared to the consensus estimate of $472.10 million. Align Technology had a return on equity of 32.61% and a net margin of 17.00%. The firm’s quarterly revenue was up 37.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.85 EPS. On average, equities analysts predict that Align Technology, Inc. will post 4.98 earnings per share for the current year.
Align Technology Company 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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