Gabelli Funds LLC increased its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 30.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,400 shares of the medical equipment provider’s stock after acquiring an additional 6,600 shares during the period. Gabelli Funds LLC’s holdings in Align Technology were worth $11,111,000 at the end of the most recent reporting period.
A number of other institutional investors have also made changes to their positions in the stock. Gamco Investors INC. ET AL raised its stake in shares of Align Technology by 8.7% during the 3rd quarter. Gamco Investors INC. ET AL now owns 2,815 shares of the medical equipment provider’s stock worth $1,101,000 after purchasing an additional 225 shares in the last quarter. Advisory Services Network LLC raised its stake in shares of Align Technology by 3.5% during the 3rd quarter. Advisory Services Network LLC now owns 8,556 shares of the medical equipment provider’s stock worth $3,347,000 after purchasing an additional 292 shares in the last quarter. Zions Bancorporation purchased a new stake in shares of Align Technology during the 3rd quarter worth about $313,000. WESPAC Advisors LLC purchased a new stake in shares of Align Technology during the 3rd quarter worth about $278,000. Finally, Meeder Asset Management Inc. raised its stake in shares of Align Technology by 32.0% during the 3rd quarter. Meeder Asset Management Inc. now owns 7,722 shares of the medical equipment provider’s stock worth $3,021,000 after purchasing an additional 1,874 shares in the last quarter. 78.54% of the stock is owned by hedge funds and other institutional investors.
ALGN has been the subject of a number of recent research reports. BidaskClub downgraded Align Technology from a “strong-buy” rating to a “buy” rating in a research note on Friday, October 5th. Barclays reissued a “buy” rating on shares of Align Technology in a report on Thursday, July 26th. Stifel Nicolaus increased their price objective on Align Technology from $375.00 to $425.00 and gave the company a “buy” rating in a report on Thursday, July 26th. Goldman Sachs Group initiated coverage on Align Technology in a report on Saturday, October 20th. They set a “buy” rating and a $420.00 price objective on the stock. Finally, ValuEngine lowered Align Technology from a “strong-buy” rating to a “buy” rating in a report on Friday, October 26th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $354.08.
Shares of NASDAQ ALGN opened at $235.96 on Friday. The stock has a market cap of $19.62 billion, a PE ratio of 50.06, a P/E/G ratio of 2.13 and a beta of 2.00. Align Technology, Inc. has a 52 week low of $203.12 and a 52 week high of $398.88.
Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, October 24th. The medical equipment provider reported $1.24 EPS for the quarter, beating the Zacks’ consensus estimate of $1.19 by $0.05. The business had revenue of $505.30 million for the quarter, compared to analyst estimates of $503.14 million. Align Technology had a return on equity of 34.09% and a net margin of 16.89%. The firm’s revenue for the quarter was up 31.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.01 EPS. Analysts expect that Align Technology, Inc. will post 4.89 earnings per share for the current year.
In other Align Technology news, Director Joseph Lacob sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, August 27th. The stock was sold at an average price of $382.00, for a total value of $3,820,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Simon Beard sold 3,895 shares of the firm’s stock in a transaction that occurred on Wednesday, August 29th. The shares were sold at an average price of $384.48, for a total value of $1,497,549.60. Following the completion of the sale, the senior vice president now directly owns 3,577 shares in the company, valued at approximately $1,375,284.96. 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 ninety days. Insiders own 1.40% of the company’s stock.
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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.
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