Kornitzer Capital Management Inc. KS reduced its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 48.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,907 shares of the medical equipment provider’s stock after selling 59,523 shares during the quarter. Kornitzer Capital Management Inc. KS owned about 0.08% of Align Technology worth $11,562,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds also recently made changes to their positions in the company. Ossiam purchased a new position in Align Technology during the second quarter worth $43,000. TRUE Private Wealth Advisors bought a new stake in shares of Align Technology during the second quarter worth $45,000. Squar Milner Financial Services LLC lifted its position in shares of Align Technology by 115.4% during the third quarter. Squar Milner Financial Services LLC now owns 168 shares of the medical equipment provider’s stock worth $30,000 after purchasing an additional 90 shares during the last quarter. CSat Investment Advisory L.P. lifted its position in shares of Align Technology by 218.7% during the second quarter. CSat Investment Advisory L.P. now owns 239 shares of the medical equipment provider’s stock worth $65,000 after purchasing an additional 164 shares during the last quarter. Finally, FTB Advisors Inc. lifted its position in shares of Align Technology by 102.9% during the second quarter. FTB Advisors Inc. now owns 278 shares of the medical equipment provider’s stock worth $76,000 after purchasing an additional 141 shares during the last quarter. 88.33% of the stock is owned by institutional investors and hedge funds.
In other news, Director Thomas M. Prescott sold 7,500 shares of the business’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $257.61, for a total transaction of $1,932,075.00. Following the sale, the director now owns 136,477 shares in the company, valued at $35,157,839.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph Lacob sold 10,000 shares of the business’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $177.64, for a total value of $1,776,400.00. The disclosure for this sale can be found here. Insiders sold 58,648 shares of company stock valued at $11,658,308 over the last quarter. 1.30% of the stock is currently owned by corporate insiders.
Several research firms have recently weighed in on ALGN. Stifel Nicolaus decreased their target price on Align Technology from $360.00 to $290.00 and set a “buy” rating for the company in a research report on Thursday, July 25th. Credit Suisse Group decreased their target price on Align Technology from $340.00 to $320.00 and set an “outperform” rating for the company in a research report on Thursday, July 25th. Piper Jaffray Companies set a $240.00 target price on Align Technology and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Bank of America lifted their target price on Align Technology from $220.00 to $240.00 and gave the stock a “neutral” rating in a research report on Thursday, October 24th. Finally, Zacks Investment Research upgraded Align Technology from a “sell” rating to a “hold” rating and set a $262.00 target price for the company in a research report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $255.27.
Align Technology stock traded up $1.59 during trading hours on Friday, reaching $260.53. The stock had a trading volume of 23,202 shares, compared to its average volume of 1,210,769. The company has a market cap of $20.33 billion, a price-to-earnings ratio of 52.93, a PEG ratio of 2.27 and a beta of 2.07. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.73 and a quick ratio of 1.62. The business’s 50 day moving average price is $210.67 and its 200-day moving average price is $244.81. Align Technology, Inc. has a 52 week low of $169.84 and a 52 week high of $334.64.
Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, October 23rd. The medical equipment provider reported $1.28 EPS for the quarter, topping the Zacks’ consensus estimate of $1.14 by $0.14. The business had revenue of $607.30 million during the quarter, compared to the consensus estimate of $595.29 million. Align Technology had a net margin of 18.28% and a return on equity of 28.76%. The firm’s revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.24 earnings per share. On average, sell-side analysts forecast that Align Technology, Inc. will post 5.17 EPS for the current fiscal 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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