Align Technology, Inc. (NASDAQ:ALGN) Shares Bought by Lord Abbett & CO. LLC


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Lord Abbett & CO. LLC lifted its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 188.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 400,160 shares of the medical equipment provider’s stock after acquiring an additional 261,465 shares during the quarter. Align Technology accounts for approximately 0.6% of Lord Abbett & CO. LLC’s investment portfolio, making the stock its 26th biggest holding. Lord Abbett & CO. LLC owned approximately 0.51% of Align Technology worth $213,838,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Stratos Wealth Partners LTD. acquired a new stake in Align Technology in the 4th quarter valued at about $1,057,000. PGGM Investments acquired a new stake in Align Technology in the 4th quarter valued at about $13,296,000. Maryland State Retirement & Pension System acquired a new stake in Align Technology in the 4th quarter valued at about $652,000. Nisa Investment Advisors LLC raised its holdings in Align Technology by 9.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 37,309 shares of the medical equipment provider’s stock valued at $19,937,000 after acquiring an additional 3,093 shares during the last quarter. Finally, IFM Investors Pty Ltd raised its holdings in Align Technology by 18.4% in the 4th quarter. IFM Investors Pty Ltd now owns 7,224 shares of the medical equipment provider’s stock valued at $3,860,000 after acquiring an additional 1,123 shares during the last quarter. 85.84% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Align Technology stock traded down $19.04 during trading on Tuesday, hitting $560.50. 1,030 shares of the stock were exchanged, compared to its average volume of 544,819. The stock has a market cap of $44.20 billion, a price-to-earnings ratio of 26.37, a price-to-earnings-growth ratio of 4.07 and a beta of 1.68. The firm’s 50-day moving average price is $569.55 and its 200 day moving average price is $443.08. Align Technology, Inc. has a 12-month low of $127.88 and a 12-month high of $634.46.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Tuesday, February 2nd. The medical equipment provider reported $2.61 earnings per share for the quarter, beating analysts’ consensus estimates of $2.14 by $0.47. Align Technology had a net margin of 76.00% and a return on equity of 68.99%. The firm had revenue of $834.50 million during the quarter, compared to analysts’ expectations of $793.56 million. During the same period in the previous year, the company earned $1.53 earnings per share. Align Technology’s quarterly revenue was up 28.4% compared to the same quarter last year. On average, equities analysts forecast that Align Technology, Inc. will post 3.34 earnings per share for the current year.

A number of research firms have commented on ALGN. Credit Suisse Group increased their price objective on shares of Align Technology from $618.00 to $630.00 and gave the company an “outperform” rating in a report on Thursday, February 4th. Piper Sandler raised their price target on shares of Align Technology from $525.00 to $610.00 and gave the stock an “overweight” rating in a report on Tuesday, February 2nd. Robert W. Baird raised their price target on shares of Align Technology from $450.00 to $530.00 and gave the stock an “outperform” rating in a report on Tuesday, November 24th. SVB Leerink raised their price target on shares of Align Technology from $620.00 to $680.00 and gave the stock an “outperform” rating in a report on Thursday, February 4th. Finally, Evercore ISI raised their price target on shares of Align Technology from $625.00 to $680.00 and gave the stock an “outperform” rating in a report on Thursday, February 4th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the stock. Align Technology has an average rating of “Hold” and an average price target of $481.71.

In related news, Director Andrea Lynn Saia sold 2,500 shares of the business’s stock in a transaction on Friday, November 27th. The shares were sold at an average price of $470.92, for a total value of $1,177,300.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas M. Prescott sold 3,000 shares of the business’s stock in a transaction on Thursday, February 11th. The shares were sold at an average price of $603.48, for a total transaction of $1,810,440.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 23,000 shares of company stock valued at $13,886,765. 1.20% of the stock is owned by corporate insiders.

About Align Technology

Align Technology, Inc, a medical device company, designs, manufactures, and markets Invisalign clear aligners and iTero intraoral scanners and services for orthodontists and general practitioner dentists, and restorative and aesthetic dentistry. It operates in two segments, Clear Aligner; and Scanners and Services.

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Institutional Ownership by Quarter for Align Technology (NASDAQ:ALGN)

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