Mirae Asset Global Investments Co. Ltd. Reduces Stake in Align Technology, Inc. (NASDAQ:ALGN)

Mirae Asset Global Investments Co. Ltd. lowered its stake in Align Technology, Inc. (NASDAQ:ALGN) by 82.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,523 shares of the medical equipment provider’s stock after selling 64,649 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Align Technology were worth $3,705,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. KB Financial Partners LLC purchased a new position in Align Technology in the first quarter worth about $26,000. Cornerstone Planning Group LLC purchased a new position in Align Technology in the second quarter worth about $29,000. First Manhattan CO. LLC. grew its position in Align Technology by 593.8% in the first quarter. First Manhattan CO. LLC. now owns 111 shares of the medical equipment provider’s stock worth $37,000 after acquiring an additional 95 shares in the last quarter. Huntington National Bank grew its position in Align Technology by 94.9% in the third quarter. Huntington National Bank now owns 115 shares of the medical equipment provider’s stock worth $35,000 after acquiring an additional 56 shares in the last quarter. Finally, Compagnie Lombard Odier SCmA purchased a new position in Align Technology in the third quarter worth about $61,000. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on ALGN shares. The Goldman Sachs Group boosted their target price on Align Technology from $197.00 to $225.00 and gave the company a “sell” rating in a research report on Friday, February 2nd. SVB Leerink started coverage on Align Technology in a research report on Monday, February 26th. They set a “market perform” rating and a $310.00 target price for the company. UBS Group boosted their target price on Align Technology from $280.00 to $320.00 and gave the company a “neutral” rating in a research report on Monday. Stifel Nicolaus boosted their target price on Align Technology from $340.00 to $350.00 and gave the company a “buy” rating in a research report on Friday, March 15th. Finally, Leerink Partnrs restated a “market perform” rating on shares of Align Technology in a research report on Monday, February 26th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $339.91.

Align Technology Stock Performance

Align Technology stock opened at $305.10 on Wednesday. The company has a 50 day moving average price of $312.30 and a 200-day moving average price of $269.75. Align Technology, Inc. has a fifty-two week low of $176.34 and a fifty-two week high of $413.20. The company has a market capitalization of $22.96 billion, a PE ratio of 52.42, a P/E/G ratio of 5.67 and a beta of 1.65.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, January 31st. The medical equipment provider reported $1.91 earnings per share for the quarter, beating the consensus estimate of $1.78 by $0.13. The firm had revenue of $956.73 million during the quarter, compared to the consensus estimate of $928.57 million. Align Technology had a net margin of 11.52% and a return on equity of 13.88%. On average, analysts forecast that Align Technology, Inc. will post 7.65 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Joseph Lacob sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $313.01, for a total value of $3,130,100.00. Following the completion of the transaction, the director now owns 146,994 shares of the company’s stock, valued at $46,010,591.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Joseph Lacob sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $313.01, for a total value of $3,130,100.00. Following the completion of the transaction, the director now owns 146,994 shares of the company’s stock, valued at $46,010,591.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Emory Wright sold 2,524 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $287.45, for a total transaction of $725,523.80. Following the completion of the transaction, the executive vice president now directly owns 709 shares of the company’s stock, valued at approximately $203,802.05. The disclosure for this sale can be found here. Insiders sold 27,524 shares of company stock valued at $8,403,924 over the last 90 days. Corporate insiders own 0.72% of the company’s stock.

Align Technology Profile

Align Technology, Inc designs, manufactures, and markets Invisalign clear aligners, and iTero intraoral scanners and services for orthodontists and general practitioner dentists in the United States, Switzerland, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.