Insider Selling: Align Technology (NASDAQ:ALGN) EVP Sells $1,508,611.39 in Stock

Align Technology, Inc. (NASDAQ:ALGN) EVP John Morici sold 7,969 shares of the firm’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $189.31, for a total transaction of $1,508,611.39. Following the completion of the transaction, the executive vice president directly owned 8,237 shares of the company’s stock, valued at $1,559,346.47. This represents a 49.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Align Technology Price Performance

Shares of ALGN opened at $190.02 on Monday. The firm has a 50-day moving average of $169.74 and a 200-day moving average of $149.44. The company has a market cap of $13.63 billion, a PE ratio of 33.57, a price-to-earnings-growth ratio of 2.08 and a beta of 1.84. Align Technology, Inc. has a one year low of $122.00 and a one year high of $208.30.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, February 4th. The medical equipment provider reported $3.29 EPS for the quarter, topping analysts’ consensus estimates of $2.99 by $0.30. The business had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.03 billion. Align Technology had a return on equity of 15.16% and a net margin of 10.17%.Align Technology’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter last year, the company posted $2.44 earnings per share. Analysts expect that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Institutional Investors Weigh In On Align Technology

Institutional investors have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Align Technology by 4.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,222 shares of the medical equipment provider’s stock valued at $1,624,000 after acquiring an additional 469 shares in the last quarter. Focus Partners Wealth increased its position in shares of Align Technology by 5.2% in the first quarter. Focus Partners Wealth now owns 3,062 shares of the medical equipment provider’s stock worth $486,000 after purchasing an additional 151 shares during the period. Sivia Capital Partners LLC acquired a new position in Align Technology in the second quarter valued at about $204,000. Envestnet Portfolio Solutions Inc. lifted its position in Align Technology by 4.5% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 2,372 shares of the medical equipment provider’s stock worth $449,000 after purchasing an additional 102 shares during the period. Finally, ARK Investment Management LLC grew its stake in Align Technology by 3.7% during the second quarter. ARK Investment Management LLC now owns 6,205 shares of the medical equipment provider’s stock worth $1,175,000 after buying an additional 221 shares in the last quarter. 88.43% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ALGN. UBS Group increased their price objective on shares of Align Technology from $175.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, February 5th. Wall Street Zen upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a research report on Saturday, January 3rd. Morgan Stanley upped their target price on Align Technology from $154.00 to $169.00 and gave the company an “equal weight” rating in a research report on Thursday, February 5th. Weiss Ratings upgraded Align Technology from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, January 16th. Finally, Leerink Partners boosted their price target on Align Technology from $210.00 to $225.00 and gave the company an “outperform” rating in a research note on Thursday, February 5th. Six investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, Align Technology presently has a consensus rating of “Hold” and an average target price of $195.58.

About Align Technology

Align Technology, Inc (NASDAQ: ALGN) pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company’s signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.