Schwab Charles Investment Management Inc. boosted its stake in Align Technology, Inc. (NASDAQ:ALGN) by 0.3% in the fourth quarter, HoldingsChannel.com reports. The fund owned 260,757 shares of the medical equipment provider’s stock after buying an additional 851 shares during the quarter. Schwab Charles Investment Management Inc.’s holdings in Align Technology were worth $57,938,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Crossmark Global Holdings Inc. purchased a new position in Align Technology in the 3rd quarter worth approximately $2,875,000. Rhumbline Advisers raised its position in shares of Align Technology by 4.9% in the 3rd quarter. Rhumbline Advisers now owns 150,816 shares of the medical equipment provider’s stock valued at $28,092,000 after purchasing an additional 7,032 shares in the last quarter. National Pension Service raised its position in shares of Align Technology by 98,968.3% in the 4th quarter. National Pension Service now owns 81,236 shares of the medical equipment provider’s stock valued at $18,050,000 after purchasing an additional 81,154 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of Align Technology in the 2nd quarter valued at approximately $454,000. Finally, Aperio Group LLC raised its position in shares of Align Technology by 38.5% in the 3rd quarter. Aperio Group LLC now owns 42,818 shares of the medical equipment provider’s stock valued at $7,976,000 after purchasing an additional 11,892 shares in the last quarter. Hedge funds and other institutional investors own 82.50% of the company’s stock.
A number of equities analysts have issued reports on ALGN shares. Stifel Nicolaus reaffirmed a “buy” rating and issued a $225.00 target price (up from $205.00) on shares of Align Technology in a research report on Thursday, October 19th. Morgan Stanley upped their target price on Align Technology from $257.00 to $300.00 and gave the company an “overweight” rating in a research report on Monday, November 27th. Zacks Investment Research raised Align Technology from a “hold” rating to a “buy” rating and set a $227.00 target price on the stock in a research report on Monday, October 30th. Credit Suisse Group raised Align Technology to a “buy” rating and set a $276.00 target price on the stock in a research report on Thursday, January 4th. Finally, Northcoast Research reaffirmed a “buy” rating and issued a $230.00 target price (up from $200.00) on shares of Align Technology in a research report on Tuesday, October 10th. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $258.54.
Shares of Align Technology, Inc. (ALGN) opened at $242.40 on Tuesday. The stock has a market capitalization of $20,636.14, a P/E ratio of 85.35, a P/E/G ratio of 1.97 and a beta of 1.48. Align Technology, Inc. has a 52-week low of $92.61 and a 52-week high of $287.32.
Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Tuesday, January 30th. The medical equipment provider reported $1.19 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.96 by $0.23. The business had revenue of $421.30 million for the quarter, compared to analyst estimates of $395.88 million. Align Technology had a return on equity of 28.55% and a net margin of 15.71%. The business’s revenue was up 43.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.59 EPS. research analysts anticipate that Align Technology, Inc. will post 4.48 EPS for the current year.
In related news, VP Emory Wright sold 5,025 shares of the company’s stock in a transaction on Tuesday, November 28th. The stock was sold at an average price of $263.68, for a total transaction of $1,324,992.00. Following the completion of the transaction, the vice president now directly owns 80,762 shares in the company, valued at approximately $21,295,324.16. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Julie Tay sold 3,500 shares of the company’s stock in a transaction on Monday, November 13th. The stock was sold at an average price of $253.00, for a total value of $885,500.00. Following the transaction, the vice president now owns 12,213 shares of the company’s stock, valued at $3,089,889. The disclosure for this sale can be found here. Over the last three months, insiders have sold 39,749 shares of company stock worth $10,348,281. Corporate insiders own 1.60% 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, intra-oral scanners and computer-aided design/computer-aided manufacturing (CAD/CAM) digital services used in dentistry, orthodontics and dental records storage. The Company operates through two segments: Clear Aligner segment and Scanner and Services (Scanner) segment.
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