Gulf International Bank UK Ltd reduced its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 30.4% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 17,135 shares of the medical equipment provider’s stock after selling 7,500 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Align Technology were worth $3,588,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. United Services Automobile Association grew its stake in shares of Align Technology by 1.7% during the 2nd quarter. United Services Automobile Association now owns 58,876 shares of the medical equipment provider’s stock valued at $20,144,000 after purchasing an additional 995 shares during the period. Iberiabank Corp grew its stake in shares of Align Technology by 28.8% during the 3rd quarter. Iberiabank Corp now owns 9,305 shares of the medical equipment provider’s stock valued at $3,640,000 after purchasing an additional 2,081 shares during the period. BlackRock Inc. grew its stake in shares of Align Technology by 2.2% during the 3rd quarter. BlackRock Inc. now owns 5,264,644 shares of the medical equipment provider’s stock valued at $2,059,633,000 after purchasing an additional 113,728 shares during the period. HRT Financial LLC bought a new stake in shares of Align Technology during the 2nd quarter valued at about $892,000. Finally, Elmwood Wealth Management Inc. bought a new position in shares of Align Technology during the 2nd quarter valued at approximately $890,000. Institutional investors and hedge funds own 77.80% of the company’s stock.
ALGN has been the subject of a number of recent research reports. Morgan Stanley boosted their price objective on Align Technology from $315.00 to $320.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 9th. ValuEngine downgraded Align Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, January 2nd. Zacks Investment Research downgraded Align Technology from a “hold” rating to a “sell” rating in a research note on Monday, October 22nd. Goldman Sachs Group initiated coverage on Align Technology in a research note on Saturday, October 20th. They set a “buy” rating and a $420.00 price objective for the company. Finally, BidaskClub downgraded Align Technology from a “hold” rating to a “sell” rating in a research note on Saturday, October 27th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Align Technology presently has a consensus rating of “Buy” and an average price target of $339.84.
In other news, SVP Sreelakshmi Kolli sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 27th. The stock was sold at an average price of $223.15, for a total transaction of $1,115,750.00. Following the sale, the senior vice president now directly owns 27,180 shares of the company’s stock, valued at approximately $6,065,217. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joseph Lacob sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, November 30th. The stock was sold at an average price of $231.82, for a total value of $2,318,200.00. The disclosure for this sale can be found here. Insiders sold a total of 23,764 shares of company stock valued at $5,427,059 over the last 90 days. 1.40% of the stock is currently owned by corporate insiders.
ALGN stock opened at $198.25 on Friday. Align Technology, Inc. has a 1-year low of $177.93 and a 1-year high of $398.88. The company has a market capitalization of $16.02 billion, a price-to-earnings ratio of 50.96, a price-to-earnings-growth ratio of 1.45 and a beta of 1.91.
Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, October 24th. The medical equipment provider reported $1.24 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.19 by $0.05. Align Technology had a return on equity of 34.09% and a net margin of 16.89%. The business had revenue of $505.30 million during the quarter, compared to the consensus estimate of $503.14 million. During the same period in the prior year, the company posted $1.01 EPS. The firm’s revenue for the quarter was up 31.1% compared to the same quarter last year. On average, equities analysts anticipate that Align Technology, Inc. will post 4.87 earnings per share for the current fiscal year.
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About Align Technology
Align Technology, Inc designs, manufactures, and markets a system of clear aligner therapy, intraoral scanners, and computer-aided design and computer-aided manufacturing (CAD/CAM) digital services. The company's Clear Aligner segment offers Invisalign Full, a treatment used for a range of malocclusion; Invisalign Teen treatment that addresses orthodontic needs of teenage patients, such as compliance indicators, compensation for tooth eruption, and six free single arch replacement aligners; and Invisalign Assist treatment for anterior alignment and aesthetically-oriented cases.
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