Private Advisor Group LLC increased its stake in Align Technology, Inc. (NASDAQ:ALGN) by 138,704.5% in the second quarter, Holdings Channel reports. The firm owned 3,786,588 shares of the medical equipment provider’s stock after purchasing an additional 3,783,860 shares during the period. Private Advisor Group LLC’s holdings in Align Technology were worth $4,704,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. Avestar Capital LLC lifted its stake in Align Technology by 687.5% during the 1st quarter. Avestar Capital LLC now owns 126 shares of the medical equipment provider’s stock valued at $32,000 after acquiring an additional 110 shares during the period. Ossiam acquired a new stake in Align Technology during the 2nd quarter valued at approximately $43,000. TRUE Private Wealth Advisors acquired a new stake in Align Technology during the 2nd quarter valued at approximately $45,000. Rehmann Capital Advisory Group lifted its stake in Align Technology by 160.2% during the 1st quarter. Rehmann Capital Advisory Group now owns 229 shares of the medical equipment provider’s stock valued at $65,000 after acquiring an additional 141 shares during the period. Finally, FTB Advisors Inc. lifted its stake in Align Technology by 102.9% during the 2nd quarter. FTB Advisors Inc. now owns 278 shares of the medical equipment provider’s stock valued at $76,000 after acquiring an additional 141 shares during the period. Institutional investors own 88.26% of the company’s stock.
Several analysts have commented on the stock. Zacks Investment Research cut shares of Align Technology from a “buy” rating to a “hold” rating in a research note on Tuesday, May 21st. BidaskClub cut shares of Align Technology from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 14th. ValuEngine upgraded shares of Align Technology from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Bank of America cut shares of Align Technology from a “buy” rating to a “neutral” rating in a research note on Thursday, July 25th. Finally, Stifel Nicolaus decreased their price objective on shares of Align Technology from $360.00 to $290.00 and set a “buy” rating for the company in a research note on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the stock. Align Technology currently has an average rating of “Buy” and an average target price of $297.91.
ALGN opened at $178.02 on Wednesday. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.85 and a quick ratio of 1.74. The firm has a fifty day moving average price of $182.16 and a 200 day moving average price of $260.05. Align Technology, Inc. has a 1 year low of $169.84 and a 1 year high of $398.88. The stock has a market cap of $14.17 billion, a P/E ratio of 36.18, a P/E/G ratio of 1.46 and a beta of 2.02.
Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, July 24th. The medical equipment provider reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.13. Align Technology had a net margin of 19.06% and a return on equity of 29.26%. The firm had revenue of $600.70 million during the quarter, compared to analysts’ expectations of $599.86 million. During the same period in the previous year, the business posted $1.30 EPS. The business’s revenue was up 22.5% compared to the same quarter last year. Equities analysts expect that Align Technology, Inc. will post 5 EPS for the current year.
In related news, insider Joseph M. Hogan purchased 4,995 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was bought at an average price of $199.83 per share, with a total value of $998,150.85. Following the acquisition, the insider now owns 165,440 shares in the company, valued at $33,059,875.20. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Andrea Lynn Saia sold 4,157 shares of the business’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $179.54, for a total transaction of $746,347.78. The disclosure for this sale can be found here. Over the last quarter, insiders sold 44,157 shares of company stock valued at $7,976,448. Company insiders own 1.30% of the company’s stock.
About Align Technology
Align Technology, Inc, a medical device company, designs, manufactures, and markets Invisalign clear aligners and iTero intraoral scanners and services for orthodontics, and restorative and aesthetic dentistry worldwide. It operates in two segments, Clear Aligner; and Scanners and Services. The Clear Aligner segment consists of comprehensive products, including Invisalign Comprehensive treatment that addresses the orthodontic needs of teenage patients, such as compliance indicators and compensation for tooth eruption; Invisalign Assist treatment, which offers support to dental practitioners throughout the treatment process, including progress tracking; and Invisalign First Phase I and Invisalign First Comprehensive Phase II package for younger patients with early mixed dentition with a mixture of primary/baby and permanent teeth.
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