Geneva Capital Management LLC reduced its stake in Align Technology, Inc. (NASDAQ: ALGN – Get Rating ) grew 2.1% in the third quarter, according to the company’s most recent filing with the Securities and Exchange Commission (SEC). The company owns 39,322 shares of the medical equipment supplier after selling 828 shares during the quarter. Geneva Capital Management LLC owned a 0.05% stake in Align Technology worth $8,144,000 at the end of the most recent quarter.
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Several other large investors have also recently increased or decreased their stakes in the company. Raymond James Trust NA increased its stake in Align Technology by 39.4% in the first quarter. Raymond James Trust NA now owns 934 shares of the medical equipment supplier, worth $407,000, after purchasing an additional 264 shares during that period. Dimensional Fund Advisors LP increased its position in Align Technology stock by 11.1% in the first quarter. Dimensional Fund Advisors LP now owns 180,978 shares of the medical equipment supplier, worth $78,911,000, after buying an additional 18,153 shares during the period. Prudential PLC acquired a new position in Align Technology stock valued at $955,000 during the first quarter. Cetera Investment Advisers increased its stake in Align Technology by 4.9 percent in the first quarter. Cetera Investment Advisers now owns 1,713 shares of the medical equipment supplier, worth $747,000, after buying an additional 80 shares in the period. Finally, Sequoia Financial Advisors LLC increased its stake in Align Technology by 17.1% during the first quarter. Sequoia Financial Advisors LLC now owns 526 shares of the medical equipment supplier, worth $229,000, after purchasing an additional 77 shares during that period. 84.90% of the shares are currently held by institutional investors and hedge funds.
Align Technology Internal Activities
In other news, CEO Joseph M. Hogan acquired 10,600 shares of Align Technology stock in a transaction that occurred on Wednesday, November 2. The stock was purchased at an average price of $188.58 per share for a total value of $1,998,948.00. Following the transaction, the CEO now owns 185,401 shares of the company, worth $34,962,920.58. The transaction is disclosed in a filing with the U.S. Securities and Exchange Commission, which can be accessed at this link. In related news, director Warren S. Thaler purchased 1,050 shares of the company’s stock in trading on Wednesday, November 2. The average purchase cost of these shares was $191.21 per share, for a total transaction value of $200,770.50. Following the acquisition, the director now directly owns 30,666 shares of the company, valued at $5,863,645.86. The acquisition was disclosed in a legal filing with the U.S. Securities and Exchange Commission, available at this link. Additionally, Chief Executive Officer Joseph M. Hogan purchased 10,600 shares of the company in trading on Wednesday, November 2nd. Shares were purchased at an average price of $188.58 per share for a total transaction value of $1,998,948.00. Following the acquisition, the CEO now owns 185,401 shares of company stock worth $34,962,920.58. The disclosure for this purchase can be found here. Insiders own 0.64% of the company.
Align Technology stock rose 1.8%
Align Technology stock opened Tuesday at $239.76. The market cap is $18.73 billion, with a P/E ratio of 37.06, a P/E ratio of 29.54, and a beta of 1.59. Alignment Technologies had a 12-month low of $172.05 and a 12-month high of $552.00. The business has a 50-day simple moving average of $204.08 and a 200-day simple moving average of $228.70.
Align Technology (NASDAQ: ALGN – Get Rating ) last reported quarterly earnings data on Wednesday, October 26th. The medical equipment supplier reported earnings per share (EPS) of $0.98 for the quarter, missing analysts’ consensus estimate of $1.93 ($0.95). The company’s revenue for the quarter came in at $890.35 million, compared with analyst estimates of $973.0 million. Align Technology has a net profit margin of 13.22% and a return on equity of 14.39%. Align Technology’s revenue for the quarter fell 12.4% year-over-year. In the same period last year, the business earned $2.28 per share. Analysts expect Align Technology, Inc. to report EPS of 5.8 for the fiscal year.
Wall Street analysts forecast growth
Several research firms recently weighed in on ALGN. Goldman Sachs Group lowered their price objective on Align Technology from $250.00 to $165.00 and set a “sell” rating on the company in a research note on Thursday, October 27th. StockNews.com began coverage on Align Technology in a research report on Wednesday, October 12th. They have assigned a “hold” rating to the company. Piper Sandler upped their price target on Align Technology from $230.00 to $255.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 11th. Stifel Nicolaus cut their price objective on shares of Align Technology from $325.00 to $265.00 in a research report on Thursday, October 27th. Finally, Robert W. Baird cut their price target on Align Technology from $310.00 to $260.00 in a research report on Thursday, October 27th. One research analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $300.78.
About Align Technology
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Align Technology, Inc is a medical device company that designs, manufactures and sells Invisalign clear aligners and the iTero intraoral scanner, and provides services to orthodontists and general practitioners, as well as restorative and cosmetic dentistry. It is divided into two parts, Clear Aligner; Scanner and Services.
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