Align Technology (ALGN) Shares Gap Down on Insider Selling

Align Technology, Inc. (NASDAQ:ALGN) shares gapped down prior to trading on Friday after an insider sold shares in the company. The stock had previously closed at $315.48, but opened at $296.68. Align Technology shares last traded at $284.35, with a volume of 2509628 shares changing hands.

Specifically, SVP Julie Tay sold 13,500 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $322.41, for a total transaction of $4,352,535.00. Following the completion of the sale, the senior vice president now directly owns 24,096 shares in the company, valued at approximately $7,768,791.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CMO Raphael Pascaud sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $326.18, for a total transaction of $4,892,700.00. Following the sale, the chief marketing officer now owns 34,092 shares of the company’s stock, valued at $11,120,128.56. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 52,909 shares of company stock valued at $16,802,747. 1.30% of the stock is owned by company insiders.

A number of analysts have weighed in on the stock. Credit Suisse Group raised their price objective on shares of Align Technology from $305.00 to $316.00 and gave the company an “outperform” rating in a research note on Thursday, April 25th. Piper Jaffray Companies raised their price objective on shares of Align Technology from $300.00 to $350.00 and gave the company an “overweight” rating in a research note on Thursday, April 25th. Zacks Investment Research lowered shares of Align Technology from a “buy” rating to a “hold” rating in a research note on Tuesday, May 21st. Barclays lifted their price target on shares of Align Technology from $335.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, April 25th. Finally, BidaskClub lowered shares of Align Technology from a “strong-buy” rating to a “buy” rating in a research note on Friday, May 24th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $339.31.

The company has a market capitalization of $23.73 billion, a P/E ratio of 57.79, a P/E/G ratio of 2.35 and a beta of 2.14.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, April 24th. The medical equipment provider reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.06. The firm had revenue of $549.00 million during the quarter, compared to analyst estimates of $532.16 million. Align Technology had a net margin of 18.10% and a return on equity of 30.58%. The business’s revenue for the quarter was up 25.7% on a year-over-year basis. During the same period in the previous year, the business posted $1.17 earnings per share. On average, research analysts anticipate that Align Technology, Inc. will post 5.4 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Nomura Holdings Inc. boosted its holdings in shares of Align Technology by 120.5% in the fourth quarter. Nomura Holdings Inc. now owns 2,168 shares of the medical equipment provider’s stock worth $454,000 after buying an additional 1,185 shares during the last quarter. Factory Mutual Insurance Co. purchased a new position in shares of Align Technology in the first quarter worth approximately $20,558,000. Stephens Investment Management Group LLC boosted its holdings in shares of Align Technology by 36.2% in the first quarter. Stephens Investment Management Group LLC now owns 73,114 shares of the medical equipment provider’s stock worth $20,789,000 after buying an additional 19,452 shares during the last quarter. Glassman Wealth Services boosted its holdings in shares of Align Technology by 5.2% in the fourth quarter. Glassman Wealth Services now owns 1,887 shares of the medical equipment provider’s stock worth $395,000 after buying an additional 94 shares during the last quarter. Finally, AlphaCrest Capital Management LLC purchased a new position in shares of Align Technology in the fourth quarter worth approximately $449,000. 82.66% of the stock is currently owned by institutional investors.

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Align Technology Company Profile (NASDAQ:ALGN)

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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