Intellectus Partners LLC lifted its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 102.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,420 shares of the medical equipment provider’s stock after acquiring an additional 2,236 shares during the period. Intellectus Partners LLC’s holdings in Align Technology were worth $800,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. Ossiam bought a new stake in Align Technology in the 2nd quarter worth about $43,000. TRUE Private Wealth Advisors purchased a new position in Align Technology in the second quarter valued at about $45,000. Rehmann Capital Advisory Group boosted its stake in Align Technology by 160.2% in the first 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 last quarter. CSat Investment Advisory L.P. boosted its stake in Align Technology by 218.7% in the second quarter. CSat Investment Advisory L.P. now owns 239 shares of the medical equipment provider’s stock valued at $65,000 after acquiring an additional 164 shares during the last quarter. Finally, FTB Advisors Inc. boosted its stake in Align Technology by 102.9% in the second 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 last quarter. 88.26% of the stock is owned by institutional investors.
A number of research analysts have weighed in on the stock. Credit Suisse Group dropped their target price on shares of Align Technology from $340.00 to $320.00 and set an “outperform” rating on the stock in a research note on Thursday, July 25th. BidaskClub upgraded shares of Align Technology from a “strong sell” rating to a “sell” rating in a research note on Wednesday, October 2nd. Robert W. Baird dropped their target price on shares of Align Technology from $336.00 to $259.00 and set an “outperform” rating on the stock in a research note on Friday, July 26th. Zacks Investment Research cut shares of Align Technology from a “hold” rating to a “sell” rating and set a $192.00 price target on the stock. in a research note on Wednesday, September 25th. Finally, Piper Jaffray Companies set a $240.00 price target on shares of Align Technology and gave the company a “buy” rating in a research note on Wednesday, July 31st. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the stock. Align Technology presently has an average rating of “Hold” and a consensus target price of $265.27.
Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, July 24th. The medical equipment provider reported $1.26 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.13 by $0.13. The business had revenue of $600.70 million for the quarter, compared to analyst estimates of $599.86 million. Align Technology had a net margin of 19.06% and a return on equity of 29.26%. Align Technology’s revenue was up 22.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.30 EPS. On average, sell-side analysts anticipate that Align Technology, Inc. will post 5 earnings per share for the current fiscal year.
In other news, insider Joseph M. Hogan purchased 4,995 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was acquired at an average price of $199.83 per share, with a total value of $998,150.85. Following the transaction, the insider now directly owns 165,440 shares of the company’s stock, valued at approximately $33,059,875.20. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Vamsi Mohan Raj Pudipeddi purchased 1,100 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were purchased at an average cost of $188.11 per share, with a total value of $206,921.00. Following the transaction, the vice president now directly owns 1,100 shares in the company, valued at $206,921. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 44,157 shares of company stock worth $7,976,448. 1.30% of the stock is owned by insiders.
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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