Norges Bank purchased a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 421,556 shares of the medical equipment provider’s stock, valued at approximately $40,524,000. Norges Bank owned about 0.53% of Align Technology as of its most recent filing with the SEC.
Several other institutional investors also recently modified their holdings of ALGN. Proficio Capital Partners LLC boosted its stake in Align Technology by 369.0% in the third quarter. Proficio Capital Partners LLC now owns 1,271 shares of the medical equipment provider’s stock valued at $119,000 after buying an additional 1,000 shares during the period. Pacad Investment Ltd. acquired a new stake in Align Technology during the fourth quarter valued at approximately $183,000. Smithfield Trust Co. boosted its stake in Align Technology by 8.3% in the third quarter. Smithfield Trust Co. now owns 2,080 shares of the medical equipment provider’s stock valued at $195,000 after buying an additional 160 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Align Technology by 14.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,179 shares of the medical equipment provider’s stock valued at $204,000 after buying an additional 281 shares during the period. Finally, Radnor Capital Management LLC acquired a new stake in Align Technology during the fourth quarter valued at approximately $219,000. Hedge funds and other institutional investors own 85.82% of the company’s stock.
Shares of Align Technology, Inc. (NASDAQ:ALGN) traded down 0.36% on Friday, reaching $118.44. The company’s stock had a trading volume of 719,438 shares. The stock has a market cap of $9.51 billion, a PE ratio of 50.83 and a beta of 1.40. The firm has a 50 day moving average price of $111.78 and a 200-day moving average price of $98.66. Align Technology, Inc. has a 12-month low of $70.03 and a 12-month high of $120.02.
Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Tuesday, January 31st. The medical equipment provider reported $0.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.66 by $0.07. The business had revenue of $293.20 million for the quarter, compared to analysts’ expectations of $292.75 million. Align Technology had a return on equity of 20.82% and a net margin of 17.57%. The business’s revenue for the quarter was up 27.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.60 EPS. Equities research analysts expect that Align Technology, Inc. will post $2.99 EPS for the current year.
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ALGN has been the topic of several recent analyst reports. Jefferies Group LLC increased their price objective on Align Technology from $105.00 to $110.00 and gave the company a “buy” rating in a research report on Monday, January 23rd. Zacks Investment Research cut Align Technology from a “buy” rating to a “hold” rating in a research report on Tuesday, January 10th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $130.00 price objective on shares of Align Technology in a research report on Tuesday, April 11th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $106.29.
In other Align Technology news, Director Joseph Lacob sold 50,000 shares of the stock in a transaction that occurred on Tuesday, February 28th. The stock was sold at an average price of $102.67, for a total transaction of $5,133,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director C Raymond Larkin, Jr. sold 15,000 shares of the stock in a transaction that occurred on Friday, February 3rd. The shares were sold at an average price of $94.71, for a total value of $1,420,650.00. Following the transaction, the director now directly owns 92,012 shares of the company’s stock, valued at approximately $8,714,456.52. The disclosure for this sale can be found here. Insiders have sold 159,881 shares of company stock worth $16,161,265 in the last quarter. 2.00% of the stock is currently owned by company insiders.
Align Technology Company Profile
Align Technology, Inc designs, manufactures and markets a system of clear aligner therapy, intra-oral scanners and computer-aided design/computer-aided manufacturing (CAD/CAM) digital services used in dentistry, orthodontics and dental records storage. The Company operates through two segments: Clear Aligner segment and Scanner and Services (Scanner) segment.
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