OLD Dominion Capital Management Inc. reduced its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 0.5% during the second quarter, Holdings Channel reports. The institutional investor owned 6,251 shares of the medical equipment provider’s stock after selling 31 shares during the period. Align Technology accounts for approximately 1.0% of OLD Dominion Capital Management Inc.’s portfolio, making the stock its 24th largest position. OLD Dominion Capital Management Inc.’s holdings in Align Technology were worth $938,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. AQR Capital Management LLC raised its stake in Align Technology by 36.7% in the first quarter. AQR Capital Management LLC now owns 94,715 shares of the medical equipment provider’s stock valued at $10,865,000 after buying an additional 25,422 shares in the last quarter. Stifel Financial Corp raised its stake in Align Technology by 11.6% in the first quarter. Stifel Financial Corp now owns 75,393 shares of the medical equipment provider’s stock valued at $8,643,000 after buying an additional 7,834 shares in the last quarter. Karp Capital Management Corp acquired a new stake in Align Technology during the first quarter valued at approximately $2,620,000. Profund Advisors LLC raised its stake in Align Technology by 6.8% in the first quarter. Profund Advisors LLC now owns 11,547 shares of the medical equipment provider’s stock valued at $1,325,000 after buying an additional 738 shares in the last quarter. Finally, Chevy Chase Trust Holdings Inc. acquired a new stake in Align Technology during the second quarter valued at approximately $9,854,000. Institutional investors and hedge funds own 87.13% of the company’s stock.
Shares of Align Technology, Inc. (NASDAQ:ALGN) opened at 171.23 on Friday. The company’s 50-day moving average is $158.81 and its 200-day moving average is $129.11. The firm has a market cap of $13.72 billion, a price-to-earnings ratio of 58.64 and a beta of 1.55. Align Technology, Inc. has a 12 month low of $83.27 and a 12 month high of $176.84.
Align Technology (NASDAQ:ALGN) last released its earnings results on Thursday, July 27th. The medical equipment provider reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.12. The business had revenue of $356.50 million for the quarter, compared to the consensus estimate of $343.43 million. Align Technology had a net margin of 19.18% and a return on equity of 23.87%. The firm’s quarterly revenue was up 32.3% compared to the same quarter last year. During the same period last year, the firm posted $0.62 earnings per share. On average, equities research analysts forecast that Align Technology, Inc. will post $3.40 earnings per share for the current fiscal year.
ALGN has been the topic of several research reports. Morgan Stanley reiterated an “overweight” rating and issued a $175.00 price target on shares of Align Technology in a research report on Monday, June 19th. They noted that the move was a valuation call. Leerink Swann increased their price target on shares of Align Technology from $149.00 to $194.00 and gave the company an “outperform” rating in a research report on Monday, June 26th. Northcoast Research reiterated a “buy” rating and issued a $186.00 price target (up from $164.00) on shares of Align Technology in a research report on Wednesday, June 21st. Robert W. Baird upgraded shares of Align Technology from a “neutral” rating to an “outperform” rating and increased their price target for the company from $105.00 to $155.00 in a research report on Friday, April 28th. Finally, Piper Jaffray Companies reiterated a “buy” rating and issued a $176.00 price target on shares of Align Technology in a research report on Friday, July 28th. Ten equities research analysts have rated the stock with a buy rating, The company has an average rating of “Buy” and an average target price of $174.40.
In other news, VP Sreelakshmi Kolli sold 1,000 shares of Align Technology stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $144.00, for a total value of $144,000.00. Following the transaction, the vice president now directly owns 23,785 shares of the company’s stock, valued at $3,425,040. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Joseph Lacob sold 50,000 shares of Align Technology stock in a transaction that occurred on Wednesday, May 31st. The stock was sold at an average price of $144.98, for a total transaction of $7,249,000.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 54,874 shares of company stock worth $7,950,701. 2.00% of the stock is currently owned by 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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