Fernwood Investment Management LLC lowered its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 20.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,950 shares of the medical equipment provider’s stock after selling 500 shares during the quarter. Fernwood Investment Management LLC’s holdings in Align Technology were worth $433,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Crossmark Global Holdings Inc. bought a new stake in shares of Align Technology during the third quarter worth $2,875,000. Rhumbline Advisers raised its position in shares of Align Technology by 4.9% during the third quarter. Rhumbline Advisers now owns 150,816 shares of the medical equipment provider’s stock worth $28,092,000 after acquiring an additional 7,032 shares during the last quarter. National Pension Service raised its position in shares of Align Technology by 98,968.3% during the fourth quarter. National Pension Service now owns 81,236 shares of the medical equipment provider’s stock worth $18,050,000 after acquiring an additional 81,154 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Align Technology during the second quarter worth $454,000. Finally, Aperio Group LLC raised its position in shares of Align Technology by 38.5% during the third quarter. Aperio Group LLC now owns 42,818 shares of the medical equipment provider’s stock worth $7,976,000 after acquiring an additional 11,892 shares during the last quarter. Institutional investors own 82.50% of the company’s stock.
In other Align Technology news, Director Joseph Lacob sold 29,724 shares of the business’s stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $260.91, for a total value of $7,755,288.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Emory Wright sold 5,025 shares of the business’s stock in a transaction dated Tuesday, November 28th. The shares were sold at an average price of $263.68, for a total value of $1,324,992.00. Following the completion of the transaction, the vice president now directly owns 80,762 shares of the company’s stock, valued at $21,295,324.16. The disclosure for this sale can be found here. Over the last three months, insiders sold 39,749 shares of company stock valued at $10,348,281. Insiders own 1.60% of the company’s stock.
Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Tuesday, January 30th. The medical equipment provider reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.23. The business had revenue of $421.30 million during the quarter, compared to the consensus estimate of $395.88 million. Align Technology had a return on equity of 28.55% and a net margin of 15.71%. The firm’s revenue was up 43.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.59 earnings per share. equities analysts expect that Align Technology, Inc. will post 4.48 earnings per share for the current fiscal year.
ALGN has been the subject of a number of recent research reports. Robert W. Baird restated a “buy” rating and set a $245.00 target price on shares of Align Technology in a research report on Friday, October 27th. Leerink Swann reiterated an “outperform” rating and issued a $250.00 price objective on shares of Align Technology in a report on Friday, October 27th. Credit Suisse Group reiterated an “outperform” rating and issued a $276.00 price objective (up previously from $261.00) on shares of Align Technology in a report on Tuesday, November 28th. Deutsche Bank assumed coverage on Align Technology in a report on Friday, December 8th. They issued a “hold” rating and a $250.00 price objective for the company. Finally, Zacks Investment Research upgraded Align Technology from a “hold” rating to a “buy” rating and set a $318.00 price objective for the company in a report on Monday, January 29th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $258.54.
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About Align Technology
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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