Align Technology, Inc. (ALGN) Stake Increased by CIBC World Markets Inc.

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CIBC World Markets Inc. boosted its stake in Align Technology, Inc. (NASDAQ:ALGN) by 33.8% in the 2nd quarter, Holdings Channel reports. The firm owned 15,923 shares of the medical equipment provider’s stock after acquiring an additional 4,025 shares during the quarter. CIBC World Markets Inc.’s holdings in Align Technology were worth $5,448,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. Polen Capital Management LLC lifted its stake in Align Technology by 1.8% in the 1st quarter. Polen Capital Management LLC now owns 2,668,377 shares of the medical equipment provider’s stock valued at $670,110,000 after purchasing an additional 46,871 shares during the last quarter. Eagle Asset Management Inc. lifted its stake in Align Technology by 7.1% in the 1st quarter. Eagle Asset Management Inc. now owns 441,683 shares of the medical equipment provider’s stock valued at $110,919,000 after purchasing an additional 29,092 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Align Technology by 0.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 371,174 shares of the medical equipment provider’s stock valued at $93,213,000 after purchasing an additional 1,684 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Align Technology by 8.7% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 369,205 shares of the medical equipment provider’s stock valued at $126,319,000 after purchasing an additional 29,623 shares during the last quarter. Finally, Carillon Tower Advisers Inc. lifted its stake in Align Technology by 22.2% in the 1st quarter. Carillon Tower Advisers Inc. now owns 345,888 shares of the medical equipment provider’s stock valued at $74,133,000 after purchasing an additional 62,820 shares during the last quarter. 77.42% of the stock is owned by institutional investors and hedge funds.

Several brokerages recently commented on ALGN. Zacks Investment Research downgraded shares of Align Technology from a “buy” rating to a “hold” rating in a research note on Friday. BidaskClub raised shares of Align Technology from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, May 8th. Jefferies Financial Group increased their price objective on shares of Align Technology to $350.00 and gave the company a “buy” rating in a research note on Thursday, May 24th. Leerink Swann increased their price objective on shares of Align Technology from $400.00 to $420.00 and gave the company an “outperform” rating in a research note on Thursday, July 26th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $350.00 price objective (up previously from $320.00) on shares of Align Technology in a research note on Friday, June 1st. Four equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $353.79.

In other news, Director Greg J. Santora sold 5,500 shares of the firm’s stock in a transaction on Tuesday, May 29th. The shares were sold at an average price of $324.07, for a total transaction of $1,782,385.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Stuart A. Hockridge sold 2,753 shares of the firm’s stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of $366.73, for a total transaction of $1,009,607.69. The disclosure for this sale can be found here. Insiders have sold 55,005 shares of company stock valued at $19,073,536 in the last ninety days. Insiders own 1.40% of the company’s stock.

ALGN stock opened at $357.30 on Monday. The firm has a market cap of $29.28 billion, a PE ratio of 91.85, a price-to-earnings-growth ratio of 2.44 and a beta of 1.50. Align Technology, Inc. has a 52-week low of $165.18 and a 52-week high of $385.00.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, July 25th. The medical equipment provider reported $1.30 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.09 by $0.21. The firm had revenue of $490.26 million during the quarter, compared to the consensus estimate of $472.10 million. Align Technology had a net margin of 17.00% and a return on equity of 32.61%. The company’s revenue for the quarter was up 37.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.85 earnings per share. sell-side analysts forecast that Align Technology, Inc. will post 4.98 EPS for the current fiscal year.

About Align Technology

Align Technology, Inc designs, manufactures, and markets a system of clear aligner therapy, intraoral scanners, and computer-aided design and computer-aided manufacturing (CAD/CAM) digital services. The company's Clear Aligner segment offers Invisalign Full, a treatment used for a range of malocclusion; Invisalign Teen treatment that addresses orthodontic needs of teenage patients, such as compliance indicators, compensation for tooth eruption, and six free single arch replacement aligners; and Invisalign Assist treatment for anterior alignment and aesthetically-oriented cases.

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Institutional Ownership by Quarter for Align Technology (NASDAQ:ALGN)

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