Mutual of America Capital Management LLC reduced its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 8.6% during the second quarter, Holdings Channel reports. The fund owned 10,271 shares of the medical equipment provider’s stock after selling 964 shares during the period. Mutual of America Capital Management LLC’s holdings in Align Technology were worth $3,514,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of ALGN. Artisan Partners Limited Partnership bought a new position in Align Technology during the first quarter valued at approximately $72,283,000. TCW Group Inc. grew its holdings in shares of Align Technology by 140.9% in the first quarter. TCW Group Inc. now owns 174,075 shares of the medical equipment provider’s stock worth $43,715,000 after purchasing an additional 101,807 shares during the last quarter. Lord Abbett & CO. LLC grew its holdings in shares of Align Technology by 63.0% in the first quarter. Lord Abbett & CO. LLC now owns 250,630 shares of the medical equipment provider’s stock worth $62,941,000 after purchasing an additional 96,894 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Align Technology by 33.5% in the first quarter. Massachusetts Financial Services Co. MA now owns 339,582 shares of the medical equipment provider’s stock worth $85,278,000 after purchasing an additional 85,267 shares during the last quarter. Finally, Sei Investments Co. grew its holdings in shares of Align Technology by 702.4% in the second quarter. Sei Investments Co. now owns 91,371 shares of the medical equipment provider’s stock worth $31,262,000 after purchasing an additional 79,984 shares during the last quarter. Institutional investors and hedge funds own 78.65% of the company’s stock.
In related news, Director Joseph Lacob sold 10,000 shares of the firm’s stock in a transaction on Monday, August 27th. The stock was sold at an average price of $382.00, for a total value of $3,820,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Joseph M. Hogan sold 25,000 shares of the firm’s stock in a transaction on Tuesday, August 14th. The stock was sold at an average price of $367.48, for a total value of $9,187,000.00. Following the completion of the sale, the insider now directly owns 105,713 shares of the company’s stock, valued at approximately $38,847,413.24. The disclosure for this sale can be found here. Insiders sold 51,753 shares of company stock valued at $19,079,778 in the last ninety days. 1.40% of the stock is currently owned by insiders.
Several brokerages have recently issued reports on ALGN. BidaskClub upgraded shares of Align Technology from a “buy” rating to a “strong-buy” rating in a report on Tuesday. Jefferies Financial Group raised their target price on shares of Align Technology to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 24th. Piper Jaffray Companies raised their target price on shares of Align Technology from $300.00 to $325.00 and gave the stock an “overweight” rating in a report on Thursday, May 24th. Leerink Swann raised their target price on shares of Align Technology from $305.00 to $360.00 and gave the stock an “outperform” rating in a report on Thursday, May 24th. Finally, Zacks Investment Research cut shares of Align Technology from a “buy” rating to a “hold” rating in a report on Tuesday, May 15th. Four investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and three have issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $353.79.
Shares of ALGN stock opened at $385.43 on Thursday. Align Technology, Inc. has a 52 week low of $172.27 and a 52 week high of $391.25. The firm has a market capitalization of $30.67 billion, a P/E ratio of 81.77, a price-to-earnings-growth ratio of 2.55 and a beta of 1.50.
Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, July 25th. The medical equipment provider reported $1.30 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.21. Align Technology had a return on equity of 32.61% and a net margin of 17.00%. The company had revenue of $490.26 million during the quarter, compared to analyst estimates of $472.10 million. During the same quarter last year, the firm posted $0.85 earnings per share. The firm’s revenue was up 37.5% on a year-over-year basis. analysts expect that Align Technology, Inc. will post 4.98 EPS for the current fiscal year.
Align Technology Profile
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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