First Republic Investment Management Inc. lifted its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 66.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 201,947 shares of the medical equipment provider’s stock after acquiring an additional 80,293 shares during the period. First Republic Investment Management Inc. owned 0.25% of Align Technology worth $69,094,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in ALGN. W.G. Shaheen & Associates DBA Whitney & Co purchased a new position in shares of Align Technology during the first quarter worth approximately $100,000. Stelac Advisory Services LLC purchased a new position in shares of Align Technology during the second quarter worth approximately $103,000. Cornerstone Advisors Inc. grew its position in shares of Align Technology by 133.7% during the first quarter. Cornerstone Advisors Inc. now owns 437 shares of the medical equipment provider’s stock worth $110,000 after acquiring an additional 250 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new position in shares of Align Technology during the first quarter worth approximately $201,000. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. purchased a new position in shares of Align Technology during the first quarter worth approximately $203,000. Institutional investors and hedge funds own 78.65% of the company’s stock.
In other Align Technology 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Simon Beard sold 3,895 shares of the firm’s stock in a transaction on Wednesday, August 29th. The shares were sold at an average price of $384.48, for a total value of $1,497,549.60. Following the completion of the sale, the senior vice president now directly owns 3,577 shares of the company’s stock, valued at approximately $1,375,284.96. The disclosure for this sale can be found here. In the last three months, insiders sold 55,648 shares of company stock valued at $20,577,327. 1.40% of the stock is owned by corporate insiders.
Shares of NASDAQ ALGN opened at $372.91 on Thursday. Align Technology, Inc. has a 1-year low of $174.44 and a 1-year high of $392.69. The firm has a market cap of $31.04 billion, a P/E ratio of 82.76, a P/E/G ratio of 2.58 and a beta of 1.53.
Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, July 25th. The medical equipment provider reported $1.30 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.09 by $0.21. Align Technology had a return on equity of 32.61% and a net margin of 17.00%. The firm had revenue of $490.26 million during the quarter, compared to the consensus estimate of $472.10 million. During the same period last year, the company earned $0.85 earnings per share. The company’s revenue for the quarter was up 37.5% on a year-over-year basis. analysts anticipate that Align Technology, Inc. will post 4.97 EPS for the current year.
A number of equities analysts have recently issued reports on the stock. Jefferies Financial Group raised their target price on shares of Align Technology to $350.00 and gave the stock a “buy” rating in a research 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 research report on Thursday, May 24th. BidaskClub lowered shares of Align Technology from a “strong-buy” rating to a “buy” rating in a research report on Monday, June 18th. 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 research report on Thursday, May 24th. Finally, Zacks Investment Research lowered shares of Align Technology from a “buy” rating to a “hold” rating in a research report on Tuesday, May 15th. Four research analysts have rated the stock with a hold rating, twelve have given a buy rating and three have assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $353.79.
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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