CIBC World Markets Inc. trimmed its position in Align Technology, Inc. (NASDAQ:ALGN) by 39.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,640 shares of the medical equipment provider’s stock after selling 11,417 shares during the quarter. CIBC World Markets Inc.’s holdings in Align Technology were worth $2,648,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Commonwealth Bank of Australia boosted its stake in Align Technology by 10.5% in the 2nd quarter. Commonwealth Bank of Australia now owns 1,129 shares of the medical equipment provider’s stock worth $169,000 after purchasing an additional 107 shares during the period. Engineers Gate Manager LP boosted its stake in Align Technology by 45.1% in the 2nd quarter. Engineers Gate Manager LP now owns 28,873 shares of the medical equipment provider’s stock worth $4,334,000 after purchasing an additional 8,977 shares during the period. Tredje AP fonden boosted its stake in Align Technology by 6.5% in the 2nd quarter. Tredje AP fonden now owns 11,660 shares of the medical equipment provider’s stock worth $1,750,000 after purchasing an additional 710 shares during the period. Schroder Investment Management Group bought a new position in Align Technology in the 2nd quarter worth approximately $104,000. Finally, Old Mutual Global Investors UK Ltd. boosted its stake in Align Technology by 35.8% in the 2nd quarter. Old Mutual Global Investors UK Ltd. now owns 968,086 shares of the medical equipment provider’s stock worth $145,329,000 after purchasing an additional 255,000 shares during the period. 81.72% of the stock is owned by institutional investors.
Several research analysts have weighed in on ALGN shares. Zacks Investment Research downgraded Align Technology from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 21st. Morgan Stanley restated an “overweight” rating and issued a $175.00 price target on shares of Align Technology in a research note on Monday, June 19th. They noted that the move was a valuation call. Leerink Swann upped their price target on Align Technology from $149.00 to $194.00 and gave the stock an “outperform” rating in a research note on Monday, June 26th. Bank of America Corporation upgraded Align Technology from a “neutral” rating to a “buy” rating and upped their price target for the stock from $175.00 to $193.00 in a research note on Friday, July 28th. Finally, Northcoast Research restated a “buy” rating and issued a $186.00 price target (up from $164.00) on shares of Align Technology in a research note on Wednesday, June 21st. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Align Technology presently has a consensus rating of “Buy” and a consensus target price of $176.80.
Align Technology, Inc. (ALGN) opened at 184.12 on Tuesday. Align Technology, Inc. has a 52-week low of $83.27 and a 52-week high of $185.61. The stock’s 50 day moving average price is $171.93 and its 200-day moving average price is $141.36. The company has a market capitalization of $14.76 billion, a P/E ratio of 63.05 and a beta of 1.55.
Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Thursday, July 27th. The medical equipment provider reported $0.85 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.73 by $0.12. Align Technology had a return on equity of 23.87% and a net margin of 19.18%. The firm had revenue of $356.50 million during the quarter, compared to analysts’ expectations of $343.43 million. During the same period in the previous year, the business earned $0.62 earnings per share. The firm’s revenue for the quarter was up 32.3% on a year-over-year basis. Analysts predict that Align Technology, Inc. will post $3.40 earnings per share for the current fiscal year.
Align Technology 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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