BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp trimmed its position in Align Technology, Inc. (NASDAQ:ALGN) by 13.7% in the first quarter, according to its most recent filing with the SEC. The fund owned 32,233 shares of the medical equipment provider’s stock after selling 5,138 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Align Technology were worth $9,165,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Captrust Financial Advisors increased its holdings in Align Technology by 67.6% in the fourth quarter. Captrust Financial Advisors now owns 124 shares of the medical equipment provider’s stock valued at $26,000 after purchasing an additional 50 shares during the period. Berman Capital Advisors LLC acquired a new stake in Align Technology in the fourth quarter valued at $27,000. Horan Capital Advisors LLC. acquired a new stake in Align Technology in the first quarter valued at $28,000. Harvest Group Wealth Management LLC acquired a new stake in Align Technology in the first quarter valued at $28,000. Finally, Sontag Advisory LLC acquired a new stake in Align Technology in the fourth quarter valued at $30,000. Institutional investors own 82.91% of the company’s stock.
A number of research firms recently weighed in on ALGN. BidaskClub upgraded Align Technology from a “hold” rating to a “buy” rating in a report on Friday, March 22nd. Leerink Swann decreased their price objective on Align Technology from $300.00 to $285.00 and set an “outperform” rating for the company in a report on Wednesday, January 30th. They noted that the move was a valuation call. Piper Jaffray Companies increased their price objective on Align Technology from $250.00 to $300.00 and gave the company an “overweight” rating in a report on Tuesday, March 19th. UBS Group downgraded Align Technology from a “buy” rating to a “neutral” rating and set a $275.00 price objective for the company. in a report on Thursday, February 14th. Finally, Guggenheim initiated coverage on Align Technology in a report on Wednesday, April 17th. They set a “buy” rating and a $335.00 price target for the company. Three research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $340.07.
Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, April 24th. The medical equipment provider reported $0.89 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.83 by $0.06. Align Technology had a return on equity of 30.58% and a net margin of 18.10%. The firm had revenue of $549.00 million during the quarter, compared to the consensus estimate of $532.16 million. During the same period last year, the business posted $1.17 EPS. The business’s revenue was up 25.7% compared to the same quarter last year. Sell-side analysts predict that Align Technology, Inc. will post 5.4 earnings per share for the current year.
In other news, SVP Julie Tay sold 3,560 shares of the stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $325.00, for a total transaction of $1,157,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Joseph Lacob sold 20,000 shares of the stock in a transaction dated Thursday, February 28th. The stock was sold at an average price of $258.31, for a total transaction of $5,166,200.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 57,460 shares of company stock valued at $17,270,643. Company insiders own 1.30% of the company’s stock.
Align Technology Company Profile
Align Technology, Inc, a medical device company, designs, manufactures, and markets Invisalign clear aligners and iTero intraoral scanners and services for orthodontics, and restorative and aesthetic dentistry worldwide. It operates in two segments, Clear Aligner; and Scanners and Services. The Clear Aligner segment consists of comprehensive products, including Invisalign Comprehensive treatment that addresses the orthodontic needs of teenage patients, such as compliance indicators and compensation for tooth eruption; Invisalign Assist treatment, which offers support to dental practitioners throughout the treatment process, including progress tracking; and Invisalign First Phase I and Invisalign First Comprehensive Phase II package for younger patients with early mixed dentition with a mixture of primary/baby and permanent teeth.
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