Rhumbline Advisers Raises Position in Align Technology, Inc. (NASDAQ:ALGN)

Rhumbline Advisers boosted its stake in Align Technology, Inc. (NASDAQ:ALGNGet Rating) by 5.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 130,572 shares of the medical equipment provider’s stock after buying an additional 6,723 shares during the quarter. Rhumbline Advisers owned approximately 0.17% of Align Technology worth $30,902,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ALGN. Gradient Investments LLC increased its holdings in Align Technology by 1,428.6% in the 1st quarter. Gradient Investments LLC now owns 107 shares of the medical equipment provider’s stock valued at $47,000 after purchasing an additional 100 shares during the last quarter. Tsfg LLC grew its stake in shares of Align Technology by 68.0% in the second quarter. Tsfg LLC now owns 126 shares of the medical equipment provider’s stock worth $30,000 after acquiring an additional 51 shares in the last quarter. Castle Wealth Management LLC acquired a new position in shares of Align Technology during the second quarter worth $38,000. Massmutual Trust Co. FSB ADV grew its stake in shares of Align Technology by 60.0% during the second quarter. Massmutual Trust Co. FSB ADV now owns 176 shares of the medical equipment provider’s stock worth $42,000 after purchasing an additional 66 shares in the last quarter. Finally, Sugarloaf Wealth Management LLC acquired a new position in shares of Align Technology during the second quarter worth $50,000. 86.50% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Joseph M. Hogan bought 10,600 shares of the stock in a transaction on Wednesday, November 2nd. The shares were bought at an average cost of $188.58 per share, for a total transaction of $1,998,948.00. Following the completion of the transaction, the chief executive officer now owns 185,401 shares of the company’s stock, valued at approximately $34,962,920.58. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Joseph M. Hogan purchased 10,600 shares of the business’s stock in a transaction on Wednesday, November 2nd. The shares were bought at an average price of $188.58 per share, with a total value of $1,998,948.00. Following the completion of the purchase, the chief executive officer now directly owns 185,401 shares in the company, valued at approximately $34,962,920.58. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Warren S. Thaler purchased 1,050 shares of the business’s stock in a transaction on Wednesday, November 2nd. The shares were bought at an average cost of $191.21 per share, for a total transaction of $200,770.50. Following the purchase, the director now owns 30,666 shares of the company’s stock, valued at $5,863,645.86. The disclosure for this purchase can be found here. 0.64% of the stock is currently owned by company insiders.

Align Technology Stock Up 2.6 %

Shares of Align Technology stock opened at $196.28 on Thursday. Align Technology, Inc. has a 52-week low of $172.05 and a 52-week high of $688.60. The company’s 50-day simple moving average is $208.52 and its 200-day simple moving average is $243.70. The firm has a market cap of $15.33 billion, a price-to-earnings ratio of 30.34, a price-to-earnings-growth ratio of 26.82 and a beta of 1.68.

Align Technology (NASDAQ:ALGNGet Rating) last issued its quarterly earnings results on Wednesday, October 26th. The medical equipment provider reported $1.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.58). Align Technology had a return on equity of 14.39% and a net margin of 13.22%. The firm had revenue of $890.35 million for the quarter, compared to analyst estimates of $973.00 million. During the same quarter last year, the firm earned $2.28 earnings per share. The company’s revenue was down 12.4% compared to the same quarter last year. Equities research analysts anticipate that Align Technology, Inc. will post 5.81 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Robert W. Baird reduced their price target on shares of Align Technology from $310.00 to $260.00 in a research report on Thursday, October 27th. The Goldman Sachs Group reduced their target price on shares of Align Technology from $250.00 to $165.00 and set a “sell” rating for the company in a report on Thursday, October 27th. Stephens reduced their target price on shares of Align Technology from $500.00 to $375.00 and set an “overweight” rating for the company in a report on Thursday, July 28th. StockNews.com assumed coverage on shares of Align Technology in a report on Wednesday, October 12th. They issued a “hold” rating for the company. Finally, Stifel Nicolaus reduced their target price on shares of Align Technology from $325.00 to $265.00 in a report on Thursday, October 27th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $298.00.

About Align Technology

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Align Technology, Inc, a medical device company, designs, manufactures, and markets Invisalign clear aligners and iTero intraoral scanners and services for orthodontists and general practitioner dentists, and restorative and aesthetic dentistry. It operates in two segments, Clear Aligner; and Scanners and Services.

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

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