Oakbrook Investments LLC lowered its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 10.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,670 shares of the medical equipment provider’s stock after selling 680 shares during the period. Oakbrook Investments LLC’s holdings in Align Technology were worth $851,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in the stock. Bedrijfstakpensioenfonds Voor DE Media PNO purchased a new stake in shares of Align Technology during the second quarter valued at $1,285,000. Aperio Group LLC increased its stake in shares of Align Technology by 35.4% in the second quarter. Aperio Group LLC now owns 30,926 shares of the medical equipment provider’s stock valued at $4,643,000 after buying an additional 8,084 shares during the period. Summit Creek Advisors LLC purchased a new stake in shares of Align Technology during the second quarter valued at $206,000. Winslow Evans & Crocker Inc. purchased a new stake in shares of Align Technology during the second quarter valued at $429,000. Finally, CENTRAL TRUST Co increased its stake in shares of Align Technology by 128.5% in the second quarter. CENTRAL TRUST Co now owns 697 shares of the medical equipment provider’s stock valued at $105,000 after buying an additional 392 shares during the period. 88.07% of the stock is owned by institutional investors and hedge funds.
Align Technology, Inc. (NASDAQ:ALGN) traded down 0.44% during mid-day trading on Friday, hitting $168.61. 1,393,519 shares of the stock were exchanged. The stock’s 50 day moving average is $162.73 and its 200 day moving average is $132.63. The stock has a market cap of $13.51 billion, a PE ratio of 57.74 and a beta of 1.55. Align Technology, Inc. has a 52-week low of $83.27 and a 52-week high of $179.76.
Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Thursday, July 27th. The medical equipment provider reported $0.85 EPS for the quarter, topping the consensus estimate of $0.73 by $0.12. Align Technology had a net margin of 19.18% and a return on equity of 23.87%. The business had revenue of $356.50 million for the quarter, compared to analyst estimates of $343.43 million. During the same period in the previous year, the firm earned $0.62 EPS. The business’s revenue for the quarter was up 32.3% compared to the same quarter last year. Analysts forecast that Align Technology, Inc. will post $3.40 EPS for the current fiscal year.
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Several equities research analysts recently issued reports on ALGN shares. Morgan Stanley restated an “overweight” rating and issued a $175.00 target price on shares of Align Technology in a report on Monday, June 19th. They noted that the move was a valuation call. Credit Suisse Group reiterated an “outperform” rating and set a $170.00 price target (up previously from $140.00) on shares of Align Technology in a research note on Thursday, July 13th. Robert W. Baird upgraded shares of Align Technology from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $105.00 to $155.00 in a research note on Friday, April 28th. Northcoast Research reiterated a “buy” rating and set a $186.00 price target (up previously from $164.00) on shares of Align Technology in a research note on Wednesday, June 21st. Finally, Leerink Swann lifted their target price on shares of Align Technology from $149.00 to $194.00 and gave the company an “outperform” rating in a research note on Monday, June 26th. Ten research analysts have rated the stock with a buy rating, The stock has an average rating of “Buy” and an average target price of $174.40.
In other Align Technology news, Director Joseph Lacob sold 50,000 shares of the company’s stock in a transaction dated Wednesday, May 31st. The shares were sold at an average price of $144.98, for a total value of $7,249,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Sreelakshmi Kolli sold 1,000 shares of the company’s stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $144.00, for a total transaction of $144,000.00. Following the completion of the transaction, the vice president now owns 23,785 shares in the company, valued at $3,425,040. The disclosure for this sale can be found here. Insiders sold a total of 54,874 shares of company stock worth $7,950,701 over the last quarter. Insiders own 2.00% of the company’s stock.
About Align Technology
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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