Traders Buy Shares of Align Technology Inc. (ALGN) on Weakness Following Insider Selling
Investors purchased shares of Align Technology Inc. (NASDAQ:ALGN) on weakness during trading on Wednesday after an insider sold shares in the company. $207.05 million flowed into the stock on the tick-up and $28.52 million flowed out of the stock on the tick-down, for a money net flow of $178.53 million into the stock. Of all equities tracked, Align Technology had the 7th highest net in-flow for the day. Align Technology traded down ($2.46) for the day and closed at $93.05Specifically, VP Jennifer Olson sold 3,662 shares of the firm’s stock in a transaction on Tuesday, November 29th. The shares were sold at an average price of $95.44, for a total value of $349,501.28. Following the sale, the vice president now owns 8,145 shares in the company, valued at $777,358.80. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Warren S. Thaler sold 8,500 shares of the firm’s stock in a transaction on Tuesday, November 29th. The stock was sold at an average price of $95.57, for a total transaction of $812,345.00. Following the completion of the sale, the director now owns 42,400 shares in the company, valued at approximately $4,052,168. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by insiders.
Several equities research analysts have recently issued reports on the stock. Stifel Nicolaus raised their price objective on shares of Align Technology from $95.00 to $110.00 and gave the stock a “buy” rating in a research note on Monday. Zacks Investment Research upgraded shares of Align Technology from a “hold” rating to a “buy” rating and set a $99.00 price objective on the stock in a research note on Wednesday, November 9th. Jefferies Group restated a “buy” rating and issued a $105.00 price objective (up previously from $100.00) on shares of Align Technology in a research note on Tuesday, November 8th. Morgan Stanley set a $114.00 price objective on shares of Align Technology and gave the stock a “buy” rating in a research note on Wednesday, October 19th. Finally, Robert W. Baird downgraded shares of Align Technology from an “outperform” rating to a “neutral” rating and set a $96.00 price objective on the stock. in a research note on Monday, October 3rd. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Align Technology currently has a consensus rating of “Buy” and an average target price of $91.18.
The company’s 50 day moving average is $90.31 and its 200 day moving average is $87.47. The stock has a market cap of $7.42 billion, a P/E ratio of 39.76 and a beta of 1.33.
Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Monday, November 7th. The company reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.11. Align Technology had a return on equity of 21.09% and a net margin of 18.78%. The business had revenue of $278.60 million for the quarter, compared to analysts’ expectations of $271.61 million. During the same quarter in the prior year, the business earned $0.34 EPS. The firm’s revenue for the quarter was up 34.3% on a year-over-year basis. Analysts expect that Align Technology Inc. will post $2.41 earnings per share for the current fiscal year.
Large investors have recently bought and sold shares of the stock. ETRADE Capital Management LLC acquired a new stake in Align Technology during the third quarter worth $240,000. D.A. Davidson & CO. boosted its position in Align Technology by 204.3% in the third quarter. D.A. Davidson & CO. now owns 5,000 shares of the company’s stock valued at $468,000 after buying an additional 3,357 shares during the last quarter. Piedmont Investment Advisors LLC purchased a new position in Align Technology during the third quarter valued at $452,000. Marvin & Palmer Associates Inc. purchased a new position in Align Technology during the third quarter valued at $2,242,000. Finally, Peloton Wealth Strategists purchased a new position in Align Technology during the third quarter valued at $1,673,000. Institutional investors and hedge funds own 87.95% of the company’s stock.
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Align Technology Company Profile
Align Technology, Inc designs, manufactures and markets a system of clear aligner therapy, intra-oral scanners and computer-aided design and 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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