Align Technology, Inc. (NASDAQ:ALGN) Shares Bought by NGAM Advisors L.P.
NGAM Advisors L.P. boosted its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 13.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,428 shares of the medical equipment provider’s stock after buying an additional 2,574 shares during the period. NGAM Advisors L.P.’s holdings in Align Technology were worth $3,367,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. AQR Capital Management LLC increased its position in shares of Align Technology by 36.7% in the first quarter. AQR Capital Management LLC now owns 94,715 shares of the medical equipment provider’s stock valued at $10,865,000 after buying an additional 25,422 shares during the period. Stifel Financial Corp increased its position in shares of Align Technology by 11.6% in the first quarter. Stifel Financial Corp now owns 75,393 shares of the medical equipment provider’s stock valued at $8,643,000 after buying an additional 7,834 shares during the period. Karp Capital Management Corp bought a new position in shares of Align Technology during the first quarter valued at about $2,620,000. Profund Advisors LLC increased its position in shares of Align Technology by 6.8% in the first quarter. Profund Advisors LLC now owns 11,547 shares of the medical equipment provider’s stock valued at $1,325,000 after buying an additional 738 shares during the period. Finally, Chevy Chase Trust Holdings Inc. bought a new position in shares of Align Technology during the second quarter valued at about $9,854,000. Institutional investors and hedge funds own 87.13% of the company’s stock.
Shares of Align Technology, Inc. (ALGN) opened at 175.77 on Thursday. The company has a 50-day moving average price of $158.19 and a 200-day moving average price of $128.81. Align Technology, Inc. has a 12-month low of $83.27 and a 12-month high of $176.84. The firm has a market capitalization of $14.09 billion, a P/E ratio of 60.20 and a beta of 1.55.
Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Thursday, July 27th. The medical equipment provider reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.12. Align Technology had a net margin of 19.18% and a return on equity of 23.87%. The company had revenue of $356.50 million during the quarter, compared to the consensus estimate of $343.43 million. During the same period in the previous year, the firm posted $0.62 EPS. The firm’s revenue was up 32.3% compared to the same quarter last year. Equities analysts predict that Align Technology, Inc. will post $3.40 EPS for the current year.
Several research analysts have recently issued reports on ALGN shares. Piper Jaffray Companies reiterated a “buy” rating and set a $176.00 price target on shares of Align Technology in a report on Friday, July 28th. Bank of America Corporation upgraded shares of 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 report on Friday, July 28th. Stifel Nicolaus reiterated a “buy” rating and set a $200.00 price target (up from $145.00) on shares of Align Technology in a report on Friday, June 23rd. Northcoast Research reiterated a “buy” rating and set a $186.00 price target (up from $164.00) on shares of Align Technology in a report on Wednesday, June 21st. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $150.00 price target (up from $110.00) on shares of Align Technology in a report on Saturday, April 29th. Ten research analysts have rated the stock with a buy rating, Align Technology has a consensus rating of “Buy” and a consensus price target of $174.40.
In related news, Director Joseph Lacob sold 50,000 shares of Align Technology stock in a transaction on Wednesday, May 31st. The shares were sold at an average price of $144.98, for a total value of $7,249,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Sreelakshmi Kolli sold 1,000 shares of Align Technology stock in a transaction on Tuesday, May 30th. The stock was 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 approximately $3,425,040. The disclosure for this sale can be found here. Insiders have sold a total of 54,874 shares of company stock valued at $7,950,701 over the last ninety days. 2.00% of the stock is currently owned by insiders.
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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