First Trust Advisors LP decreased its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 15.9% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 144,311 shares of the medical equipment provider’s stock after selling 27,365 shares during the quarter. First Trust Advisors LP owned about 0.18% of Align Technology worth $56,457,000 as of its most recent filing with the SEC.
Other large investors have also added to or reduced their stakes in the company. BlackRock Inc. grew its holdings in Align Technology by 1.7% in the second quarter. BlackRock Inc. now owns 5,150,916 shares of the medical equipment provider’s stock valued at $1,762,334,000 after purchasing an additional 84,512 shares during the last quarter. FMR LLC grew its holdings in Align Technology by 251.6% in the second quarter. FMR LLC now owns 1,705,510 shares of the medical equipment provider’s stock valued at $583,523,000 after purchasing an additional 1,220,448 shares during the last quarter. Winslow Capital Management LLC acquired a new stake in Align Technology in the second quarter valued at $148,376,000. OppenheimerFunds Inc. grew its holdings in Align Technology by 1.3% in the second quarter. OppenheimerFunds Inc. now owns 394,320 shares of the medical equipment provider’s stock valued at $134,913,000 after purchasing an additional 5,069 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its holdings in Align Technology by 8.7% in the second quarter. Massachusetts Financial Services Co. MA now owns 369,205 shares of the medical equipment provider’s stock valued at $126,319,000 after purchasing an additional 29,623 shares during the last quarter. Hedge funds and other institutional investors own 78.54% of the company’s stock.
ALGN opened at $230.13 on Monday. The firm has a market cap of $18.48 billion, a P/E ratio of 46.97, a P/E/G ratio of 1.99 and a beta of 1.52. Align Technology, Inc. has a 52 week low of $203.12 and a 52 week high of $398.88.
In related news, insider Joseph M. Hogan sold 25,000 shares of the stock in a transaction on Tuesday, August 14th. The stock was sold at an average price of $367.48, for a total transaction of $9,187,000.00. Following the sale, the insider now owns 105,713 shares of the company’s stock, valued at $38,847,413.24. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Simon Beard sold 3,895 shares of the firm’s stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $384.48, for a total value of $1,497,549.60. Following the completion of the sale, the senior vice president now directly owns 3,577 shares in the company, valued at $1,375,284.96. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 55,648 shares of company stock worth $20,577,327. Corporate insiders own 1.40% of the company’s stock.
ALGN has been the topic of several research reports. Stifel Nicolaus upped their target price on Align Technology from $350.00 to $375.00 and gave the company a “buy” rating in a report on Friday, July 13th. Morgan Stanley upped their target price on Align Technology from $290.00 to $315.00 and gave the company an “equal weight” rating in a report on Friday, July 13th. Piper Jaffray Companies upped their target price on Align Technology to $425.00 and gave the company an “overweight” rating in a report on Friday, July 20th. Robert W. Baird upped their target price on Align Technology from $351.00 to $425.00 and gave the company an “outperform” rating in a report on Thursday, July 26th. Finally, Barclays reissued a “buy” rating on shares of Align Technology in a report on Thursday, July 26th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $354.08.
Align Technology Company Profile
Align Technology, Inc designs, manufactures, and markets a system of clear aligner therapy, intraoral scanners, and computer-aided design and computer-aided manufacturing (CAD/CAM) digital services. The company's Clear Aligner segment offers Invisalign Full, a treatment used for a range of malocclusion; Invisalign Teen treatment that addresses orthodontic needs of teenage patients, such as compliance indicators, compensation for tooth eruption, and six free single arch replacement aligners; and Invisalign Assist treatment for anterior alignment and aesthetically-oriented cases.
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