State Street Corp lifted its stake in Align Technology, Inc. (NASDAQ:ALGN) by 0.0% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,099,273 shares of the medical equipment provider’s stock after buying an additional 860 shares during the quarter. State Street Corp’s holdings in Align Technology were worth $539,119,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of ALGN. Wealth Quarterback LLC bought a new position in shares of Align Technology in the fourth quarter worth about $1,625,510,000. Alliancebernstein L.P. raised its stake in shares of Align Technology by 108.7% in the first quarter. Alliancebernstein L.P. now owns 1,870,400 shares of the medical equipment provider’s stock worth $325,356,000 after buying an additional 974,064 shares during the period. Norges Bank bought a new position in shares of Align Technology in the fourth quarter worth about $237,845,000. FDx Advisors Inc. raised its stake in shares of Align Technology by 1,115.6% in the first quarter. FDx Advisors Inc. now owns 659,942 shares of the medical equipment provider’s stock worth $6,013,000 after buying an additional 605,651 shares during the period. Finally, Thrivent Financial for Lutherans raised its stake in shares of Align Technology by 10,154.9% in the first quarter. Thrivent Financial for Lutherans now owns 335,233 shares of the medical equipment provider’s stock worth $58,314,000 after buying an additional 331,964 shares during the period. 85.97% of the stock is currently owned by hedge funds and other institutional investors.
In related news, CFO John Morici sold 5,846 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $227.96, for a total transaction of $1,332,654.16. Following the completion of the sale, the chief financial officer now directly owns 13,036 shares of the company’s stock, valued at approximately $2,971,686.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph Lacob sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $251.15, for a total value of $2,511,500.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 25,716 shares of company stock valued at $6,241,054. Company insiders own 1.20% of the company’s stock.
Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, April 29th. The medical equipment provider reported $0.73 EPS for the quarter, missing the Zacks’ consensus estimate of $1.00 by ($0.27). The company had revenue of $551.00 million during the quarter, compared to analysts’ expectations of $557.54 million. Align Technology had a return on equity of 107.18% and a net margin of 78.42%. Align Technology’s revenue for the quarter was up .4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.89 EPS. Sell-side analysts predict that Align Technology, Inc. will post 1.48 earnings per share for the current fiscal year.
Several research analysts have recently commented on the company. BidaskClub raised Align Technology from a “sell” rating to a “hold” rating in a research note on Thursday, April 30th. Credit Suisse Group cut their target price on Align Technology from $320.00 to $275.00 and set an “outperform” rating for the company in a research report on Thursday, April 30th. UBS Group cut their target price on Align Technology from $270.00 to $245.00 and set a “neutral” rating for the company in a research report on Friday, May 1st. SVB Leerink reiterated an “outperform” rating on shares of Align Technology in a research report on Thursday, April 30th. Finally, TheStreet upgraded Align Technology from a “c+” rating to a “b-” rating in a research report on Wednesday, June 24th. One research analyst has rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $255.42.
Align Technology Company Profile
Align Technology, Inc, a medical device company, designs, manufactures, and markets Invisalign clear aligners and iTero intraoral scanners and services for orthodontics, and restorative and aesthetic dentistry worldwide. It operates in two segments, Clear Aligner; and Scanners and Services. The Clear Aligner segment consists of comprehensive products, including Invisalign Comprehensive treatment that addresses the orthodontic needs of teenage patients, such as compliance indicators and compensation for tooth eruption; Invisalign Assist treatment, which offers support to dental practitioners throughout the treatment process, including progress tracking; and Invisalign First Phase I and Invisalign First Comprehensive Phase II package for younger patients with early mixed dentition with a mixture of primary/baby and permanent teeth.
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