Canada Pension Plan Investment Board Invests $9.98 Million in Align Technology, Inc. (ALGN) Stock
Canada Pension Plan Investment Board acquired a new position in shares of Align Technology, Inc. (NASDAQ:ALGN) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 53,550 shares of the medical equipment provider’s stock, valued at approximately $9,975,000. Canada Pension Plan Investment Board owned about 0.07% of Align Technology at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Schroder Investment Management Group bought a new position in Align Technology during the second quarter worth $104,000. CENTRAL TRUST Co increased its position in Align Technology by 128.5% in the second quarter. CENTRAL TRUST Co now owns 697 shares of the medical equipment provider’s stock worth $105,000 after buying an additional 392 shares during the period. Whittier Trust Co. acquired a new stake in Align Technology in the third quarter worth $107,000. Bronfman E.L. Rothschild L.P. increased its position in Align Technology by 13.0% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 912 shares of the medical equipment provider’s stock worth $137,000 after buying an additional 105 shares during the period. Finally, BlueMountain Capital Management LLC acquired a new stake in Align Technology in the second quarter worth $148,000. Hedge funds and other institutional investors own 81.16% of the company’s stock.
Align Technology, Inc. (NASDAQ:ALGN) opened at $249.46 on Friday. The company has a market capitalization of $20,014.76, a price-to-earnings ratio of 73.86, a PEG ratio of 2.39 and a beta of 1.42. Align Technology, Inc. has a fifty-two week low of $88.56 and a fifty-two week high of $254.19.
Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Thursday, October 26th. The medical equipment provider reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.82 by $0.19. The company had revenue of $385.30 million for the quarter, compared to analyst estimates of $359.80 million. Align Technology had a return on equity of 25.60% and a net margin of 19.98%. The company’s quarterly revenue was up 38.3% compared to the same quarter last year. During the same period last year, the company earned $0.63 earnings per share. research analysts anticipate that Align Technology, Inc. will post 3.62 EPS for the current fiscal year.
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Several equities research analysts have weighed in on the company. Stifel Nicolaus reaffirmed a “buy” rating and issued a $205.00 target price (up from $200.00) on shares of Align Technology in a research report on Monday, August 7th. Morgan Stanley reaffirmed an “overweight” rating and issued a $182.00 target price (up from $175.00) on shares of Align Technology in a research report on Monday, July 17th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $176.00 target price on shares of Align Technology in a research report on Friday, July 28th. Robert W. Baird reaffirmed a “buy” rating and issued a $245.00 target price on shares of Align Technology in a research report on Friday, October 27th. Finally, Credit Suisse Group increased their target price on Align Technology from $175.00 to $209.00 and gave the stock an “outperform” rating in a research report on Friday, October 27th. Eleven equities research analysts have rated the stock with a buy rating, The stock currently has an average rating of “Buy” and a consensus target price of $219.18.
In other news, CMO Raphael Pascaud sold 5,400 shares of the firm’s stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $241.88, for a total transaction of $1,306,152.00. Following the transaction, the chief marketing officer now directly owns 22,228 shares of the company’s stock, valued at $5,376,508.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Greg J. Santora sold 7,700 shares of the firm’s stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $238.95, for a total value of $1,839,915.00. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by company 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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