Engineers Gate Manager LP Cuts Holdings in Align Technology, Inc. (ALGN)
Engineers Gate Manager LP reduced its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 80.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,534 shares of the medical equipment provider’s stock after selling 23,339 shares during the period. Engineers Gate Manager LP’s holdings in Align Technology were worth $1,031,000 at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. Whittier Trust Co. purchased a new stake in shares of Align Technology in the third quarter valued at approximately $107,000. Schroder Investment Management Group purchased a new stake in shares of Align Technology in the second quarter valued at approximately $104,000. Bronfman E.L. Rothschild L.P. grew its position in shares of 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 valued at $137,000 after purchasing an additional 105 shares in the last quarter. BlueMountain Capital Management LLC purchased a new stake in shares of Align Technology in the second quarter valued at approximately $148,000. Finally, Commonwealth Bank of Australia grew its position in shares of Align Technology by 10.5% in the second quarter. Commonwealth Bank of Australia now owns 1,129 shares of the medical equipment provider’s stock valued at $169,000 after purchasing an additional 107 shares in the last quarter. Institutional investors own 84.04% of the company’s stock.
Align Technology, Inc. (ALGN) opened at $235.63 on Thursday. Align Technology, Inc. has a twelve month low of $88.56 and a twelve month high of $266.41. The company has a market capitalization of $18,890.00, a P/E ratio of 69.13, a P/E/G ratio of 2.23 and a beta of 1.43.
Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Thursday, October 26th. The medical equipment provider reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.19. Align Technology had a return on equity of 25.60% and a net margin of 19.98%. The company had revenue of $385.30 million for the quarter, compared to analysts’ expectations of $359.80 million. During the same period in the prior year, the firm earned $0.63 earnings per share. The firm’s revenue was up 38.3% compared to the same quarter last year. research analysts expect that Align Technology, Inc. will post 3.62 EPS for the current fiscal year.
In other Align Technology news, Director Joseph Lacob sold 29,724 shares of the company’s stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $260.91, for a total transaction of $7,755,288.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Emory Wright sold 5,025 shares of the company’s stock in a transaction on Tuesday, November 28th. The stock was sold at an average price of $263.68, for a total value of $1,324,992.00. Following the transaction, the vice president now owns 80,762 shares in the company, valued at $21,295,324.16. The disclosure for this sale can be found here. Insiders have sold 52,849 shares of company stock worth $13,494,348 over the last 90 days. 1.60% of the stock is owned by insiders.
A number of equities research analysts have recently issued reports on ALGN shares. Zacks Investment Research lowered Align Technology from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 21st. Piper Jaffray Companies reiterated a “buy” rating and issued a $200.00 price objective on shares of Align Technology in a report on Monday, September 11th. Robert W. Baird reiterated a “buy” rating on shares of Align Technology in a report on Tuesday, September 12th. Goldman Sachs Group upped their price objective on Align Technology from $185.00 to $210.00 and gave the company a “buy” rating in a report on Friday, September 15th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $220.00 price objective (up from $195.00) on shares of Align Technology in a report on Friday, October 6th. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Align Technology currently has a consensus rating of “Buy” and a consensus price target of $236.75.
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Align Technology Profile
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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