IFM Investors Pty Ltd Buys New Holdings in Align Technology, Inc. (ALGN)
IFM Investors Pty Ltd bought a new position in shares of Align Technology, Inc. (NASDAQ:ALGN) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund bought 2,154 shares of the medical equipment provider’s stock, valued at approximately $401,000.
Several other hedge funds have also bought and sold shares of the stock. Buckingham Asset Management LLC increased its holdings in shares of Align Technology by 3.3% during the 2nd quarter. Buckingham Asset Management LLC now owns 1,861 shares of the medical equipment provider’s stock worth $279,000 after acquiring an additional 59 shares during the last quarter. BB&T Securities LLC increased its holdings in shares of Align Technology by 3.5% during the 2nd quarter. BB&T Securities LLC now owns 2,757 shares of the medical equipment provider’s stock worth $413,000 after acquiring an additional 94 shares during the last quarter. Wesbanco Bank Inc. boosted its stake in Align Technology by 0.9% in the 2nd quarter. Wesbanco Bank Inc. now owns 11,054 shares of the medical equipment provider’s stock valued at $1,659,000 after purchasing an additional 100 shares during the period. Bronfman E.L. Rothschild L.P. boosted its stake in Align Technology by 13.0% in the 2nd 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 during the period. Finally, Commonwealth Bank of Australia boosted its stake in Align Technology by 10.5% in the 2nd 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 during the period. 84.04% of the stock is currently owned by institutional investors and hedge funds.
ALGN has been the subject of several recent research reports. Leerink Swann restated an “outperform” rating and issued a $250.00 price target on shares of Align Technology in a research note on Friday, October 27th. Morgan Stanley boosted their price target on Align Technology from $257.00 to $300.00 and gave the company an “overweight” rating in a research note on Monday, November 27th. Zacks Investment Research upgraded Align Technology from a “hold” rating to a “buy” rating and set a $227.00 price target for the company in a research note on Monday, October 30th. Credit Suisse Group boosted their price target on Align Technology from $175.00 to $209.00 and gave the company an “outperform” rating in a research note on Friday, October 27th. Finally, Northcoast Research restated a “buy” rating and issued a $230.00 price target (up from $200.00) on shares of Align Technology in a research note on Tuesday, October 10th. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $236.75.
Shares of Align Technology, Inc. (NASDAQ:ALGN) opened at $233.55 on Friday. The firm has a market capitalization of $18,710.00, a price-to-earnings ratio of 69.17, a PEG ratio of 2.23 and a beta of 1.43. Align Technology, Inc. has a 1 year low of $88.56 and a 1 year high of $266.41.
Align Technology (NASDAQ:ALGN) last released its earnings results on Thursday, October 26th. The medical equipment provider reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.19. The firm had revenue of $385.30 million during the quarter, compared to the consensus estimate of $359.80 million. Align Technology had a return on equity of 25.60% and a net margin of 19.98%. The company’s revenue was up 38.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.63 EPS. equities analysts expect that Align Technology, Inc. will post 3.62 EPS for the current year.
In other news, Director Greg J. Santora sold 7,700 shares of the company’s stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $238.95, for a total transaction of $1,839,915.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph Lacob sold 29,724 shares of the company’s stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $260.91, for a total value of $7,755,288.84. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 52,849 shares of company stock valued at $13,494,348. Corporate insiders own 1.60% of the company’s stock.
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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