Ipswich Investment Management Co. Inc. Acquires New Position in Align Technology, Inc. (ALGN)
Ipswich Investment Management Co. Inc. acquired a new position in Align Technology, Inc. (NASDAQ:ALGN) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 1,015 shares of the medical equipment provider’s stock, valued at approximately $226,000.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Schroder Investment Management Group bought a new position in shares of Align Technology in the second quarter worth about $104,000. Whittier Trust Co. bought a new stake in Align Technology during the 3rd quarter valued at approximately $107,000. BlueMountain Capital Management LLC bought a new stake in Align Technology during the 2nd quarter valued at approximately $148,000. Commonwealth Bank of Australia raised its stake in Align Technology by 10.5% during 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. Finally, Coldstream Capital Management Inc. bought a new stake in Align Technology during the 2nd quarter valued at approximately $202,000. 82.95% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts recently issued reports on the company. Credit Suisse Group reissued an “outperform” rating and set a $276.00 target price (up previously from $261.00) on shares of Align Technology in a research note on Tuesday, November 28th. Robert W. Baird reissued a “buy” rating and set a $290.00 target price on shares of Align Technology in a research note on Wednesday, November 29th. Stifel Nicolaus lifted their target price on Align Technology from $245.00 to $265.00 and gave the company a “buy” rating in a research note on Tuesday, November 21st. Morgan Stanley lifted their target price on Align Technology from $257.00 to $300.00 and gave the company an “overweight” rating in a research note on Monday, November 27th. Finally, Deutsche Bank assumed coverage on Align Technology in a research note on Friday, December 8th. They set a “hold” rating and a $250.00 target price on the stock. Two analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Align Technology currently has an average rating of “Buy” and an average price target of $236.75.
Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Thursday, October 26th. The medical equipment provider reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.19. The business had revenue of $385.30 million during the quarter, compared to analysts’ expectations of $359.80 million. Align Technology had a return on equity of 25.60% and a net margin of 19.98%. The firm’s revenue for the quarter was up 38.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.63 EPS. equities analysts forecast that Align Technology, Inc. will post 3.67 EPS for the current fiscal year.
In other Align Technology news, Director Joseph Lacob sold 29,724 shares of the firm’s stock in a transaction that occurred 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 Securities & Exchange Commission, which is available at this link. Also, CFO John Morici sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, November 24th. The shares were sold at an average price of $255.00, for a total value of $382,500.00. Following the transaction, the chief financial officer now owns 1,544 shares of the company’s stock, valued at approximately $393,720. The disclosure for this sale can be found here. Insiders have sold a total of 52,849 shares of company stock valued at $13,494,348 in the last 90 days. 1.60% of the stock is currently owned by company insiders.
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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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