RiverPark Advisors LLC Has $3.49 Million Position in Align Technology, Inc. (ALGN)
RiverPark Advisors LLC decreased its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 37.5% during the second quarter, Holdings Channel reports. The fund owned 23,218 shares of the medical equipment provider’s stock after selling 13,944 shares during the period. RiverPark Advisors LLC’s holdings in Align Technology were worth $3,485,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. Livforsakringsbolaget Skandia Omsesidigt acquired a new position in Align Technology during the first quarter valued at about $161,000. Janney Montgomery Scott LLC increased its position in Align Technology by 30.1% in the first quarter. Janney Montgomery Scott LLC now owns 2,939 shares of the medical equipment provider’s stock valued at $337,000 after buying an additional 680 shares during the last quarter. First Citizens Bank & Trust Co. increased its position in Align Technology by 93.5% in the first quarter. First Citizens Bank & Trust Co. now owns 10,662 shares of the medical equipment provider’s stock valued at $1,223,000 after buying an additional 5,152 shares during the last quarter. Profund Advisors LLC increased its position in Align Technology by 6.8% in the first quarter. Profund Advisors LLC now owns 11,547 shares of the medical equipment provider’s stock valued at $1,325,000 after buying an additional 738 shares during the last quarter. Finally, Mn Services Vermogensbeheer B.V. increased its position in Align Technology by 2.8% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 1,917 shares of the medical equipment provider’s stock valued at $206,000 after buying an additional 52 shares during the last quarter. 88.07% of the stock is owned by hedge funds and other institutional investors.
Align Technology, Inc. (ALGN) opened at 174.16 on Tuesday. The company has a market cap of $13.96 billion, a P/E ratio of 59.64 and a beta of 1.55. Align Technology, Inc. has a 52 week low of $83.27 and a 52 week high of $176.84. The company’s 50-day moving average is $160.08 and its 200-day moving average is $130.83.
Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Thursday, July 27th. The medical equipment provider reported $0.85 EPS for the quarter, beating the Zacks’ consensus estimate of $0.73 by $0.12. Align Technology had a net margin of 19.18% and a return on equity of 23.87%. The company had revenue of $356.50 million during the quarter, compared to analyst estimates of $343.43 million. During the same period in the prior year, the business posted $0.62 EPS. The firm’s revenue was up 32.3% compared to the same quarter last year. On average, analysts anticipate that Align Technology, Inc. will post $3.40 EPS for the current fiscal year.
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ALGN has been the subject of a number of analyst reports. Leerink Swann reissued an “outperform” rating and set a $199.00 target price (up previously from $194.00) on shares of Align Technology in a research note on Friday, July 28th. Stifel Nicolaus reissued a “buy” rating and set a $205.00 target price (up previously from $200.00) on shares of Align Technology in a research note on Monday, August 7th. Piper Jaffray Companies reissued a “buy” rating and set a $176.00 target price on shares of Align Technology in a research note on Friday, July 28th. Bank of America Corporation raised shares of Align Technology from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $175.00 to $193.00 in a research note on Friday, July 28th. Finally, Morgan Stanley reissued an “overweight” rating and set a $182.00 target price (up previously from $175.00) on shares of Align Technology in a research note on Monday, July 17th. Ten equities research analysts have rated the stock with a buy rating, The company presently has a consensus rating of “Buy” and an average price target of $174.40.
In related news, VP Sreelakshmi Kolli sold 1,000 shares of the company’s stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $144.00, for a total transaction of $144,000.00. Following the completion of the sale, the vice president now directly owns 23,785 shares in the company, valued at approximately $3,425,040. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Joseph Lacob sold 50,000 shares of the company’s stock in a transaction on Wednesday, May 31st. The shares were sold at an average price of $144.98, for a total transaction of $7,249,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 54,874 shares of company stock valued at $7,950,701 over the last quarter. 2.00% 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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