Align Technology, Inc. (ALGN) Stake Lowered by JPMorgan Chase & Co.

JPMorgan Chase & Co. cut its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 63.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 79,851 shares of the medical equipment provider’s stock after selling 140,900 shares during the quarter. JPMorgan Chase & Co. owned 0.10% of Align Technology worth $14,616,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Whittier Trust Co. purchased a new stake in shares of Align Technology during the third quarter worth approximately $107,000. Schroder Investment Management Group purchased a new stake in shares of Align Technology during the second quarter worth approximately $104,000. Bronfman E.L. Rothschild L.P. increased its position in shares of Align Technology by 13.0% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 912 shares of the medical equipment provider’s stock worth $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 during the second quarter worth approximately $148,000. Finally, Commonwealth Bank of Australia increased its position in shares of Align Technology by 10.5% during the second quarter. Commonwealth Bank of Australia now owns 1,129 shares of the medical equipment provider’s stock worth $169,000 after purchasing an additional 107 shares in the last quarter. Institutional investors and hedge funds own 82.89% of the company’s stock.

In other news, CMO Raphael Pascaud sold 5,400 shares of the company’s stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $241.88, for a total value of $1,306,152.00. Following the transaction, the chief marketing officer now owns 22,228 shares of the company’s stock, valued at approximately $5,376,508.64. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Greg J. Santora sold 7,700 shares of the company’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. In the last ninety days, insiders sold 52,849 shares of company stock worth $13,494,348. Corporate insiders own 1.60% of the company’s stock.

Several brokerages recently commented on ALGN. Stifel Nicolaus boosted their price target on Align Technology from $245.00 to $265.00 and gave the stock a “buy” rating in a research report on Tuesday, November 21st. Credit Suisse Group boosted their price target on Align Technology from $175.00 to $209.00 and gave the stock an “outperform” rating in a research report on Friday, October 27th. Robert W. Baird reiterated a “buy” rating and set a $245.00 price target on shares of Align Technology in a research report on Friday, October 27th. Deutsche Bank began coverage on Align Technology in a research report on Friday, December 8th. They set a “hold” rating and a $250.00 price target for the company. Finally, Piper Jaffray Companies restated a “buy” rating and issued a $200.00 target price on shares of Align Technology in a report on Monday, September 11th. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $236.75.

Shares of Align Technology, Inc. (ALGN) opened at $235.05 on Wednesday. The stock has a market capitalization of $18,850.00, a price-to-earnings ratio of 69.10, a price-to-earnings-growth ratio of 2.23 and a beta of 1.43. Align Technology, Inc. has a twelve month low of $88.56 and a twelve month high of $266.41.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Thursday, October 26th. The medical equipment provider reported $1.01 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.82 by $0.19. Align Technology had a return on equity of 25.60% and a net margin of 19.98%. The business had revenue of $385.30 million for the quarter, compared to analyst estimates of $359.80 million. During the same quarter in the prior year, the company posted $0.63 EPS. The company’s quarterly revenue was up 38.3% on a year-over-year basis. analysts forecast that Align Technology, Inc. will post 3.62 EPS for the current year.

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Align Technology Company 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.

Institutional Ownership by Quarter for Align Technology (NASDAQ:ALGN)

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