Norges Bank acquired a new position in shares of Align Technology, Inc. (NASDAQ:ALGN) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 860,250 shares of the medical equipment provider’s stock, valued at approximately $180,162,000.
A number of other institutional investors have also recently added to or reduced their stakes in ALGN. JPMorgan Chase & Co. boosted its stake in Align Technology by 47.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 216,832 shares of the medical equipment provider’s stock worth $84,830,000 after acquiring an additional 69,997 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Align Technology by 0.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 340,066 shares of the medical equipment provider’s stock worth $133,037,000 after buying an additional 3,130 shares during the period. Franklin Resources Inc. raised its holdings in Align Technology by 36.0% during the 3rd quarter. Franklin Resources Inc. now owns 72,528 shares of the medical equipment provider’s stock worth $28,374,000 after buying an additional 19,215 shares during the period. United Services Automobile Association raised its holdings in Align Technology by 1.1% during the 3rd quarter. United Services Automobile Association now owns 59,529 shares of the medical equipment provider’s stock worth $23,289,000 after buying an additional 653 shares during the period. Finally, Sowell Financial Services LLC acquired a new stake in Align Technology during the 3rd quarter worth approximately $358,000. 82.79% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director Joseph Lacob sold 20,000 shares of the firm’s stock in a transaction on Thursday, February 28th. The shares were sold at an average price of $258.31, for a total value of $5,166,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Yuval Shaked sold 400 shares of the firm’s stock in a transaction on Monday, February 25th. The shares were sold at an average price of $255.52, for a total transaction of $102,208.00. Following the completion of the transaction, the director now directly owns 24 shares of the company’s stock, valued at $6,132.48. The disclosure for this sale can be found here. Insiders sold 21,650 shares of company stock valued at $5,586,633 over the last three months. 1.40% of the stock is owned by company insiders.
Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Tuesday, January 29th. The medical equipment provider reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.04. The company had revenue of $534.02 million during the quarter, compared to analysts’ expectations of $512.03 million. Align Technology had a net margin of 20.35% and a return on equity of 33.41%. On average, equities research analysts predict that Align Technology, Inc. will post 5.08 earnings per share for the current fiscal year.
Several analysts have commented on the stock. Morgan Stanley dropped their target price on shares of Align Technology from $300.00 to $210.00 and set an “equal weight” rating on the stock in a report on Friday, January 4th. BidaskClub upgraded shares of Align Technology from a “sell” rating to a “hold” rating in a report on Saturday, January 19th. Piper Jaffray Companies raised their target price on shares of Align Technology from $250.00 to $300.00 and gave the stock an “overweight” rating in a report on Tuesday, March 19th. Credit Suisse Group raised their target price on shares of Align Technology from $270.00 to $278.00 and gave the stock an “outperform” rating in a report on Monday, March 25th. Finally, UBS Group downgraded shares of Align Technology from a “buy” rating to a “neutral” rating and set a $275.00 target price on the stock. in a report on Thursday, February 14th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and sixteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $325.73.
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Align Technology Company Profile
Align Technology, Inc, a medical device company, designs, manufactures, and markets Invisalign clear aligners and iTero intraoral scanners and services for orthodontics, and restorative and aesthetic dentistry worldwide. It operates in two segments, Clear Aligner; and Scanners and Services. The Clear Aligner segment consists of comprehensive products, including Invisalign Comprehensive treatment that addresses the orthodontic needs of teenage patients, such as compliance indicators and compensation for tooth eruption; Invisalign Assist treatment, which offers support to dental practitioners throughout the treatment process, including progress tracking; and Invisalign First Phase I and Invisalign First Comprehensive Phase II package for younger patients with early mixed dentition with a mixture of primary/baby and permanent teeth.
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