Stephens Investment Management Group LLC boosted its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 0.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 52,108 shares of the medical equipment provider’s stock after purchasing an additional 417 shares during the quarter. Stephens Investment Management Group LLC owned approximately 0.06% of Align Technology worth $17,915,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of the business. Stelac Advisory Services LLC purchased a new position in Align Technology in the 2nd quarter worth about $103,000. W.G. Shaheen & Associates DBA Whitney & Co purchased a new position in Align Technology during the 1st quarter valued at about $100,000. Cornerstone Advisors Inc. grew its stake in Align Technology by 133.7% during the 1st quarter. Cornerstone Advisors Inc. now owns 437 shares of the medical equipment provider’s stock valued at $110,000 after acquiring an additional 250 shares in the last quarter. Nicolet Bankshares Inc. purchased a new position in Align Technology during the 2nd quarter valued at about $222,000. Finally, Checchi Capital Advisers LLC purchased a new position in Align Technology during the 2nd quarter valued at about $232,000. Institutional investors own 78.58% of the company’s stock.
NASDAQ:ALGN traded up $10.52 during trading hours on Friday, reaching $390.16. The company had a trading volume of 740,528 shares, compared to its average volume of 639,640. The stock has a market capitalization of $30.67 billion, a price-to-earnings ratio of 100.30, a price-to-earnings-growth ratio of 2.55 and a beta of 1.53. Align Technology, Inc. has a one year low of $180.31 and a one year high of $392.69.
Several equities research analysts recently weighed in on ALGN shares. Stifel Nicolaus boosted their target price on Align Technology from $350.00 to $375.00 and gave the stock a “buy” rating in a report on Friday, July 13th. Northcoast Research restated a “buy” rating and issued a $430.00 target price on shares of Align Technology in a report on Tuesday, June 26th. Bank of America began coverage on Align Technology in a report on Monday, June 25th. They set a “buy” rating and a $420.00 price target for the company. Jefferies Financial Group upped their price target on Align Technology to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 24th. Finally, BidaskClub lowered Align Technology from a “strong-buy” rating to a “buy” rating in a report on Monday, June 18th. Four analysts have rated the stock with a hold rating, eleven have assigned a buy rating and three have issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $362.78.
In other Align Technology news, CMO Raphael Pascaud sold 10,500 shares of the stock in a transaction dated Thursday, August 23rd. The stock was sold at an average price of $361.00, for a total value of $3,790,500.00. Following the completion of the sale, the chief marketing officer now directly owns 25,087 shares in the company, valued at $9,056,407. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Simon Beard sold 3,895 shares of the stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $384.48, for a total value of $1,497,549.60. Following the completion of the sale, the senior vice president now owns 3,577 shares of the company’s stock, valued at $1,375,284.96. The disclosure for this sale can be found here. Insiders sold 55,648 shares of company stock worth $20,577,327 in the last three months. Insiders own 1.40% of the company’s stock.
Align Technology Profile
Align Technology, Inc designs, manufactures, and markets a system of clear aligner therapy, intraoral scanners, and computer-aided design and computer-aided manufacturing (CAD/CAM) digital services. The company's Clear Aligner segment offers Invisalign Full, a treatment used for a range of malocclusion; Invisalign Teen treatment that addresses orthodontic needs of teenage patients, such as compliance indicators, compensation for tooth eruption, and six free single arch replacement aligners; and Invisalign Assist treatment for anterior alignment and aesthetically-oriented cases.
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