First Republic Investment Management Inc. lessened its position in Align Technology, Inc. (NASDAQ:ALGN) by 72.0% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 56,517 shares of the medical equipment provider’s stock after selling 145,430 shares during the period. First Republic Investment Management Inc. owned approximately 0.07% of Align Technology worth $22,111,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Polaris Greystone Financial Group LLC acquired a new position in shares of Align Technology in the 3rd quarter worth $117,000. Centaurus Financial Inc. acquired a new position in shares of Align Technology in the 2nd quarter worth $137,000. TRUE Private Wealth Advisors acquired a new position in shares of Align Technology in the 3rd quarter worth $198,000. Migdal Insurance & Financial Holdings Ltd. grew its holdings in shares of Align Technology by 148.1% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 521 shares of the medical equipment provider’s stock worth $204,000 after acquiring an additional 311 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC acquired a new position in shares of Align Technology in the 3rd quarter worth $204,000. 78.03% of the stock is currently owned by institutional investors.
In other news, SVP Sreelakshmi Kolli sold 5,000 shares of Align Technology stock in a transaction on Tuesday, November 27th. The stock was sold at an average price of $223.15, for a total transaction of $1,115,750.00. Following the transaction, the senior vice president now owns 27,180 shares in the company, valued at $6,065,217. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Joseph Lacob sold 10,000 shares of Align Technology stock in a transaction on Friday, November 30th. The shares were sold at an average price of $231.82, for a total value of $2,318,200.00. The disclosure for this sale can be found here. Insiders have sold 23,764 shares of company stock worth $5,427,059 in the last quarter. 1.40% of the stock is currently owned by corporate insiders.
Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, October 24th. The medical equipment provider reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.05. Align Technology had a return on equity of 34.09% and a net margin of 16.89%. The business had revenue of $505.30 million for the quarter, compared to the consensus estimate of $503.14 million. During the same quarter in the previous year, the company posted $1.01 earnings per share. Align Technology’s revenue for the quarter was up 31.1% compared to the same quarter last year. As a group, analysts expect that Align Technology, Inc. will post 4.87 EPS for the current fiscal year.
A number of equities analysts recently issued reports on the company. Zacks Investment Research cut Align Technology from a “buy” rating to a “hold” rating in a report on Friday, August 17th. BidaskClub cut Align Technology from a “buy” rating to a “hold” rating in a report on Saturday, October 13th. Credit Suisse Group decreased their target price on Align Technology from $375.00 to $343.00 and set an “outperform” rating on the stock in a report on Tuesday, November 20th. Morgan Stanley decreased their target price on Align Technology from $320.00 to $300.00 and set an “equal weight” rating on the stock in a report on Thursday, October 25th. Finally, William Blair restated an “outperform” rating on shares of Align Technology in a report on Monday, November 19th. Two analysts have rated the stock with a sell rating, three have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $352.20.
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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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