Public Sector Pension Investment Board lowered its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 11.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 12,564 shares of the medical equipment provider’s stock after selling 1,550 shares during the quarter. Public Sector Pension Investment Board’s holdings in Align Technology were worth $3,506,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Lord Abbett & CO. LLC boosted its position in shares of Align Technology by 0.4% in the 4th quarter. Lord Abbett & CO. LLC now owns 50,111 shares of the medical equipment provider’s stock valued at $13,983,000 after purchasing an additional 224 shares during the period. Meiji Yasuda Life Insurance Co boosted its position in shares of Align Technology by 3.2% in the 4th quarter. Meiji Yasuda Life Insurance Co now owns 4,461 shares of the medical equipment provider’s stock valued at $1,245,000 after purchasing an additional 138 shares during the period. Amundi Pioneer Asset Management Inc. boosted its position in shares of Align Technology by 119.8% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 321,973 shares of the medical equipment provider’s stock valued at $89,842,000 after purchasing an additional 175,494 shares during the period. Handelsbanken Fonder AB acquired a new stake in shares of Align Technology in the 4th quarter valued at about $6,418,000. Finally, Wealthspire Advisors L.P. acquired a new stake in shares of Align Technology in the 4th quarter valued at about $240,000. Institutional investors and hedge funds own 85.00% of the company’s stock.
In other news, SVP Stuart A. Hockridge sold 802 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $253.66, for a total transaction of $203,435.32. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Susan E. Siegel sold 1,400 shares of the firm’s stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $273.93, for a total value of $383,502.00. Following the sale, the director now owns 4,071 shares in the company, valued at approximately $1,115,169.03. The disclosure for this sale can be found here. 1.30% of the stock is owned by company insiders.
Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, January 29th. The medical equipment provider reported $1.53 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.13. The firm had revenue of $649.80 million during the quarter, compared to the consensus estimate of $646.75 million. Align Technology had a return on equity of 30.06% and a net margin of 18.40%. Align Technology’s quarterly revenue was up 21.7% on a year-over-year basis. During the same period last year, the business posted $1.20 EPS. As a group, equities analysts anticipate that Align Technology, Inc. will post 5.16 earnings per share for the current fiscal year.
A number of research firms have weighed in on ALGN. Piper Sandler increased their price objective on Align Technology from to in a research report on Thursday, January 30th. UBS Group increased their price objective on Align Technology from $235.00 to $280.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 28th. ValuEngine raised Align Technology from a “sell” rating to a “hold” rating in a research note on Tuesday, December 3rd. Stephens cut their target price on Align Technology from $220.00 to $165.00 and set an “equal weight” rating for the company in a research note on Thursday, March 19th. They noted that the move was a valuation call. Finally, Wolfe Research raised Align Technology from a “peer perform” rating to an “outperform” rating and set a $360.00 target price for the company in a research note on Thursday, January 9th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $267.83.
Align Technology 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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