Nuveen Asset Management LLC reduced its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 23.1% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 22,480 shares of the medical equipment provider’s stock after selling 6,735 shares during the period. Nuveen Asset Management LLC’s holdings in Align Technology were worth $2,579,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ALGN. Franklin Resources Inc. bought a new position in Align Technology during the fourth quarter worth $506,000. Norges Bank acquired a new stake in shares of Align Technology during the fourth quarter worth approximately $40,524,000. Quadrature Capital Ltd acquired a new stake in shares of Align Technology during the fourth quarter worth approximately $934,000. UBS Asset Management Americas Inc. boosted its stake in shares of Align Technology by 136.3% in the fourth quarter. UBS Asset Management Americas Inc. now owns 129,994 shares of the medical equipment provider’s stock worth $12,497,000 after buying an additional 74,974 shares during the last quarter. Finally, Highbridge Capital Management LLC boosted its stake in shares of Align Technology by 238.8% in the fourth quarter. Highbridge Capital Management LLC now owns 7,363 shares of the medical equipment provider’s stock worth $707,000 after buying an additional 5,190 shares during the last quarter. Hedge funds and other institutional investors own 87.13% of the company’s stock.
Shares of Align Technology, Inc. (ALGN) traded down 0.22% during trading on Tuesday, hitting $173.62. 1,085,584 shares of the stock were exchanged. Align Technology, Inc. has a 52-week low of $83.27 and a 52-week high of $176.84. The stock has a market cap of $13.92 billion, a PE ratio of 59.46 and a beta of 1.55. The firm has a 50 day moving average of $155.86 and a 200-day moving average of $126.81.
Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Thursday, July 27th. The medical equipment provider reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.12. Align Technology had a net margin of 19.18% and a return on equity of 23.87%. The business had revenue of $356.50 million for the quarter, compared to the consensus estimate of $343.43 million. During the same quarter in the previous year, the firm earned $0.62 earnings per share. The company’s revenue for the quarter was up 32.3% on a year-over-year basis. Equities research analysts anticipate that Align Technology, Inc. will post $3.40 earnings per share for the current fiscal year.
ALGN has been the topic of a number of recent research reports. Piper Jaffray Companies restated a “buy” rating and set a $176.00 price target on shares of Align Technology in a research note on Friday, July 28th. Morgan Stanley restated an “overweight” rating and set a $175.00 price target on shares of Align Technology in a research note on Monday, June 19th. They noted that the move was a valuation call. Northcoast Research restated a “buy” rating and set a $186.00 price target (up from $164.00) on shares of Align Technology in a research note on Wednesday, June 21st. Zacks Investment Research upgraded shares of Align Technology from a “hold” rating to a “buy” rating and set a $128.00 price target on the stock in a research note on Tuesday, April 11th. Finally, Stifel Nicolaus restated a “buy” rating and set a $200.00 price target (up from $145.00) on shares of Align Technology in a research note on Friday, June 23rd. Ten equities research analysts have rated the stock with a buy rating, Align Technology presently has a consensus rating of “Buy” and an average price target of $174.40.
In other news, Director Joseph Lacob sold 50,000 shares of the business’s stock in a transaction on Wednesday, May 31st. The shares were sold at an average price of $144.98, for a total value of $7,249,000.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Sreelakshmi Kolli sold 1,000 shares of the business’s stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $144.00, for a total transaction of $144,000.00. Following the completion of the transaction, the vice president now directly owns 23,785 shares in the company, valued at approximately $3,425,040. The disclosure for this sale can be found here. Insiders sold 54,874 shares of company stock worth $7,950,701 in the last three months. Insiders own 2.00% of the company’s stock.
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.
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