Align Technology, Inc. (NASDAQ:ALGN) Shares Bought by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC boosted its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 188.5% in the fourth quarter, Holdings Channel.com reports. The firm owned 400,160 shares of the medical equipment provider’s stock after acquiring an additional 261,465 shares during the period. Align Technology comprises approximately 0.6% of Lord Abbett & CO. LLC’s investment portfolio, making the stock its 26th largest position. Lord Abbett & CO. LLC’s holdings in Align Technology were worth $213,838,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Conning Inc. grew its holdings in Align Technology by 2.1% during the 4th quarter. Conning Inc. now owns 1,026 shares of the medical equipment provider’s stock valued at $548,000 after purchasing an additional 21 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Align Technology during the 4th quarter valued at $48,000. Schaper Benz & Wise Investment Counsel Inc. WI grew its holdings in Align Technology by 0.6% during the 3rd quarter. Schaper Benz & Wise Investment Counsel Inc. WI now owns 4,993 shares of the medical equipment provider’s stock valued at $1,635,000 after purchasing an additional 29 shares in the last quarter. First Horizon Advisors Inc. boosted its stake in Align Technology by 11.5% during the 3rd quarter. First Horizon Advisors Inc. now owns 281 shares of the medical equipment provider’s stock valued at $91,000 after acquiring an additional 29 shares during the last quarter. Finally, JustInvest LLC boosted its stake in Align Technology by 4.6% during the 4th quarter. JustInvest LLC now owns 658 shares of the medical equipment provider’s stock valued at $352,000 after acquiring an additional 29 shares during the last quarter. 85.84% of the stock is owned by institutional investors and hedge funds.

A number of research analysts have commented on the stock. Barclays increased their price objective on shares of Align Technology from $475.00 to $555.00 and gave the company an “equal weight” rating in a research note on Thursday, February 4th. Zacks Investment Research downgraded shares of Align Technology from a “buy” rating to a “sell” rating and set a $563.00 price target on the stock. in a research report on Wednesday, December 23rd. The Goldman Sachs Group raised their price target on shares of Align Technology from $472.00 to $535.00 and gave the stock a “buy” rating in a research report on Tuesday, November 24th. SVB Leerink raised their price target on shares of Align Technology from $620.00 to $680.00 and gave the stock an “outperform” rating in a research report on Thursday, February 4th. Finally, Piper Sandler raised their price target on shares of Align Technology from $525.00 to $610.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 2nd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $481.71.

Align Technology stock traded down $19.04 during trading hours on Tuesday, hitting $560.50. 1,030 shares of the company traded hands, compared to its average volume of 544,819. The firm has a market cap of $44.20 billion, a P/E ratio of 26.37, a P/E/G ratio of 4.07 and a beta of 1.68. The firm’s 50-day simple moving average is $569.55 and its two-hundred day simple moving average is $443.08. Align Technology, Inc. has a 1-year low of $127.88 and a 1-year high of $634.46.

Align Technology (NASDAQ:ALGN) last released its earnings results on Tuesday, February 2nd. The medical equipment provider reported $2.61 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.14 by $0.47. The firm had revenue of $834.50 million for the quarter, compared to analysts’ expectations of $793.56 million. Align Technology had a net margin of 76.00% and a return on equity of 68.99%. Align Technology’s quarterly revenue was up 28.4% on a year-over-year basis. During the same quarter last year, the company earned $1.53 EPS. Analysts anticipate that Align Technology, Inc. will post 3.34 EPS for the current year.

In other news, Director George J. Morrow sold 15,000 shares of Align Technology stock in a transaction that occurred on Monday, February 8th. The shares were sold at an average price of $624.60, for a total value of $9,369,000.00. Following the transaction, the director now owns 26,680 shares of the company’s stock, valued at approximately $16,664,328. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Andrea Lynn Saia sold 2,500 shares of Align Technology stock in a transaction that occurred on Friday, November 27th. The stock was sold at an average price of $470.92, for a total transaction of $1,177,300.00. The disclosure for this sale can be found here. Insiders sold a total of 23,000 shares of company stock worth $13,886,765 in the last ninety days. Corporate insiders own 1.20% of the company’s stock.

About Align Technology

Align Technology, Inc, a medical device company, designs, manufactures, and markets Invisalign clear aligners and iTero intraoral scanners and services for orthodontists and general practitioner dentists, and restorative and aesthetic dentistry. It operates in two segments, Clear Aligner; and Scanners and Services.

Further Reading: What does an outperform rating mean?

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Institutional Ownership by Quarter for Align Technology (NASDAQ:ALGN)

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