Chevy Chase Trust Holdings Inc. acquired a new position in shares of Align Technology, Inc. (NASDAQ:ALGN) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 65,639 shares of the medical equipment provider’s stock, valued at approximately $9,854,000. Chevy Chase Trust Holdings Inc. owned about 0.08% of Align Technology as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Van ECK Associates Corp boosted its position in shares of Align Technology by 6.9% in the first quarter. Van ECK Associates Corp now owns 1,057 shares of the medical equipment provider’s stock worth $121,000 after buying an additional 68 shares in the last quarter. Trust Co. of Vermont boosted its position in shares of Align Technology by 15.4% in the second quarter. Trust Co. of Vermont now owns 1,010 shares of the medical equipment provider’s stock worth $152,000 after buying an additional 135 shares in the last quarter. FNY Partners Fund LP purchased a new position in shares of Align Technology during the first quarter worth approximately $160,000. Livforsakringsbolaget Skandia Omsesidigt purchased a new position in shares of Align Technology during the first quarter worth approximately $161,000. Finally, Carroll Financial Associates Inc. boosted its position in shares of Align Technology by 14.0% in the first quarter. Carroll Financial Associates Inc. now owns 1,550 shares of the medical equipment provider’s stock worth $177,000 after buying an additional 190 shares in the last quarter. Hedge funds and other institutional investors own 87.13% of the company’s stock.
Shares of Align Technology, Inc. (NASDAQ ALGN) opened at 169.30 on Monday. The stock has a market cap of $13.58 billion, a PE ratio of 57.98 and a beta of 1.55. Align Technology, Inc. has a one year low of $83.27 and a one year high of $173.79. The company’s 50-day moving average price is $153.72 and its 200-day moving average price is $125.88.
Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Thursday, July 27th. The medical equipment provider reported $0.85 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.73 by $0.12. Align Technology had a return on equity of 23.87% and a net margin of 19.18%. The business had revenue of $356.50 million during the quarter, compared to analyst estimates of $343.43 million. During the same quarter in the previous year, the company posted $0.62 earnings per share. Align Technology’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 year.
A number of research analysts have recently commented on ALGN shares. Piper Jaffray Companies reaffirmed a “buy” rating and set a $176.00 price target on shares of Align Technology in a research report on Friday, July 28th. Morgan Stanley reaffirmed an “overweight” rating and set a $175.00 price target on shares of Align Technology in a research report on Monday, June 19th. They noted that the move was a valuation call. Northcoast Research reaffirmed a “buy” rating and set a $186.00 price target (up previously from $164.00) on shares of Align Technology in a research report on Wednesday, June 21st. Zacks Investment Research raised Align Technology from a “hold” rating to a “buy” rating and set a $128.00 price objective on the stock in a report on Tuesday, April 11th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $200.00 price objective (up previously from $145.00) on shares of Align Technology in a report on Friday, June 23rd. Ten analysts have rated the stock with a buy rating, Align Technology has an average rating of “Buy” and a consensus price target of $173.90.
In other news, VP Sreelakshmi Kolli sold 1,000 shares of the business’s stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $144.00, for a total value of $144,000.00. Following the transaction, the vice president now directly owns 23,785 shares in the company, valued at $3,425,040. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph Lacob sold 3,874 shares of the business’s stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $143.96, for a total value of $557,701.04. The disclosure for this sale can be found here. Insiders have sold 54,874 shares of company stock valued at $7,950,701 in the last three months. 2.00% of the stock is currently owned by corporate insiders.
About Align Technology
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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