Oregon Public Employees Retirement Fund trimmed its position in Align Technology, Inc. (NASDAQ:ALGN) by 5.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,156 shares of the medical equipment provider’s stock after selling 1,048 shares during the quarter. Oregon Public Employees Retirement Fund’s holdings in Align Technology were worth $5,162,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of ALGN. BlackRock Inc. grew its holdings in shares of Align Technology by 31.7% during the fourth quarter. BlackRock Inc. now owns 6,935,085 shares of the medical equipment provider’s stock worth $1,452,414,000 after purchasing an additional 1,670,441 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Align Technology by 22.4% in the fourth quarter. Bank of New York Mellon Corp now owns 1,334,677 shares of the medical equipment provider’s stock valued at $279,521,000 after buying an additional 244,095 shares during the period. Geode Capital Management LLC lifted its stake in Align Technology by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 1,057,392 shares of the medical equipment provider’s stock valued at $221,101,000 after buying an additional 9,617 shares during the period. Northern Trust Corp lifted its stake in Align Technology by 0.5% in the fourth quarter. Northern Trust Corp now owns 922,908 shares of the medical equipment provider’s stock valued at $193,284,000 after buying an additional 4,994 shares during the period. Finally, Norges Bank acquired a new position in Align Technology in the fourth quarter valued at about $180,162,000. Institutional investors and hedge funds own 82.63% of the company’s stock.
In other news, CFO John Morici sold 2,374 shares of the company’s stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $286.91, for a total value of $681,124.34. Following the completion of the transaction, the chief financial officer now directly owns 2,913 shares of the company’s stock, valued at $835,768.83. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Warren S. Thaler sold 3,115 shares of the stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $312.53, for a total value of $973,530.95. Following the transaction, the director now directly owns 47,979 shares of the company’s stock, valued at $14,994,876.87. The disclosure for this sale can be found here. Insiders sold a total of 55,283 shares of company stock worth $17,483,871 in the last quarter. Corporate insiders own 1.30% of the company’s stock.
Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, April 24th. The medical equipment provider reported $0.89 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.83 by $0.06. The firm had revenue of $549.00 million during the quarter, compared to analysts’ expectations of $532.16 million. Align Technology had a return on equity of 30.58% and a net margin of 18.10%. The company’s quarterly revenue was up 25.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.17 EPS. On average, equities analysts predict that Align Technology, Inc. will post 5.4 EPS for the current fiscal year.
A number of equities research analysts have recently commented on the company. ValuEngine raised Align Technology from a “hold” rating to a “buy” rating in a research report on Wednesday, February 13th. Robert W. Baird raised their price target on Align Technology from $255.00 to $286.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 5th. They noted that the move was a valuation call. BidaskClub raised Align Technology from a “hold” rating to a “buy” rating in a research report on Friday, March 22nd. Zacks Investment Research raised Align Technology from a “hold” rating to a “buy” rating and set a $333.00 price target on the stock in a research report on Friday, April 26th. Finally, Wolfe Research initiated coverage on Align Technology in a research report on Thursday, May 30th. They set a “peer perform” rating on the stock. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $339.31.
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About Align Technology
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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