Fisher Asset Management LLC Decreases Position in Align Technology Inc. (ALGN)
Fisher Asset Management LLC reduced its stake in shares of Align Technology Inc. (NASDAQ:ALGN) by 5.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 109,455 shares of the company’s stock after selling 6,811 shares during the period. Fisher Asset Management LLC owned 0.14% of Align Technology worth $10,261,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. GW&K Investment Management LLC boosted its position in shares of Align Technology by 16.1% in the second quarter. GW&K Investment Management LLC now owns 205,003 shares of the company’s stock valued at $16,513,000 after buying an additional 28,418 shares during the period. RS Investment Management Co. LLC boosted its position in shares of Align Technology by 5.7% in the second quarter. RS Investment Management Co. LLC now owns 601,734 shares of the company’s stock valued at $48,470,000 after buying an additional 32,545 shares during the period. Retirement Systems of Alabama boosted its position in shares of Align Technology by 2.7% in the second quarter. Retirement Systems of Alabama now owns 318,825 shares of the company’s stock valued at $25,681,000 after buying an additional 8,391 shares during the period. Acadian Asset Management LLC boosted its position in shares of Align Technology by 2.7% in the second quarter. Acadian Asset Management LLC now owns 41,833 shares of the company’s stock valued at $3,369,000 after buying an additional 1,111 shares during the period. Finally, Cookson Peirce & Co. Inc. boosted its position in shares of Align Technology by 9.5% in the second quarter. Cookson Peirce & Co. Inc. now owns 107,505 shares of the company’s stock valued at $8,660,000 after buying an additional 9,350 shares during the period. 83.51% of the stock is owned by institutional investors and hedge funds.
Align Technology Inc. (NASDAQ:ALGN) traded up 0.67% on Friday, reaching $96.19. The company’s stock had a trading volume of 510,783 shares. The stock has a market cap of $7.67 billion, a P/E ratio of 41.11 and a beta of 1.33. Align Technology Inc. has a one year low of $57.31 and a one year high of $98.62. The stock has a 50-day moving average of $90.15 and a 200-day moving average of $87.18.
Align Technology (NASDAQ:ALGN) last released its earnings results on Monday, November 7th. The company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.11. Align Technology had a return on equity of 21.09% and a net margin of 18.78%. The firm had revenue of $278.60 million for the quarter, compared to analysts’ expectations of $271.61 million. During the same period in the prior year, the firm posted $0.34 earnings per share. The company’s quarterly revenue was up 34.3% on a year-over-year basis. On average, analysts predict that Align Technology Inc. will post $2.41 EPS for the current fiscal year.
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A number of equities research analysts have recently commented on ALGN shares. Zacks Investment Research upgraded Align Technology from a “hold” rating to a “buy” rating and set a $99.00 target price on the stock in a research note on Wednesday, November 9th. Jefferies Group reiterated a “buy” rating and set a $105.00 target price (up from $100.00) on shares of Align Technology in a research note on Tuesday, November 8th. Morgan Stanley set a $114.00 target price on Align Technology and gave the stock a “buy” rating in a research note on Wednesday, October 19th. Finally, Robert W. Baird cut Align Technology from an “outperform” rating to a “neutral” rating and set a $96.00 target price on the stock. in a research note on Monday, October 3rd. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Align Technology currently has an average rating of “Buy” and an average target price of $89.82.
In related news, Director Thomas M. Prescott sold 33,125 shares of the stock in a transaction on Monday, November 14th. The stock was sold at an average price of $90.60, for a total transaction of $3,001,125.00. Following the sale, the director now directly owns 124,378 shares of the company’s stock, valued at $11,268,646.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO David L. White sold 11,152 shares of the stock in a transaction on Friday, November 18th. The shares were sold at an average price of $95.53, for a total value of $1,065,350.56. Following the sale, the chief financial officer now directly owns 9,473 shares in the company, valued at $904,955.69. The disclosure for this sale can be found here. 2.00% of the stock is owned by insiders.
Align Technology Company Profile
Align Technology, Inc designs, manufactures and markets a system of clear aligner therapy, intra-oral scanners and computer-aided design and 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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