Eagle Asset Management Inc. Sells 2,838 Shares of Align Technology Inc. (ALGN)
Eagle Asset Management Inc. lowered its stake in Align Technology Inc. (NASDAQ:ALGN) by 1.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 176,582 shares of the company’s stock after selling 2,838 shares during the period. Eagle Asset Management Inc. owned approximately 0.22% of Align Technology worth $16,554,000 as of its most recent filing with the SEC.
A number of other large investors have also made changes to their positions in the company. IFP Advisors Inc increased its stake in shares of Align Technology by 10.1% in the second quarter. IFP Advisors Inc now owns 1,260 shares of the company’s stock valued at $101,000 after buying an additional 116 shares during the last quarter. CWM LLC acquired a new stake in shares of Align Technology during the second quarter valued at $121,000. Advisor Group Inc. acquired a new stake in shares of Align Technology during the second quarter valued at $128,000. Mckinley Capital Management LLC Delaware acquired a new stake in shares of Align Technology during the second quarter valued at $147,000. Finally, DIAM Co. Ltd. acquired a new stake in shares of Align Technology during the second quarter valued at $162,000. 87.95% of the stock is currently owned by hedge funds and other institutional investors.
Align Technology Inc. (NASDAQ:ALGN) traded down 2.00% during mid-day trading on Wednesday, reaching $93.60. 512,752 shares of the company traded hands. The stock has a market capitalization of $7.46 billion, a PE ratio of 40.00 and a beta of 1.33. The firm’s 50-day moving average is $90.31 and its 200 day moving average is $87.47. Align Technology Inc. has a 52-week low of $57.31 and a 52-week high of $98.62.
Align Technology (NASDAQ:ALGN) last issued its earnings results on Monday, November 7th. The company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.11. Align Technology had a net margin of 18.78% and a return on equity of 21.09%. The business earned $278.60 million during the quarter, compared to analysts’ expectations of $271.61 million. During the same quarter in the prior year, the business posted $0.34 EPS. The company’s revenue for the quarter was up 34.3% on a year-over-year basis. On average, equities research analysts expect that Align Technology Inc. will post $2.41 earnings per share for the current year.
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ALGN has been the subject of several analyst reports. Stifel Nicolaus boosted their price target on shares of Align Technology from $95.00 to $110.00 and gave the stock a “buy” rating in a report on Monday. Zacks Investment Research upgraded shares of Align Technology from a “hold” rating to a “buy” rating and set a $99.00 price target for the company in a report on Wednesday, November 9th. Jefferies Group reiterated a “buy” rating and set a $105.00 price target (up previously from $100.00) on shares of Align Technology in a report on Tuesday, November 8th. Morgan Stanley set a $114.00 price target on shares of Align Technology and gave the stock a “buy” rating in a report on Wednesday, October 19th. Finally, Robert W. Baird cut shares of Align Technology from an “outperform” rating to a “neutral” rating and set a $96.00 price target for the company. in a report on Monday, October 3rd. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Align Technology has an average rating of “Buy” and a consensus target price of $91.18.
In other news, Director Thomas M. Prescott sold 33,125 shares of the company’s stock in a transaction on Monday, November 14th. The shares were sold at an average price of $90.60, for a total value of $3,001,125.00. Following the completion of the transaction, the director now owns 124,378 shares in the company, valued at approximately $11,268,646.80. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO David L. White sold 11,152 shares of the company’s stock in a transaction on Friday, November 18th. The shares were sold at an average price of $95.53, for a total transaction of $1,065,350.56. Following the completion of the transaction, the chief financial officer now owns 9,473 shares of the company’s stock, valued at approximately $904,955.69. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by insiders.
About Align Technology
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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