DNB Asset Management AS Trims Position in Align Technology, Inc. (ALGN)
DNB Asset Management AS lessened its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 5.6% in the third quarter, Holdings Channel reports. The fund owned 14,919 shares of the medical equipment provider’s stock after selling 881 shares during the quarter. DNB Asset Management AS’s holdings in Align Technology were worth $5,837,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently bought and sold shares of ALGN. Stelac Advisory Services LLC purchased a new stake in Align Technology during the second quarter valued at $103,000. Centaurus Financial Inc. purchased a new stake in Align Technology during the second quarter valued at $137,000. Verition Fund Management LLC purchased a new stake in Align Technology during the first quarter valued at $221,000. Nicolet Bankshares Inc. purchased a new stake in Align Technology during the second quarter valued at $222,000. Finally, Windsor Group LTD purchased a new stake in Align Technology during the third quarter valued at $223,000. Institutional investors own 78.56% of the company’s stock.
A number of analysts recently commented on ALGN shares. Morgan Stanley upped their price objective on Align Technology from $315.00 to $320.00 and gave the company an “equal weight” rating in a research report on Tuesday. Piper Jaffray Companies boosted their price target on Align Technology to $425.00 and gave the company an “overweight” rating in a report on Friday, July 20th. BidaskClub raised Align Technology from a “buy” rating to a “strong-buy” rating in a report on Tuesday, August 28th. Bank of America assumed coverage on Align Technology in a report on Monday, June 25th. They set a “buy” rating and a $420.00 price target for the company. Finally, Stifel Nicolaus boosted their price target on Align Technology from $375.00 to $425.00 and gave the company a “buy” rating in a report on Thursday, July 26th. Four equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $363.09.
Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, July 25th. The medical equipment provider reported $1.30 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.09 by $0.21. Align Technology had a return on equity of 32.61% and a net margin of 17.00%. The business had revenue of $490.26 million during the quarter, compared to analyst estimates of $472.10 million. During the same quarter in the previous year, the company posted $0.85 earnings per share. Align Technology’s revenue for the quarter was up 37.5% on a year-over-year basis. On average, equities research analysts expect that Align Technology, Inc. will post 4.98 EPS for the current fiscal year.
In other news, insider Joseph M. Hogan sold 25,000 shares of the company’s stock in a transaction dated Tuesday, August 14th. The stock was sold at an average price of $367.48, for a total value of $9,187,000.00. Following the completion of the transaction, the insider now owns 105,713 shares of the company’s stock, valued at $38,847,413.24. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Stuart A. Hockridge sold 2,753 shares of the company’s stock in a transaction dated Wednesday, August 15th. The stock was sold at an average price of $366.73, for a total value of $1,009,607.69. The disclosure for this sale can be found here. In the last ninety days, insiders sold 55,648 shares of company stock valued at $20,577,327. Corporate insiders own 1.40% of the company’s stock.
Align Technology Company Profile
Align Technology, Inc designs, manufactures, and markets a system of clear aligner therapy, intraoral scanners, and computer-aided design and computer-aided manufacturing (CAD/CAM) digital services. The company's Clear Aligner segment offers Invisalign Full, a treatment used for a range of malocclusion; Invisalign Teen treatment that addresses orthodontic needs of teenage patients, such as compliance indicators, compensation for tooth eruption, and six free single arch replacement aligners; and Invisalign Assist treatment for anterior alignment and aesthetically-oriented cases.
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