NewEdge Wealth LLC Sells 860 Shares of Align Technology, Inc. (NASDAQ:ALGN)

NewEdge Wealth LLC lessened its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 35.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,567 shares of the medical equipment provider’s stock after selling 860 shares during the quarter. NewEdge Wealth LLC’s holdings in Align Technology were worth $429,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in ALGN. Raymond James Trust N.A. grew its stake in Align Technology by 39.4% in the first quarter. Raymond James Trust N.A. now owns 934 shares of the medical equipment provider’s stock valued at $407,000 after acquiring an additional 264 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Align Technology by 11.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 180,978 shares of the medical equipment provider’s stock worth $78,911,000 after purchasing an additional 18,153 shares in the last quarter. Prudential PLC acquired a new stake in Align Technology in the 1st quarter valued at $955,000. Cetera Investment Advisers grew its position in Align Technology by 4.9% in the 1st quarter. Cetera Investment Advisers now owns 1,713 shares of the medical equipment provider’s stock valued at $747,000 after purchasing an additional 80 shares during the period. Finally, Sequoia Financial Advisors LLC increased its stake in Align Technology by 17.1% during the 1st quarter. Sequoia Financial Advisors LLC now owns 526 shares of the medical equipment provider’s stock valued at $229,000 after purchasing an additional 77 shares in the last quarter. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have weighed in on ALGN shares. Stifel Nicolaus raised their price objective on shares of Align Technology from $340.00 to $350.00 and gave the company a “buy” rating in a research note on Friday, March 15th. Piper Sandler lifted their price target on Align Technology from $335.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, March 14th. Leerink Partnrs reissued a “market perform” rating on shares of Align Technology in a research note on Monday, February 26th. SVB Leerink began coverage on Align Technology in a research report on Monday, February 26th. They set a “market perform” rating and a $310.00 target price on the stock. Finally, The Goldman Sachs Group upped their price target on Align Technology from $197.00 to $225.00 and gave the stock a “sell” rating in a report on Friday, February 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $339.91.

Align Technology Price Performance

Shares of Align Technology stock opened at $300.14 on Thursday. The stock has a fifty day moving average price of $312.61 and a 200-day moving average price of $269.97. The firm has a market cap of $22.59 billion, a PE ratio of 51.57, a P/E/G ratio of 5.49 and a beta of 1.65. Align Technology, Inc. has a 1 year low of $176.34 and a 1 year high of $413.20.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, January 31st. The medical equipment provider reported $1.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.78 by $0.13. The business had revenue of $956.73 million during the quarter, compared to the consensus estimate of $928.57 million. Align Technology had a net margin of 11.52% and a return on equity of 13.88%. As a group, equities analysts anticipate that Align Technology, Inc. will post 7.65 EPS for the current fiscal year.

Insider Transactions at Align Technology

In related news, EVP Emory Wright sold 2,524 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $287.45, for a total value of $725,523.80. Following the transaction, the executive vice president now owns 709 shares in the company, valued at $203,802.05. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Align Technology news, EVP Emory Wright sold 2,524 shares of the business’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $287.45, for a total value of $725,523.80. Following the sale, the executive vice president now directly owns 709 shares in the company, valued at $203,802.05. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Joseph Lacob sold 15,000 shares of the stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $303.22, for a total value of $4,548,300.00. Following the transaction, the director now owns 131,994 shares of the company’s stock, valued at approximately $40,023,220.68. The disclosure for this sale can be found here. Insiders sold a total of 27,524 shares of company stock worth $8,403,924 in the last quarter. Insiders own 0.72% of the company’s stock.

Align Technology Company Profile

Align Technology, Inc designs, manufactures, and markets Invisalign clear aligners, and iTero intraoral scanners and services for orthodontists and general practitioner dentists in the United States, Switzerland, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.