Principal Financial Group Inc. boosted its stake in shares of Align Technology Inc. (NASDAQ:ALGN) by 14.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 281,056 shares of the company’s stock after buying an additional 35,558 shares during the period. Principal Financial Group Inc. owned approximately 0.35% of Align Technology worth $22,639,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the stock. Signature Estate & Investment Advisors LLC purchased a new position in Align Technology during the second quarter valued at about $166,000. Brown Advisory Inc. increased its position in Align Technology by 3.9% in the second quarter. Brown Advisory Inc. now owns 7,911 shares of the company’s stock valued at $637,000 after buying an additional 300 shares during the last quarter. Prudential Financial Inc. increased its position in Align Technology by 88.3% in the second quarter. Prudential Financial Inc. now owns 291,017 shares of the company’s stock valued at $23,441,000 after buying an additional 136,500 shares during the last quarter. Private Advisor Group LLC purchased a new position in Align Technology during the second quarter valued at about $220,000. Finally, Teacher Retirement System of Texas increased its position in Align Technology by 22.2% in the second quarter. Teacher Retirement System of Texas now owns 10,146 shares of the company’s stock valued at $817,000 after buying an additional 1,841 shares during the last quarter. 87.12% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Align Technology Inc. (NASDAQ:ALGN) traded up 1.15% on Friday, reaching $93.47. 79,228 shares of the company were exchanged. The stock has a 50 day moving average of $93.95 and a 200-day moving average of $82.20. The company has a market capitalization of $7.48 billion, a P/E ratio of 45.60 and a beta of 1.97. Align Technology Inc. has a 52-week low of $54.69 and a 52-week high of $96.90.
Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.62 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.14. The company had revenue of $269.40 million for the quarter, compared to the consensus estimate of $259.29 million. Align Technology had a net margin of 17.67% and a return on equity of 19.40%. Align Technology’s revenue was up 28.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.39 earnings per share. On average, analysts predict that Align Technology Inc. will post $2.28 EPS for the current fiscal year.
Several equities analysts recently issued reports on the company. Stifel Nicolaus upped their target price on Align Technology from $82.00 to $95.00 and gave the company a “buy” rating in a research report on Thursday, July 28th. Zacks Investment Research raised Align Technology from a “hold” rating to a “strong-buy” rating and set a $97.00 price target on the stock in a research report on Wednesday, July 13th. Credit Suisse Group AG reaffirmed a “buy” rating on shares of Align Technology in a research report on Saturday, June 4th. Robert W. Baird reaffirmed a “buy” rating on shares of Align Technology in a research report on Saturday, June 4th. Finally, Leerink Swann reaffirmed a “buy” rating on shares of Align Technology in a research report on Saturday, June 4th. Eleven analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $83.09.
In related news, VP Zelko Relic sold 13,577 shares of the firm’s stock in a transaction on Monday, August 15th. The shares were sold at an average price of $95.91, for a total transaction of $1,302,170.07. Following the completion of the sale, the vice president now directly owns 1,375 shares of the company’s stock, valued at approximately $131,876.25. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Jennifer Olson sold 799 shares of the firm’s stock in a transaction on Monday, August 29th. The shares were sold at an average price of $93.30, for a total transaction of $74,546.70. Following the sale, the vice president now directly owns 4,483 shares of the company’s stock, valued at $418,263.90. 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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