Align Technology, Inc. $ALGN Shares Sold by DAVENPORT & Co LLC

Key Points

• DAVENPORT & Co LLC cut its stake in Align Technology by 32.3% in Q4, selling 178,117 shares and now holds 373,511 shares worth about $58.8 million.
• EVP John Morici sold 7,969 shares on Feb. 18 at an average price of $189.31, a 49.17% reduction in his holdings; insiders currently own 0.66% of the stock.
• Analysts have raised price targets (consensus target $198.08 and a "Moderate Buy" rating) after Align beat estimates for the quarter — EPS $3.29 vs $2.99 and revenue $1.05B vs $1.03B.

DAVENPORT & Co LLC reduced its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 32.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 373,511 shares of the medical equipment provider's stock after selling 178,117 shares during the quarter. DAVENPORT & Co LLC owned about 0.52% of Align Technology worth $58,765,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ALGN. Sentry Investment Management LLC raised its holdings in shares of Align Technology by 73.1% in the 3rd quarter. Sentry Investment Management LLC now owns 187 shares of the medical equipment provider's stock worth $25,000 after purchasing an additional 79 shares during the period. Steigerwald Gordon & Koch Inc. purchased a new stake in shares of Align Technology during the 3rd quarter worth about $26,000. Quent Capital LLC purchased a new stake in shares of Align Technology during the 3rd quarter worth about $30,000. TD Private Client Wealth LLC increased its position in Align Technology by 135.6% during the 3rd quarter. TD Private Client Wealth LLC now owns 238 shares of the medical equipment provider's stock worth $30,000 after purchasing an additional 137 shares in the last quarter. Finally, Miller Global Investments LLC purchased a new position in Align Technology in the fourth quarter valued at approximately $31,000. Institutional investors and hedge funds own 88.43% of the company's stock.

Analysts Set New Price Targets

ALGN has been the topic of a number of recent research reports. Wells Fargo & Company lifted their price target on shares of Align Technology from $181.00 to $200.00 and gave the company an "overweight" rating in a research report on Thursday, February 5th. Stifel Nicolaus increased their price objective on shares of Align Technology from $200.00 to $210.00 and gave the stock a "buy" rating in a research report on Thursday, February 5th. Evercore raised their target price on shares of Align Technology from $180.00 to $200.00 and gave the company an "outperform" rating in a research note on Thursday, February 5th. Robert W. Baird set a $218.00 target price on shares of Align Technology in a report on Thursday, February 5th. Finally, Jefferies Financial Group upped their price target on shares of Align Technology from $155.00 to $185.00 and gave the stock a "hold" rating in a research report on Thursday, February 5th. Seven equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $198.08.

Insiders Place Their Bets

In other news, EVP John Morici sold 7,969 shares of the firm's stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $189.31, for a total transaction of $1,508,611.39. Following the completion of the sale, the executive vice president directly owned 8,237 shares in the company, valued at $1,559,346.47. This trade represents a 49.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.66% of the stock is currently owned by insiders.

Align Technology Stock Down 0.8%

ALGN opened at $179.34 on Wednesday. The firm's 50 day moving average is $176.91 and its 200-day moving average is $155.16. Align Technology, Inc. has a 52-week low of $122.00 and a 52-week high of $208.30. The firm has a market capitalization of $12.78 billion, a P/E ratio of 31.69, a P/E/G ratio of 1.97 and a beta of 1.79.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its earnings results on Wednesday, February 4th. The medical equipment provider reported $3.29 earnings per share for the quarter, beating the consensus estimate of $2.99 by $0.30. The business had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. Align Technology had a net margin of 10.17% and a return on equity of 15.16%. The business's quarterly revenue was up 5.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.44 earnings per share. Equities analysts expect that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Align Technology Company Profile

Align Technology, Inc NASDAQ: ALGN pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company's signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.

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