Principal Financial Group Inc. Grows Position in Alphatec Holdings, Inc. $ATEC

Key Points

• Principal Financial Group increased its Alphatec stake by 166.9% in the first quarter, adding 183,230 shares to own 293,001 shares valued at approximately $3.19 million. Institutional investors collectively hold 66.35% of ATEC’s stock.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $17.13, despite recent target cuts from Piper Sandler and JPMorgan.
• ATEC shares recently traded at $9.65, up 3.5%, with a 12-month range of $6.82 to $23.29. A company director sold shares under a pre-arranged plan to cover tax obligations, while insiders retain a 13.48% ownership stake.

Principal Financial Group Inc. boosted its stake in shares of Alphatec Holdings, Inc. (NASDAQ:ATEC - Free Report) by 166.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 293,001 shares of the medical technology company's stock after purchasing an additional 183,230 shares during the period. Principal Financial Group Inc. owned approximately 0.19% of Alphatec worth $3,188,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in ATEC. Creative Planning grew its stake in shares of Alphatec by 0.9% during the 3rd quarter. Creative Planning now owns 58,654 shares of the medical technology company's stock valued at $853,000 after buying an additional 534 shares during the period. Great Lakes Advisors LLC raised its position in shares of Alphatec by 0.4% in the 4th quarter. Great Lakes Advisors LLC now owns 278,717 shares of the medical technology company's stock worth $5,864,000 after buying an additional 1,226 shares during the period. Franklin Resources Inc. raised its position in shares of Alphatec by 2.0% in the 4th quarter. Franklin Resources Inc. now owns 64,774 shares of the medical technology company's stock worth $1,363,000 after buying an additional 1,299 shares during the period. Oppenheimer Asset Management Inc. boosted its holdings in Alphatec by 9.9% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 15,075 shares of the medical technology company's stock valued at $317,000 after acquiring an additional 1,353 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its position in Alphatec by 157.1% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,571 shares of the medical technology company's stock valued at $54,000 after acquiring an additional 1,571 shares during the period. Institutional investors and hedge funds own 66.35% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Piper Sandler restated an "overweight" rating and issued a $14.00 price objective (down from $25.00) on shares of Alphatec in a report on Wednesday, May 6th. Weiss Ratings upgraded Alphatec from a "sell (e+)" rating to a "sell (d-)" rating in a report on Wednesday, May 6th. Stephens started coverage on shares of Alphatec in a research report on Thursday, July 23rd. They set an "overweight" rating and a $15.00 target price for the company. JPMorgan Chase & Co. cut their price target on shares of Alphatec from $24.00 to $16.00 and set an "overweight" rating on the stock in a report on Wednesday, May 6th. Finally, BMO Capital Markets began coverage on shares of Alphatec in a research report on Wednesday, July 8th. They set an "outperform" rating and a $11.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $17.13.

Insider Activity

In related news, Director Karen K. Mcginnis sold 6,050 shares of the firm's stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $8.01, for a total transaction of $48,460.50. Following the sale, the director directly owned 94,671 shares in the company, valued at approximately $758,314.71. This trade represents a 6.01% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 13.48% of the company's stock.

Alphatec Trading Up 3.5%

NASDAQ:ATEC opened at $9.65 on Thursday. The business's 50-day moving average is $8.56 and its two-hundred day moving average is $11.06. The firm has a market capitalization of $1.48 billion, a PE ratio of -11.77 and a beta of 0.85. Alphatec Holdings, Inc. has a 12 month low of $6.82 and a 12 month high of $23.29. The company has a debt-to-equity ratio of 40.35, a current ratio of 1.90 and a quick ratio of 1.12.

Alphatec Profile

Alphatec Holdings, Inc NASDAQ: ATEC is a medical technology company focused on the design, development and commercialization of products for the surgical correction of degenerative spinal conditions. The company's portfolio centers on interbody implants, biologics, fixation devices and surgical planning tools intended to improve patient outcomes in spinal fusion procedures. Alphatec's flagship offerings include customizable interbody cages, bone graft materials and specialized instrumentation designed for minimally invasive and open spinal surgeries.

Founded as Alphatec Spine in 1985 and rebranded as Alphatec Holdings in 2018, the company has grown from a single-product organization into a multi-platform innovator in the spine market.

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