Zurcher Kantonalbank Zurich Cantonalbank Sells 94,725 Shares of Align Technology, Inc. $ALGN

Key Points

• Zurcher Kantonalbank sold 94,725 shares of Align Technology, cutting its stake by 79.6% to 24,351 shares worth about $3.80 million at quarter-end.
• Several analysts have raised ratings and targets recently (Wells Fargo and Barclays among them), leaving Align with a consensus rating of “Moderate Buy” and an average price target of $203.92.
• Align recently reported an earnings beat (Q EPS $3.29 vs. $2.99 expected) and its stock trades near $189.61 with a market cap of about $13.6 billion and a 1‑year range of $122.00–$208.30.

Zurcher Kantonalbank Zurich Cantonalbank decreased its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 79.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,351 shares of the medical equipment provider's stock after selling 94,725 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Align Technology were worth $3,802,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC raised its holdings in Align Technology by 38.9% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 15,551 shares of the medical equipment provider's stock valued at $2,029,000 after acquiring an additional 4,359 shares during the period. AE Wealth Management LLC bought a new position in shares of Align Technology during the third quarter worth approximately $650,000. Dana Investment Advisors Inc. bought a new position in shares of Align Technology during the third quarter worth approximately $9,991,000. AIA Group Ltd bought a new position in shares of Align Technology during the third quarter worth approximately $2,507,000. Finally, Hussman Strategic Advisors Inc. bought a new position in shares of Align Technology during the third quarter worth approximately $3,156,000. Institutional investors own 88.43% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently commented on ALGN shares. Wells Fargo & Company raised their target price on shares of Align Technology from $181.00 to $200.00 and gave the stock an "overweight" rating in a report on Thursday, February 5th. Barclays raised shares of Align Technology from an "equal weight" rating to an "overweight" rating and set a $200.00 target price on the stock in a report on Tuesday, March 17th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Align Technology in a report on Wednesday, April 15th. Robert W. Baird set a $218.00 target price on shares of Align Technology in a report on Thursday, February 5th. Finally, Evercore reaffirmed an "outperform" rating on shares of Align Technology in a report on Wednesday, April 8th. Eight analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, Align Technology presently has an average rating of "Moderate Buy" and a consensus price target of $203.92.

Align Technology Price Performance

Shares of NASDAQ:ALGN opened at $189.61 on Friday. The company's 50 day simple moving average is $179.78 and its 200 day simple moving average is $162.87. The stock has a market capitalization of $13.58 billion, a price-to-earnings ratio of 33.50, a price-to-earnings-growth ratio of 2.07 and a beta of 1.81. Align Technology, Inc. has a 1 year low of $122.00 and a 1 year high of $208.30.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its quarterly earnings data on Wednesday, February 4th. The medical equipment provider reported $3.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.99 by $0.30. The business had revenue of $1.05 billion for the quarter, compared to analysts' expectations of $1.03 billion. Align Technology had a net margin of 10.17% and a return on equity of 15.16%. The firm's quarterly revenue was up 5.3% compared to the same quarter last year. During the same period last year, the firm posted $2.44 earnings per share. As a group, analysts anticipate that Align Technology, Inc. will post 9.15 EPS for the current fiscal year.

Insider Transactions at Align Technology

In related news, EVP John Morici sold 7,969 shares of Align Technology stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $189.31, for a total value of $1,508,611.39. Following the transaction, the executive vice president directly owned 8,237 shares of the company's stock, 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 SEC, which is available through this link. 0.75% of the stock is owned by company insiders.

Align Technology 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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