International Assets Investment Management LLC Buys New Position in Align Technology, Inc. (NASDAQ:ALGN)

International Assets Investment Management LLC acquired a new position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 51,512 shares of the medical equipment provider's stock, valued at approximately $141,140,000. Align Technology accounts for about 0.4% of International Assets Investment Management LLC's portfolio, making the stock its 24th largest holding. International Assets Investment Management LLC owned approximately 0.07% of Align Technology as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Rhenman & Partners Asset Management AB acquired a new stake in shares of Align Technology during the 3rd quarter worth about $305,000. Ameriprise Financial Inc. boosted its stake in shares of Align Technology by 348.9% in the 3rd quarter. Ameriprise Financial Inc. now owns 756,393 shares of the medical equipment provider's stock valued at $230,938,000 after purchasing an additional 587,886 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Align Technology by 15.4% in the 3rd quarter. Invesco Ltd. now owns 960,271 shares of the medical equipment provider's stock valued at $293,190,000 after purchasing an additional 128,273 shares during the last quarter. Quadrature Capital Ltd bought a new position in shares of Align Technology in the 3rd quarter valued at about $35,499,000. Finally, DAVENPORT & Co LLC boosted its stake in shares of Align Technology by 5,179.5% in the 4th quarter. DAVENPORT & Co LLC now owns 114,671 shares of the medical equipment provider's stock valued at $31,576,000 after purchasing an additional 112,499 shares during the last quarter. 88.43% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, EVP Emory Wright sold 2,524 shares of the business's stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $287.45, for a total transaction of $725,523.80. Following the transaction, 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 available through this link. In other Align Technology news, EVP Emory Wright sold 2,524 shares of the company's stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $287.45, for a total value of $725,523.80. Following the transaction, the executive vice president now directly owns 709 shares in the company, valued at $203,802.05. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Joseph Lacob sold 15,000 shares of the company's stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $303.22, for a total transaction of $4,548,300.00. Following the completion of the transaction, the director now owns 131,994 shares in the company, valued at $40,023,220.68. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,524 shares of company stock worth $8,403,924. Insiders own 0.62% of the company's stock.

Align Technology Trading Up 0.5 %

Shares of NASDAQ ALGN traded up $1.33 during midday trading on Friday, reaching $287.87. The company's stock had a trading volume of 353,638 shares, compared to its average volume of 752,542. Align Technology, Inc. has a fifty-two week low of $176.34 and a fifty-two week high of $413.20. The stock has a market capitalization of $21.66 billion, a price-to-earnings ratio of 47.43, a PEG ratio of 5.23 and a beta of 1.66. The stock has a 50 day simple moving average of $311.68 and a 200-day simple moving average of $271.39.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings data on Wednesday, January 31st. The medical equipment provider reported $1.91 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.78 by $0.13. The company had revenue of $956.73 million for the quarter, compared to the consensus estimate of $928.57 million. Align Technology had a net margin of 11.80% and a return on equity of 14.15%. As a group, equities analysts anticipate that Align Technology, Inc. will post 7.92 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ALGN. Robert W. Baird raised their target price on shares of Align Technology from $333.00 to $370.00 and gave the company an "outperform" rating in a research note on Thursday, April 25th. Morgan Stanley lifted their price target on shares of Align Technology from $344.00 to $360.00 and gave the company an "overweight" rating in a research note on Thursday, April 25th. Leerink Partnrs reaffirmed a "market perform" rating on shares of Align Technology in a research note on Monday, February 26th. Piper Sandler reaffirmed an "overweight" rating and issued a $375.00 price target (up previously from $355.00) on shares of Align Technology in a research note on Thursday, April 25th. Finally, UBS Group lifted their price target on shares of Align Technology from $280.00 to $320.00 and gave the company a "neutral" rating in a research note on Monday, April 15th. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $353.00.

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.