Fifth Third Bancorp Decreases Stake in Align Technology, Inc. (NASDAQ:ALGN)

Fifth Third Bancorp lowered its position in Align Technology, Inc. (NASDAQ:ALGNFree Report) by 1.4% in the fourth quarter, Holdings Channel reports. The fund owned 8,747 shares of the medical equipment provider’s stock after selling 126 shares during the period. Fifth Third Bancorp’s holdings in Align Technology were worth $2,397,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the company. Metropolitan Life Insurance Co NY lifted its stake in Align Technology by 0.7% in the fourth quarter. Metropolitan Life Insurance Co NY now owns 4,202 shares of the medical equipment provider’s stock worth $886,000 after acquiring an additional 31 shares during the last quarter. Dfpg Investments LLC raised its holdings in Align Technology by 3.3% during the fourth quarter. Dfpg Investments LLC now owns 1,327 shares of the medical equipment provider’s stock worth $340,000 after purchasing an additional 42 shares in the last quarter. EFG Asset Management Americas Corp. raised its holdings in Align Technology by 3.8% during the second quarter. EFG Asset Management Americas Corp. now owns 1,174 shares of the medical equipment provider’s stock worth $415,000 after purchasing an additional 43 shares in the last quarter. Flagship Harbor Advisors LLC raised its holdings in Align Technology by 2.7% during the third quarter. Flagship Harbor Advisors LLC now owns 1,694 shares of the medical equipment provider’s stock worth $517,000 after purchasing an additional 44 shares in the last quarter. Finally, KB Financial Partners LLC raised its holdings in Align Technology by 61.0% during the second quarter. KB Financial Partners LLC now owns 124 shares of the medical equipment provider’s stock worth $44,000 after purchasing an additional 47 shares in the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ALGN. SVB Leerink began coverage on shares of Align Technology in a report on Monday, February 26th. They set a “market perform” rating and a $310.00 price objective on the stock. UBS Group raised their price objective on shares of Align Technology from $200.00 to $260.00 and gave the stock a “neutral” rating in a report on Tuesday, January 30th. Stifel Nicolaus raised their price objective on shares of Align Technology from $340.00 to $350.00 and gave the stock a “buy” rating in a report on Friday, March 15th. The Goldman Sachs Group raised their price objective on shares of Align Technology from $197.00 to $225.00 and gave the stock a “sell” rating in a report on Friday, February 2nd. Finally, Piper Sandler lifted their target price on shares of Align Technology from $335.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, March 14th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $334.45.

Check Out Our Latest Stock Report on ALGN

Insider Activity at Align Technology

In related news, EVP Emory Wright sold 2,524 shares of Align Technology 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 approximately $203,802.05. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Align Technology news, Director Joseph Lacob sold 15,000 shares of the business’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 sale, the director now directly owns 131,994 shares in the company, valued at approximately $40,023,220.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Emory Wright sold 2,524 shares of the business’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $287.45, for a total transaction of $725,523.80. Following the sale, the executive vice president now owns 709 shares in the company, valued at $203,802.05. The disclosure for this sale can be found here. Insiders have sold a total of 27,524 shares of company stock worth $8,403,924 in the last three months. Insiders own 0.72% of the company’s stock.

Align Technology Price Performance

Shares of Align Technology stock opened at $310.11 on Thursday. The firm’s fifty day simple moving average is $302.83 and its 200-day simple moving average is $269.00. The stock has a market capitalization of $23.29 billion, a price-to-earnings ratio of 53.42, a PEG ratio of 5.75 and a beta of 1.65. Align Technology, Inc. has a 12 month low of $176.34 and a 12 month high of $413.20.

Align Technology (NASDAQ:ALGNGet Free Report) last posted its quarterly earnings data on Wednesday, January 31st. The medical equipment provider reported $1.91 earnings per share for the quarter, beating analysts’ consensus estimates of $1.78 by $0.13. Align Technology had a net margin of 11.52% and a return on equity of 13.88%. The firm had revenue of $956.73 million for the quarter, compared to analyst estimates of $928.57 million. Analysts anticipate that Align Technology, Inc. will post 7.65 earnings per share for the current year.

About Align Technology

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Align Technology (NASDAQ:ALGN)

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