John Morici Sells 7,969 Shares of Align Technology (NASDAQ:ALGN) Stock

Align Technology, Inc. (NASDAQ:ALGN) EVP John Morici sold 7,969 shares of the firm’s stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $189.31, for a total value of $1,508,611.39. Following the completion of the transaction, the executive vice president directly owned 8,237 shares of the company’s stock, valued at approximately $1,559,346.47. This trade represents a 49.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Align Technology Price Performance

Align Technology stock opened at $190.02 on Friday. The firm has a market capitalization of $13.63 billion, a P/E ratio of 33.57, a P/E/G ratio of 2.08 and a beta of 1.84. Align Technology, Inc. has a 52-week low of $122.00 and a 52-week high of $208.30. The stock has a fifty day moving average price of $169.74 and a two-hundred day moving average price of $149.36.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, February 4th. The medical equipment provider reported $3.29 earnings per share for the quarter, beating analysts’ consensus estimates of $2.99 by $0.30. The company had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. Align Technology had a return on equity of 15.16% and a net margin of 10.17%.The firm’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same period last year, the company posted $2.44 earnings per share. On average, equities research analysts predict that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Banco Bilbao Vizcaya Argentaria S.A. boosted its stake in shares of Align Technology by 3.7% in the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 1,896 shares of the medical equipment provider’s stock valued at $296,000 after purchasing an additional 68 shares in the last quarter. Atria Investments Inc grew its stake in shares of Align Technology by 4.9% during the second quarter. Atria Investments Inc now owns 1,575 shares of the medical equipment provider’s stock worth $298,000 after buying an additional 74 shares during the last quarter. Comerica Bank increased its holdings in shares of Align Technology by 0.6% during the fourth quarter. Comerica Bank now owns 13,656 shares of the medical equipment provider’s stock worth $2,132,000 after buying an additional 76 shares in the last quarter. Arizona State Retirement System lifted its stake in shares of Align Technology by 0.4% in the 3rd quarter. Arizona State Retirement System now owns 20,387 shares of the medical equipment provider’s stock valued at $2,553,000 after acquiring an additional 79 shares during the last quarter. Finally, Sentry Investment Management LLC boosted its holdings in shares of Align Technology by 73.1% during the 3rd quarter. Sentry Investment Management LLC now owns 187 shares of the medical equipment provider’s stock valued at $25,000 after acquiring an additional 79 shares in the last quarter. Institutional investors own 88.43% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on ALGN shares. Stifel Nicolaus raised their price objective on Align Technology from $200.00 to $210.00 and gave the company a “buy” rating in a report on Thursday, February 5th. Piper Sandler boosted their price objective on Align Technology from $200.00 to $220.00 and gave the stock an “overweight” rating in a report on Thursday, February 5th. Leerink Partners raised their price target on shares of Align Technology from $210.00 to $225.00 and gave the stock an “outperform” rating in a research report on Thursday, February 5th. Evercore upped their target price on Align Technology from $180.00 to $200.00 and gave the company an “outperform” rating in a research report on Thursday, February 5th. Finally, Barclays assumed coverage on Align Technology in a research note on Monday, December 8th. They issued an “equal weight” rating and a $170.00 price target for the company. Six research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $195.58.

About Align Technology

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.