Align Technology, Inc. (NASDAQ:ALGN) Director Joseph Lacob Sells 30,000 Shares

Align Technology, Inc. (NASDAQ:ALGN) Director Joseph Lacob sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $181.79, for a total transaction of $5,453,700.00. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

NASDAQ:ALGN traded up $2.32 during trading hours on Tuesday, reaching $182.00. The company had a trading volume of 769,395 shares, compared to its average volume of 1,331,025. Align Technology, Inc. has a 1-year low of $177.93 and a 1-year high of $398.88. The company has a market capitalization of $14.54 billion, a price-to-earnings ratio of 36.99, a PEG ratio of 1.50 and a beta of 1.95. The stock has a 50 day moving average price of $244.03. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.74 and a current ratio of 1.85.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $1.26 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.13 by $0.13. Align Technology had a return on equity of 29.26% and a net margin of 19.06%. The company had revenue of $600.70 million during the quarter, compared to the consensus estimate of $599.86 million. During the same period in the previous year, the company posted $1.30 earnings per share. Align Technology’s revenue for the quarter was up 22.5% on a year-over-year basis. On average, equities analysts anticipate that Align Technology, Inc. will post 5.03 earnings per share for the current year.

Several research firms recently weighed in on ALGN. Guggenheim began coverage on Align Technology in a report on Wednesday, April 17th. They issued a “buy” rating and a $335.00 price objective for the company. BidaskClub downgraded Align Technology from a “hold” rating to a “sell” rating in a report on Wednesday, July 24th. Credit Suisse Group decreased their price target on Align Technology from $340.00 to $320.00 and set an “outperform” rating for the company in a report on Thursday, July 25th. Zacks Investment Research downgraded Align Technology from a “buy” rating to a “hold” rating in a report on Tuesday, May 21st. Finally, Bank of America downgraded Align Technology from a “buy” rating to a “neutral” rating in a report on Thursday, July 25th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $297.91.

Hedge funds have recently made changes to their positions in the company. Horan Capital Advisors LLC. acquired a new position in shares of Align Technology during the 1st quarter worth approximately $28,000. Harvest Group Wealth Management LLC acquired a new position in shares of Align Technology during the 1st quarter worth approximately $28,000. Lindbrook Capital LLC raised its stake in shares of Align Technology by 110.0% during the 1st quarter. Lindbrook Capital LLC now owns 126 shares of the medical equipment provider’s stock worth $35,000 after buying an additional 66 shares during the period. Avestar Capital LLC raised its stake in shares of Align Technology by 687.5% during the 1st quarter. Avestar Capital LLC now owns 126 shares of the medical equipment provider’s stock worth $32,000 after buying an additional 110 shares during the period. Finally, FTB Advisors Inc. raised its stake in shares of Align Technology by 132.2% during the 1st quarter. FTB Advisors Inc. now owns 137 shares of the medical equipment provider’s stock worth $37,000 after buying an additional 78 shares during the period. 83.14% of the stock is owned by institutional investors and hedge funds.

About Align Technology

Align Technology, Inc, a medical device company, designs, manufactures, and markets Invisalign clear aligners and iTero intraoral scanners and services for orthodontics, and restorative and aesthetic dentistry worldwide. It operates in two segments, Clear Aligner; and Scanners and Services. The Clear Aligner segment consists of comprehensive products, including Invisalign Comprehensive treatment that addresses the orthodontic needs of teenage patients, such as compliance indicators and compensation for tooth eruption; Invisalign Assist treatment, which offers support to dental practitioners throughout the treatment process, including progress tracking; and Invisalign First Phase I and Invisalign First Comprehensive Phase II package for younger patients with early mixed dentition with a mixture of primary/baby and permanent teeth.

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