ARK Investment Management LLC Sells 728 Shares of Align Technology, Inc. (NASDAQ:ALGN)

ARK Investment Management LLC trimmed its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 8.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,778 shares of the medical equipment provider’s stock after selling 728 shares during the quarter. ARK Investment Management LLC’s holdings in Align Technology were worth $2,131,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in the business. KB Financial Partners LLC purchased a new position in shares of Align Technology in the 1st quarter valued at approximately $26,000. Cornerstone Planning Group LLC purchased a new stake in shares of Align Technology in the 2nd quarter worth about $29,000. First Manhattan CO. LLC. grew its position in shares of Align Technology by 593.8% in the 1st quarter. First Manhattan CO. LLC. now owns 111 shares of the medical equipment provider’s stock worth $37,000 after buying an additional 95 shares during the period. Huntington National Bank grew its position in shares of Align Technology by 94.9% in the 3rd quarter. Huntington National Bank now owns 115 shares of the medical equipment provider’s stock worth $35,000 after buying an additional 56 shares during the period. Finally, ST Germain D J Co. Inc. purchased a new stake in shares of Align Technology in the 2nd quarter worth about $44,000. 88.43% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Insider Transactions at Align Technology

In other news, EVP Emory Wright sold 2,524 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at $203,802.05. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, EVP Emory Wright sold 2,524 shares of Align Technology stock in a transaction that occurred 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 of the company’s stock, valued at $203,802.05. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Joseph Lacob sold 15,000 shares of Align Technology stock in a transaction that occurred 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 transaction, the director now directly 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 valued at $8,403,924. 0.72% of the stock is currently owned by company insiders.

Align Technology Trading Up 2.0 %

Shares of NASDAQ:ALGN traded up $6.33 during trading on Wednesday, reaching $326.27. The company’s stock had a trading volume of 106,371 shares, compared to its average volume of 785,171. Align Technology, Inc. has a 12 month low of $176.34 and a 12 month high of $413.20. The firm’s 50 day simple moving average is $296.04 and its two-hundred day simple moving average is $269.29. The stock has a market capitalization of $24.50 billion, a PE ratio of 54.97, a price-to-earnings-growth ratio of 5.75 and a beta of 1.65.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, January 31st. The medical equipment provider reported $1.91 earnings per share for the quarter, topping 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 company had revenue of $956.73 million for the quarter, compared to analyst estimates of $928.57 million. Research analysts anticipate that Align Technology, Inc. will post 7.65 EPS for the current fiscal year.

About Align Technology

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.