Veriti Management LLC Acquires 80 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Posted by on Apr 3rd, 2023

Veriti Management LLC grew its holdings in Align Technology, Inc. (NASDAQ:ALGN – Get Rating) by 5.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,601 shares of the medical equipment provider’s stock after acquiring an additional 80 shares during the period. Veriti Management LLC’s holdings in Align Technology were worth $338,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. General Partner Inc. purchased a new position in shares of Align Technology in the 4th quarter worth $29,000. Cullen Frost Bankers Inc. grew its position in shares of Align Technology by 188.0% in the 3rd quarter. Cullen Frost Bankers Inc. now owns 144 shares of the medical equipment provider’s stock worth $30,000 after buying an additional 94 shares during the last quarter. Tsfg LLC grew its position in shares of Align Technology by 40.0% in the 4th quarter. Tsfg LLC now owns 175 shares of the medical equipment provider’s stock worth $37,000 after buying an additional 50 shares during the last quarter. MCF Advisors LLC grew its position in shares of Align Technology by 2,090.0% in the 3rd quarter. MCF Advisors LLC now owns 219 shares of the medical equipment provider’s stock worth $45,000 after buying an additional 209 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV grew its position in shares of Align Technology by 27.3% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 224 shares of the medical equipment provider’s stock worth $46,000 after buying an additional 48 shares during the last quarter. 84.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ALGN. The Goldman Sachs Group raised shares of Align Technology from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $165.00 to $307.00 in a research report on Thursday, February 2nd. Piper Sandler boosted their target price on shares of Align Technology from $255.00 to $360.00 and gave the company an “overweight” rating in a research note on Thursday, February 2nd. CICC Research began coverage on shares of Align Technology in a research report on Thursday, March 23rd. They set a “market perform” rating for the company. Stifel Nicolaus upped their price objective on shares of Align Technology from $265.00 to $375.00 and gave the stock a “buy” rating in a research report on Thursday, February 2nd. Finally, StockNews.com began coverage on shares of Align Technology in a research report on Thursday, March 16th. They set a “hold” rating for the company. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $358.78.

Insider Activity at Align Technology

In related news, CFO John Morici bought 587 shares of the stock in a transaction on Wednesday, February 8th. The stock was bought at an average price of $341.84 per share, with a total value of $200,660.08. Following the completion of the purchase, the chief financial officer now directly owns 8,204 shares in the company, valued at approximately $2,804,455.36. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO John Morici bought 587 shares of the stock in a transaction on Wednesday, February 8th. The stock was bought at an average price of $341.84 per share, with a total value of $200,660.08. Following the completion of the purchase, the chief financial officer now directly owns 8,204 shares in the company, valued at approximately $2,804,455.36. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Joseph M. Hogan bought 2,928 shares of the stock in a transaction on Wednesday, February 8th. The shares were bought at an average cost of $341.50 per share, with a total value of $999,912.00. Following the purchase, the chief executive officer now owns 188,417 shares of the company’s stock, valued at $64,344,405.50. The disclosure for this purchase can be found here. 0.64% of the stock is currently owned by insiders.

Align Technology Stock Up 7.1 %

Align Technology stock opened at $334.14 on Monday. Align Technology, Inc. has a 52-week low of $172.05 and a 52-week high of $458.25. The firm has a market capitalization of $25.60 billion, a price-to-earnings ratio of 72.48, a PEG ratio of 3.04 and a beta of 1.60. The company has a fifty day simple moving average of $311.79 and a 200-day simple moving average of $244.92.

Align Technology (NASDAQ:ALGN – Get Rating) last announced its quarterly earnings data on Wednesday, February 1st. The medical equipment provider reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.23 by $0.05. Align Technology had a net margin of 9.68% and a return on equity of 11.90%. The firm had revenue of $901.52 million during the quarter, compared to analyst estimates of $889.27 million. On average, research analysts anticipate that Align Technology, Inc. will post 6.43 EPS for the current fiscal year.

Align Technology Profile

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Align Technology, Inc engages in the design, manufacture, and market of orthodontics, restorative, and aesthetic dentistry products. It operates through the Clear Aligner, and Scanner and Services segments. The Clear Aligner segment consists of Invisalign full, teen, and assist products, and Vivera retainers for treating malocclusion.

Further Reading

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

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