Securian Asset Management Inc. Reduces Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Posted by Defense World Staff on Apr 25th, 2023

Securian Asset Management Inc. trimmed its stake in Align Technology, Inc. (NASDAQ:ALGN – Get Rating) by 3.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,975 shares of the medical equipment provider’s stock after selling 243 shares during the period. Securian Asset Management Inc.’s holdings in Align Technology were worth $1,260,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of ALGN. Raymond James Trust N.A. grew its position in Align Technology by 39.4% during the 1st quarter. Raymond James Trust N.A. now owns 934 shares of the medical equipment provider’s stock worth $407,000 after purchasing an additional 264 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Align Technology by 11.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 180,978 shares of the medical equipment provider’s stock worth $78,911,000 after purchasing an additional 18,153 shares during the last quarter. Prudential PLC purchased a new position in Align Technology during the 1st quarter worth $955,000. Cetera Investment Advisers grew its position in Align Technology by 4.9% during the 1st quarter. Cetera Investment Advisers now owns 1,713 shares of the medical equipment provider’s stock worth $747,000 after purchasing an additional 80 shares during the last quarter. Finally, Sequoia Financial Advisors LLC grew its position in Align Technology by 17.1% during the 1st quarter. Sequoia Financial Advisors LLC now owns 526 shares of the medical equipment provider’s stock worth $229,000 after purchasing an additional 77 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 analysts have issued reports on the stock. Evercore ISI raised their price objective on shares of Align Technology from $230.00 to $375.00 and gave the stock an “outperform” rating in a research report on Thursday, February 2nd. OTR Global upgraded shares of Align Technology from a “mixed” rating to a “positive” rating in a research note on Friday, March 31st. StockNews.com initiated coverage on shares of Align Technology in a research note on Thursday, March 16th. They issued a “hold” rating for the company. The Goldman Sachs Group upgraded shares of Align Technology from a “sell” rating to a “neutral” rating and raised their target price for the stock from $165.00 to $307.00 in a research note on Thursday, February 2nd. Finally, CICC Research initiated coverage on shares of Align Technology in a research note on Thursday, March 23rd. They issued a “market perform” rating for the company. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $368.11.

Insiders Place Their Bets

In other Align Technology news, CEO Joseph M. Hogan bought 2,928 shares of the business’s stock in a transaction on Wednesday, February 8th. The stock was bought at an average price of $341.50 per share, for a total transaction of $999,912.00. Following the completion of the transaction, the chief executive officer now owns 188,417 shares in the company, valued at approximately $64,344,405.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO John Morici purchased 587 shares of the stock in a transaction dated Wednesday, February 8th. The stock was acquired at an average cost of $341.84 per share, for a total transaction of $200,660.08. Following the completion of the acquisition, the chief financial officer now directly owns 8,204 shares in the company, valued at approximately $2,804,455.36. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Joseph M. Hogan purchased 2,928 shares of the stock in a transaction dated Wednesday, February 8th. The shares were purchased at an average price of $341.50 per share, with a total value of $999,912.00. Following the completion of the acquisition, 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 company insiders.

Align Technology Stock Up 2.2 %

Shares of NASDAQ ALGN opened at $363.06 on Tuesday. Align Technology, Inc. has a 52 week low of $172.05 and a 52 week high of $378.98. The firm has a 50-day moving average price of $323.66 and a 200 day moving average price of $256.75. The stock has a market capitalization of $27.86 billion, a price-to-earnings ratio of 78.75, a price-to-earnings-growth ratio of 3.45 and a beta of 1.60.

Align Technology (NASDAQ:ALGN – Get Rating) last announced its quarterly earnings data on Wednesday, February 1st. The medical equipment provider reported $1.28 EPS for the quarter, beating the consensus estimate 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 analysts’ expectations of $889.27 million. Equities research analysts expect that Align Technology, Inc. will post 6.53 EPS for the current fiscal year.

About Align Technology

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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.