CIBC Asset Management Inc Decreases Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

CIBC Asset Management Inc cut its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 5.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 9,599 shares of the medical equipment provider’s stock after selling 527 shares during the quarter. CIBC Asset Management Inc’s holdings in Align Technology were worth $2,317,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Norges Bank bought a new position in Align Technology during the fourth quarter valued at $223,610,000. Brown Advisory Inc. grew its position in Align Technology by 41.4% in the fourth quarter. Brown Advisory Inc. now owns 1,509,080 shares of the medical equipment provider’s stock worth $413,488,000 after acquiring an additional 441,754 shares in the last quarter. Swedbank AB bought a new stake in Align Technology during the first quarter worth approximately $96,117,000. Bares Capital Management Inc. raised its position in Align Technology by 44.4% during the first quarter. Bares Capital Management Inc. now owns 819,930 shares of the medical equipment provider’s stock valued at $268,871,000 after purchasing an additional 252,220 shares during the period. Finally, Envestnet Asset Management Inc. lifted its stake in shares of Align Technology by 102.0% in the 4th quarter. Envestnet Asset Management Inc. now owns 414,772 shares of the medical equipment provider’s stock valued at $113,648,000 after purchasing an additional 209,419 shares during the last quarter. Institutional investors own 88.43% of the company’s stock.

Align Technology Price Performance

Align Technology stock opened at $226.52 on Friday. The stock has a market cap of $17.05 billion, a price-to-earnings ratio of 37.32, a price-to-earnings-growth ratio of 5.40 and a beta of 1.66. The firm has a 50-day moving average of $233.73 and a two-hundred day moving average of $270.16. Align Technology, Inc. has a 1 year low of $176.34 and a 1 year high of $370.41.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.32 by $0.09. The firm had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.04 billion. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. Align Technology’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.73 earnings per share. Research analysts expect that Align Technology, Inc. will post 7.61 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ALGN. Morgan Stanley cut their target price on Align Technology from $328.00 to $310.00 and set an “overweight” rating on the stock in a research report on Thursday, July 25th. Evercore ISI reduced their target price on shares of Align Technology from $370.00 to $300.00 and set an “outperform” rating on the stock in a research note on Monday, June 10th. Robert W. Baird dropped their price target on shares of Align Technology from $370.00 to $325.00 and set an “outperform” rating for the company in a research note on Monday, July 22nd. StockNews.com downgraded shares of Align Technology from a “buy” rating to a “hold” rating in a report on Sunday, September 1st. Finally, OTR Global reissued a “mixed” rating on shares of Align Technology in a research note on Tuesday, June 4th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $306.88.

Insider Transactions at Align Technology

In other news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was purchased at an average cost of $235.33 per share, for a total transaction of $1,529,645.00. Following the completion of the acquisition, the director now directly owns 28,247 shares of the company’s stock, valued at approximately $6,647,366.51. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.62% of the company’s stock.

Align Technology Profile

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.