Posted by Defense World Staff on Jun 9th, 2024 Cibc World Markets Corp cut its stake in shares of Align Technology, Inc. (NASDAQ:ALGN – Free Report) by 27.7% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 9,206 shares of the medical equipment provider’s stock after selling 3,528 shares during the period. Cibc World Markets Corp’s holdings in Align Technology were worth $2,522,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Huntington National Bank raised its position in shares of Align Technology by 94.9% during the 3rd quarter. Huntington National Bank now owns 115 shares of the medical equipment provider’s stock worth $35,000 after purchasing an additional 56 shares during the last quarter. Orion Capital Management LLC purchased a new position in shares of Align Technology in the third quarter valued at approximately $61,000. Operose Advisors LLC acquired a new stake in shares of Align Technology in the third quarter worth approximately $63,000. Covestor Ltd increased its position in shares of Align Technology by 379.5% during the third quarter. Covestor Ltd now owns 211 shares of the medical equipment provider’s stock worth $64,000 after purchasing an additional 167 shares in the last quarter. Finally, Valley National Advisers Inc. increased its position in shares of Align Technology by 29.7% during the third quarter. Valley National Advisers Inc. now owns 214 shares of the medical equipment provider’s stock worth $65,000 after purchasing an additional 49 shares in the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.
ALGN opened at $255.54 on Friday. The stock has a market capitalization of $19.24 billion, a PE ratio of 42.10, a P/E/G ratio of 4.71 and a beta of 1.62. Align Technology, Inc. has a one year low of $176.34 and a one year high of $413.20. The business’s 50 day moving average price is $286.39 and its 200 day moving average price is $280.51.
Align Technology (NASDAQ:ALGN – Get Free Report) last posted its earnings results on Wednesday, April 24th. The medical equipment provider reported $1.62 EPS for the quarter, beating analysts’ consensus estimates of $1.54 by $0.08. The company had revenue of $997.43 million for the quarter, compared to the consensus estimate of $971.97 million. Align Technology had a return on equity of 14.15% and a net margin of 11.80%. As a group, equities research analysts forecast that Align Technology, Inc. will post 7.95 earnings per share for the current fiscal year.
A number of brokerages have weighed in on ALGN. SVB Leerink assumed coverage on shares of Align Technology in a research note on Monday, February 26th. They set a “market perform” rating and a $310.00 target price on the stock. Morgan Stanley boosted their price target on shares of Align Technology from $344.00 to $360.00 and gave the stock an “overweight” rating in a research report on Thursday, April 25th. Piper Sandler reiterated an “overweight” rating and issued a $375.00 price objective (up previously from $355.00) on shares of Align Technology in a report on Thursday, April 25th. Robert W. Baird boosted their target price on Align Technology from $333.00 to $370.00 and gave the stock an “outperform” rating in a report on Thursday, April 25th. Finally, Stifel Nicolaus upped their price target on Align Technology from $350.00 to $400.00 and gave the company a “buy” rating in a research report on Thursday, April 18th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $353.00.
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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.
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