CANADA LIFE ASSURANCE Co Sells 18,824 Shares of Align Technology, Inc. (NASDAQ:ALGN)

CANADA LIFE ASSURANCE Co lowered its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 18.0% during the 1st quarter, HoldingsChannel reports. The fund owned 85,592 shares of the medical equipment provider’s stock after selling 18,824 shares during the period. CANADA LIFE ASSURANCE Co’s holdings in Align Technology were worth $28,081,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Mather Group LLC. bought a new stake in Align Technology during the first quarter worth about $26,000. Lindbrook Capital LLC boosted its stake in Align Technology by 47.2% during the first quarter. Lindbrook Capital LLC now owns 187 shares of the medical equipment provider’s stock worth $61,000 after acquiring an additional 60 shares in the last quarter. Venturi Wealth Management LLC boosted its stake in Align Technology by 97.2% during the fourth quarter. Venturi Wealth Management LLC now owns 280 shares of the medical equipment provider’s stock worth $77,000 after acquiring an additional 138 shares in the last quarter. Scarborough Advisors LLC bought a new stake in Align Technology during the fourth quarter worth about $86,000. Finally, Harel Insurance Investments & Financial Services Ltd. boosted its stake in Align Technology by 61.6% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 328 shares of the medical equipment provider’s stock worth $90,000 after acquiring an additional 125 shares in the last quarter. Institutional investors own 88.43% of the company’s stock.

Align Technology Price Performance

Shares of NASDAQ ALGN opened at $226.05 on Friday. The firm has a fifty day moving average price of $250.05 and a 200-day moving average price of $280.94. The stock has a market cap of $17.02 billion, a PE ratio of 37.24, a price-to-earnings-growth ratio of 4.55 and a beta of 1.66. Align Technology, Inc. has a 1 year low of $176.34 and a 1 year high of $413.20.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.32 by $0.09. Align Technology had a net margin of 11.34% and a return on equity of 14.10%. The firm had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same period in the prior year, the company posted $1.73 earnings per share. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. On average, research analysts expect that Align Technology, Inc. will post 7.84 EPS for the current year.

Analysts Set New Price Targets

ALGN has been the topic of several analyst reports. UBS Group upped their target price on shares of Align Technology from $280.00 to $320.00 and gave the stock a “neutral” rating in a research note on Monday, April 15th. Morgan Stanley dropped their target price on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating on the stock in a research note on Thursday. OTR Global reissued a “mixed” rating on shares of Align Technology in a report on Tuesday, June 4th. StockNews.com cut shares of Align Technology from a “buy” rating to a “hold” rating in a report on Thursday. Finally, Robert W. Baird decreased their price objective on shares of Align Technology from $370.00 to $325.00 and set an “outperform” rating for the company in a report on Monday. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $330.50.

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.