The Vanguard Group, Inc. recently announced the acquisition of new stake in Align Technology Inc. (NASDAQ:ALGN). The institutional investor has increased its shareholding in the Healthcare company by 1.42% to 8.02 million shares with purchase of 0.11 million shares. This fresh investment now brings its stake to 10.47% valued currently at $2.61 billion. In addition, SSgA Funds Management, Inc. raised its holdings by 33633.0 to 3.05 million shares. And JPMorgan Investment Management, I has lifted its position by 4,042.24% or 2.39 million shares – to 2.45 million shares.
With over 1.36 million Align Technology Inc. (ALGN) shares trading Tuesday and a closing price of $282.55 on the day, the dollar volume was approximately $384.77 million. The shares have shown a positive half year performance of 45.98% and its price on 05/23/23 lost nearly -6.08%. Currently, there are 76.92M common shares owned by the public and among those 73.17M shares have been available to trade.
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Insiders at the company have transacted a total of 19 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 13 of these insider trades were purchases, accounting for 47,603 shares. Insider sales of the common stock occurred on 6 occasions, with total insider shares sold totaling 14,227 shares.
The top 3 mutual fund holders in Align Technology Inc. are Vanguard Total Stock Market ETF, Advisors Inner Circle – Edgewood, and Vanguard Mid Cap Index Fund. Vanguard Total Stock Market ETF owns 2.3 million shares of the company’s stock, all valued at over $748.62 million. The company bought an additional 17079.0 shares recently to bring their total holdings to about 3.00% of the shares outstanding. Advisors Inner Circle – Edgewood sold -0.32 million shares to see its total holdings shrink to 1.81 million shares valued at over $588.8 million and representing 2.36% of the shares outstanding. Vanguard Mid Cap Index Fund bought 3133.0 shares to bring its total holdings to over 1.73 million shares at a value of $563.84 million. Vanguard Mid Cap Index Fund now owns shares totaling to 2.26% of the shares outstanding.
Shares of Align Technology Inc. (NASDAQ: ALGN) opened at $295.90, down -$4.93 from a prior closing price of $300.83. However, the script later moved the day high at 303.10, down -6.08%. The company’s stock has a 5-day price change of -3.34% and -6.66% over the past three months. ALGN shares are trading 33.97% year to date (YTD), with the 12-month market performance up to 2.73% higher. It has a 12-month low price of $172.05 and touched a high of $368.87 over the same period. ALGN has an average intraday trading volume of 821.60K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -8.33%, -11.74%, and 8.05% respectively.
Institutional ownership of Align Technology Inc. (NASDAQ: ALGN) shares accounts for 89.30% of the company’s 76.92M shares outstanding. Mutual fund holders own 35.61%, while other institutional holders and individual stakeholders account for 54.70% and 29.08% respectively.
It has a market capitalization of $21.80B and a beta (3y monthly) value of 1.59. The stock’s trailing 12-month PE ratio is 69.92, while the earnings-per-share (ttm) stands at $4.04. The company has a PEG of 1.62 and a Quick Ratio of 1.00 with the debt-to-equity ratio at 0.00. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.16% over the week and 3.29% over the month.
Analysts forecast that Align Technology Inc. (ALGN) will achieve an EPS of $2.03 for the current quarter, $2.15 for the next quarter and $9.96 for 2024. The lowest estimate earnings-per-share for the quarter is $2.01 while analysts give the company a high EPS estimate of $2.06. Comparatively, EPS for the current quarter was $2 a year ago. Earnings per share for the fiscal year are expected to decrease by -52.40%, and 19.95% over the next financial year. EPS should grow at an annualized rate of 43.25% over the next five years, compared to 3.60% over the past 5-year period.
