One of Align Technology’s (NASDAQ:ALGN) major corporate insiders recently bought ALGN stock worth $2 million. The global medical device company manufactures 3D digital scanners and clear aligners used in orthodontics.
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As per the SEC filing, Kevin J. Dallas, one of the company’s Directors, bought 7,000 shares of the company at a weighted average price of $285.26 per share on May 30. Following the latest purchase, the total value of ALGN shares in his portfolio now stands at $3.49 million.
Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Is ALGN a Good Stock to Buy?
ALGN stock is up over 33% year-to-date. As more patients worldwide choose these aligners over conventional braces, the company’s primary business of delivering transparent and detachable aligners is on the rise. Further, ALGN’s efforts to expand internationally and open a new factory in Poland are encouraging.
Overall, ALGN stock has a Moderate Buy consensus rating on TipRanks. This is based on six Buy, one Hold, and one Sell recommendations. The average price target of $353 implies 24.9% upside potential.
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