Franklin Resources Inc. Buys Shares of 65,075 Alignment Healthcare, Inc. (NASDAQ:ALHC)

Franklin Resources Inc. purchased a new stake in Alignment Healthcare, Inc. (NASDAQ:ALHC - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 65,075 shares of the company's stock, valued at approximately $732,000.

Other hedge funds also recently modified their holdings of the company. Alliancebernstein L.P. increased its stake in Alignment Healthcare by 2.8% in the 4th quarter. Alliancebernstein L.P. now owns 119,440 shares of the company's stock valued at $1,344,000 after buying an additional 3,300 shares during the last quarter. Wellington Management Group LLP increased its holdings in Alignment Healthcare by 77.9% in the 4th quarter. Wellington Management Group LLP now owns 7,438,500 shares of the company's stock worth $83,683,000 after acquiring an additional 3,257,630 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of Alignment Healthcare by 133.5% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 147,478 shares of the company's stock valued at $1,659,000 after purchasing an additional 84,315 shares during the period. Norges Bank purchased a new stake in shares of Alignment Healthcare during the fourth quarter worth $3,386,000. Finally, Caisse Des Depots ET Consignations bought a new position in shares of Alignment Healthcare in the fourth quarter worth $2,243,000. Hedge funds and other institutional investors own 86.19% of the company's stock.

Insider Buying and Selling

In other Alignment Healthcare news, COO Sebastian Burzacchi sold 6,694 shares of Alignment Healthcare stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $16.40, for a total value of $109,781.60. Following the completion of the transaction, the chief operating officer now directly owns 250,378 shares of the company's stock, valued at approximately $4,106,199.20. The trade was a 2.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Robert L. Scavo sold 2,864 shares of the company's stock in a transaction that occurred on Thursday, March 27th. The shares were sold at an average price of $17.89, for a total value of $51,236.96. Following the completion of the transaction, the insider now directly owns 702,953 shares in the company, valued at $12,575,829.17. This trade represents a 0.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,181,855 shares of company stock worth $35,118,912 in the last 90 days. Insiders own 6.60% of the company's stock.

Alignment Healthcare Stock Down 6.4 %

ALHC traded down $1.24 during midday trading on Friday, reaching $18.24. The company's stock had a trading volume of 6,294,406 shares, compared to its average volume of 1,682,379. Alignment Healthcare, Inc. has a 1 year low of $4.92 and a 1 year high of $21.06. The stock's 50-day moving average is $16.54 and its 200-day moving average is $13.86. The firm has a market capitalization of $3.50 billion, a price-to-earnings ratio of -23.69 and a beta of 1.32. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 1.82.

Analyst Upgrades and Downgrades

ALHC has been the topic of a number of analyst reports. Stephens reaffirmed an "overweight" rating and set a $17.00 target price on shares of Alignment Healthcare in a report on Monday, February 24th. Piper Sandler boosted their price target on shares of Alignment Healthcare from $14.00 to $21.00 and gave the stock an "overweight" rating in a research note on Tuesday, March 4th. Bank of America increased their price objective on Alignment Healthcare from $15.50 to $18.50 and gave the company a "buy" rating in a research note on Tuesday, March 4th. Stifel Nicolaus upped their price target on Alignment Healthcare from $18.00 to $23.00 and gave the company a "buy" rating in a research report on Tuesday, April 8th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Alignment Healthcare from $14.00 to $17.00 and gave the stock a "neutral" rating in a report on Thursday, March 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $16.61.

Alignment Healthcare Profile

Alignment Healthcare, Inc, a tech-enabled Medicare advantage company, operates consumer-centric health care platform for seniors in the United States. It provides customized health care designed to meet the needs of a diverse array of seniors through its Medicare advantage plans. The company was founded in 2013 and is based in Orange, California.