Alignment Healthcare, Inc. (NASDAQ:ALHC) Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. boosted its stake in shares of Alignment Healthcare, Inc. (NASDAQ:ALHC - Free Report) by 1,335.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 194,043 shares of the company's stock after buying an additional 180,522 shares during the quarter. Principal Financial Group Inc. owned approximately 0.10% of Alignment Healthcare worth $2,294,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. nVerses Capital LLC purchased a new position in shares of Alignment Healthcare during the third quarter valued at $95,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Alignment Healthcare during the 3rd quarter worth about $131,000. Creative Planning increased its position in Alignment Healthcare by 20.0% during the 3rd quarter. Creative Planning now owns 12,442 shares of the company's stock valued at $147,000 after purchasing an additional 2,072 shares during the period. Mackenzie Financial Corp raised its holdings in shares of Alignment Healthcare by 110.0% in the 2nd quarter. Mackenzie Financial Corp now owns 36,526 shares of the company's stock valued at $286,000 after purchasing an additional 19,129 shares in the last quarter. Finally, Intech Investment Management LLC bought a new stake in shares of Alignment Healthcare in the 3rd quarter valued at about $315,000. 86.19% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. UBS Group lifted their price objective on shares of Alignment Healthcare from $9.00 to $12.00 and gave the company a "neutral" rating in a report on Wednesday, October 30th. KeyCorp assumed coverage on Alignment Healthcare in a report on Friday, October 11th. They issued a "sector weight" rating on the stock. Stephens restated an "overweight" rating and set a $17.00 price objective on shares of Alignment Healthcare in a research note on Thursday. Finally, Barclays lifted their target price on Alignment Healthcare from $7.00 to $8.00 and gave the company an "underweight" rating in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, seven have assigned a buy rating and two have 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 $11.44.

Alignment Healthcare Stock Performance

Shares of Alignment Healthcare stock traded up $0.14 during midday trading on Friday, hitting $11.70. The company had a trading volume of 1,068,429 shares, compared to its average volume of 1,391,514. The company has a fifty day simple moving average of $11.93 and a 200 day simple moving average of $10.41. The stock has a market cap of $2.24 billion, a price-to-earnings ratio of -15.19 and a beta of 1.42. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 1.82. Alignment Healthcare, Inc. has a 12-month low of $4.46 and a 12-month high of $14.25.

Alignment Healthcare (NASDAQ:ALHC - Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The company reported ($0.14) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.14). Alignment Healthcare had a negative net margin of 5.84% and a negative return on equity of 108.69%. The business had revenue of $692.43 million during the quarter, compared to analysts' expectations of $662.11 million. During the same quarter last year, the company posted ($0.19) earnings per share. The business's quarterly revenue was up 51.6% on a year-over-year basis. As a group, analysts predict that Alignment Healthcare, Inc. will post -0.69 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO John E. Kao sold 90,000 shares of the business's stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $11.65, for a total value of $1,048,500.00. Following the completion of the transaction, the chief executive officer now directly owns 2,363,100 shares in the company, valued at $27,530,115. The trade was a 3.67 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Sebastian Burzacchi sold 8,550 shares of the firm's stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $11.26, for a total transaction of $96,273.00. Following the sale, the chief operating officer now owns 217,395 shares in the company, valued at approximately $2,447,867.70. This represents a 3.78 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 631,504 shares of company stock valued at $7,639,287. 6.60% of the stock is owned by insiders.

Alignment Healthcare Company 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.