T. Rowe Price Investment Management Inc. Buys 3,059,596 Shares of Alignment Healthcare, Inc. (NASDAQ:ALHC)

T. Rowe Price Investment Management Inc. grew its stake in Alignment Healthcare, Inc. (NASDAQ:ALHC) by 54.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,649,042 shares of the company’s stock after purchasing an additional 3,059,596 shares during the quarter. T. Rowe Price Investment Management Inc.’s holdings in Alignment Healthcare were worth $97,302,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of ALHC. Barclays PLC raised its stake in Alignment Healthcare by 144.1% in the third quarter. Barclays PLC now owns 193,446 shares of the company’s stock worth $2,287,000 after buying an additional 114,191 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Alignment Healthcare by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 2,442,447 shares of the company’s stock worth $28,875,000 after acquiring an additional 32,839 shares during the period. Principal Financial Group Inc. raised its position in shares of Alignment Healthcare by 1,335.1% in the 3rd quarter. Principal Financial Group Inc. now owns 194,043 shares of the company’s stock worth $2,294,000 after acquiring an additional 180,522 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Alignment Healthcare by 249.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 288,219 shares of the company’s stock valued at $3,407,000 after purchasing an additional 205,705 shares during the period. Finally, Ballentine Partners LLC purchased a new position in shares of Alignment Healthcare in the 4th quarter valued at approximately $121,000. 86.19% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on ALHC shares. Bank of America increased their price objective on Alignment Healthcare from $15.50 to $18.50 and gave the stock a “buy” rating in a report on Tuesday, March 4th. William Blair reiterated an “outperform” rating on shares of Alignment Healthcare in a research note on Friday, February 28th. Piper Sandler boosted their price objective 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. Stifel Nicolaus raised their target price on shares of Alignment Healthcare from $18.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, April 8th. Finally, Stephens reissued an “overweight” rating and issued a $17.00 price target on shares of Alignment Healthcare in a research report on Monday, February 24th. One analyst has rated the stock with a sell rating, three have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.61.

Alignment Healthcare Price Performance

Shares of ALHC opened at $18.04 on Friday. Alignment Healthcare, Inc. has a twelve month low of $5.02 and a twelve month high of $21.06. The company has a market capitalization of $3.46 billion, a P/E ratio of -23.43 and a beta of 1.32. The firm has a 50 day moving average of $16.87 and a 200 day moving average of $14.04. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 1.82.

Insiders Place Their Bets

In related news, President Dawn Christine Maroney sold 230,000 shares of the stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $19.10, for a total transaction of $4,393,000.00. Following the transaction, the president now owns 2,132,899 shares in the company, valued at $40,738,370.90. This represents a 9.73 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO John E. Kao sold 90,000 shares of Alignment Healthcare stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $19.10, for a total transaction of $1,719,000.00. Following the completion of the sale, the chief executive officer now directly owns 2,003,100 shares of the company’s stock, valued at approximately $38,259,210. This trade represents a 4.30 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,156,855 shares of company stock valued at $34,744,307. Corporate insiders own 6.60% of the company’s stock.

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.