Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC cut its stake in Align Technology, Inc. (NASDAQ:ALGN) by 10.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,416 shares of the medical equipment provider’s stock after selling 746 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Align Technology were worth $1,549,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Gryphon Financial Partners LLC raised its holdings in shares of Align Technology by 31.0% during the 4th quarter. Gryphon Financial Partners LLC now owns 1,396 shares of the medical equipment provider’s stock worth $383,000 after acquiring an additional 330 shares during the period. Principal Securities Inc. purchased a new stake in shares of Align Technology in the 4th quarter valued at about $199,000. Dimensional Fund Advisors LP raised its stake in Align Technology by 3.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 213,667 shares of the medical equipment provider’s stock valued at $58,548,000 after acquiring an additional 7,266 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of Align Technology by 22.8% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 127,657 shares of the medical equipment provider’s stock worth $34,978,000 after acquiring an additional 23,676 shares during the period. Finally, Janney Montgomery Scott LLC increased its position in shares of Align Technology by 34.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 12,546 shares of the medical equipment provider’s stock valued at $3,438,000 after buying an additional 3,185 shares in the last quarter. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director C Raymond Larkin, Jr. acquired 6,500 shares of Align Technology stock in a transaction dated Thursday, August 15th. The stock was acquired at an average cost of $235.33 per share, with a total value of $1,529,645.00. Following the purchase, the director now directly owns 28,247 shares in the company, valued at approximately $6,647,366.51. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.62% of the stock is currently owned by company insiders.

Align Technology Stock Up 6.5 %

Shares of Align Technology stock opened at $243.73 on Friday. The business has a fifty day simple moving average of $232.08 and a 200-day simple moving average of $266.34. Align Technology, Inc. has a fifty-two week low of $176.34 and a fifty-two week high of $335.73. The firm has a market cap of $18.21 billion, a price-to-earnings ratio of 40.15, a price-to-earnings-growth ratio of 5.13 and a beta of 1.64.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share for the quarter, beating analysts’ consensus estimates of $2.32 by $0.09. The company had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.04 billion. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. Align Technology’s revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the company earned $1.73 EPS. Analysts anticipate that Align Technology, Inc. will post 7.61 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently commented on ALGN. Morgan Stanley dropped their price objective on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a research note on Thursday, July 25th. OTR Global restated a “mixed” rating on shares of Align Technology in a research note on Tuesday, June 4th. Robert W. Baird dropped their price objective on Align Technology from $370.00 to $325.00 and set an “outperform” rating on the stock in a report on Monday, July 22nd. StockNews.com downgraded Align Technology from a “buy” rating to a “hold” rating in a research note on Sunday, September 1st. Finally, Stifel Nicolaus reduced their price target on shares of Align Technology from $400.00 to $350.00 and set a “buy” rating for the company in a report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $306.88.

Align Technology Company Profile

Align Technology, Inc designs, manufactures, and markets Invisalign clear aligners, and iTero intraoral scanners and services for orthodontists and general practitioner dentists in the United States, Switzerland, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.