Envestnet Asset Management Inc. Sells 58,826 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Envestnet Asset Management Inc. lowered its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 12.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 416,236 shares of the medical equipment provider’s stock after selling 58,826 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Align Technology were worth $100,492,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in ALGN. Cullen Frost Bankers Inc. lifted its holdings in shares of Align Technology by 854.5% during the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock valued at $25,000 after acquiring an additional 94 shares during the period. Mather Group LLC. acquired a new stake in shares of Align Technology during the 1st quarter worth about $26,000. Innealta Capital LLC bought a new position in Align Technology during the 2nd quarter valued at about $26,000. Rothschild Investment LLC bought a new position in Align Technology during the 2nd quarter valued at about $26,000. Finally, Versant Capital Management Inc boosted its position in Align Technology by 547.1% in the second quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock valued at $27,000 after buying an additional 93 shares in the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

Wall Street Analyst Weigh In

ALGN has been the subject of a number of research analyst reports. Robert W. Baird cut their target price on shares of Align Technology from $370.00 to $325.00 and set an “outperform” rating for the company in a research note on Monday, July 22nd. StockNews.com downgraded Align Technology from a “buy” rating to a “hold” rating in a research report on Sunday, September 1st. Evercore ISI decreased their target price on Align Technology from $370.00 to $300.00 and set an “outperform” rating on the stock in a report on Monday, June 10th. OTR Global reaffirmed a “mixed” rating on shares of Align Technology in a report on Tuesday, June 4th. Finally, Piper Sandler reiterated an “overweight” rating and set a $315.00 price target on shares of Align Technology in a research report on Friday, September 13th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $306.88.

Align Technology Stock Up 1.4 %

Align Technology stock opened at $253.16 on Wednesday. The stock has a market cap of $19.06 billion, a price-to-earnings ratio of 41.71, a P/E/G ratio of 5.13 and a beta of 1.64. Align Technology, Inc. has a 12-month low of $176.34 and a 12-month high of $335.40. The business’s 50-day simple moving average is $232.21 and its 200 day simple moving average is $265.38.

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

Insiders Place Their Bets

In related news, Director C Raymond Larkin, Jr. purchased 6,500 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were bought at an average price 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 filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.62% of the company’s stock.

Align Technology 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.