Peloton Wealth Strategists Decreases Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Peloton Wealth Strategists trimmed its position in Align Technology, Inc. (NASDAQ:ALGN) by 4.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,215 shares of the medical equipment provider’s stock after selling 230 shares during the quarter. Peloton Wealth Strategists’ holdings in Align Technology were worth $1,259,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Achmea Investment Management B.V. increased its position in Align Technology by 3.4% during the 2nd quarter. Achmea Investment Management B.V. now owns 10,335 shares of the medical equipment provider’s stock valued at $2,495,000 after purchasing an additional 339 shares during the period. Tidal Investments LLC boosted its holdings in shares of Align Technology by 122.9% during the 1st quarter. Tidal Investments LLC now owns 4,408 shares of the medical equipment provider’s stock valued at $1,445,000 after buying an additional 2,430 shares in the last quarter. Nomura Holdings Inc. bought a new stake in shares of Align Technology during the 4th quarter valued at $1,197,000. Norden Group LLC boosted its stake in Align Technology by 3,647.7% in the 1st quarter. Norden Group LLC now owns 36,540 shares of the medical equipment provider’s stock worth $11,982,000 after purchasing an additional 35,565 shares in the last quarter. Finally, Bares Capital Management Inc. boosted its stake in Align Technology by 22.6% in the 4th quarter. Bares Capital Management Inc. now owns 567,710 shares of the medical equipment provider’s stock worth $155,553,000 after purchasing an additional 104,799 shares in the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ALGN has been the topic of a number of analyst reports. Evercore ISI dropped their price target on shares of Align Technology from $370.00 to $300.00 and set an “outperform” rating on the stock in a research note on Monday, June 10th. Morgan Stanley decreased their target price on Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a research report on Thursday, July 25th. OTR Global reissued a “mixed” rating on shares of Align Technology in a research report on Tuesday, June 4th. Stifel Nicolaus decreased their target price on Align Technology from $400.00 to $350.00 and set a “buy” rating for the company in a research report on Thursday, July 25th. Finally, Piper Sandler reissued an “overweight” rating and issued a $315.00 target price on shares of Align Technology in a research report on Friday, September 13th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Align Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $306.88.

Insider Activity

In other news, Director C Raymond Larkin, Jr. bought 6,500 shares of the stock in a transaction dated Thursday, August 15th. The stock was purchased at an average cost of $235.33 per share, for a total transaction of $1,529,645.00. Following the transaction, the director now owns 28,247 shares of the company’s stock, valued at $6,647,366.51. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.62% of the company’s stock.

Align Technology Price Performance

ALGN stock opened at $254.81 on Friday. Align Technology, Inc. has a 1-year low of $176.34 and a 1-year high of $335.40. The company has a market capitalization of $19.03 billion, a price-to-earnings ratio of 41.98, a PEG ratio of 5.77 and a beta of 1.64. The business has a 50 day simple moving average of $232.61 and a two-hundred day simple moving average of $263.24.

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

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.