Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by MONECO Advisors LLC

MONECO Advisors LLC reduced its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 6.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,316 shares of the medical equipment provider’s stock after selling 86 shares during the period. MONECO Advisors LLC’s holdings in Align Technology were worth $335,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of ALGN. Kayne Anderson Rudnick Investment Management LLC grew its holdings in Align Technology by 4,391.3% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 488,251 shares of the medical equipment provider’s stock worth $117,879,000 after acquiring an additional 477,380 shares during the period. Swedbank AB acquired a new position in Align Technology during the first quarter worth about $96,117,000. Bares Capital Management Inc. grew its holdings in Align Technology by 44.4% during the first quarter. Bares Capital Management Inc. now owns 819,930 shares of the medical equipment provider’s stock worth $268,871,000 after acquiring an additional 252,220 shares during the period. Point72 Asset Management L.P. grew its holdings in Align Technology by 127.4% during the second quarter. Point72 Asset Management L.P. now owns 343,512 shares of the medical equipment provider’s stock worth $82,934,000 after acquiring an additional 192,474 shares during the period. Finally, Jacobs Levy Equity Management Inc. grew its holdings in Align Technology by 371.0% during the first quarter. Jacobs Levy Equity Management Inc. now owns 218,779 shares of the medical equipment provider’s stock worth $71,742,000 after acquiring an additional 172,330 shares during the period. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Trading Down 0.9 %

Shares of NASDAQ ALGN opened at $210.86 on Thursday. Align Technology, Inc. has a one year low of $178.52 and a one year high of $335.40. The firm has a market capitalization of $15.75 billion, a PE ratio of 35.98, a PEG ratio of 5.33 and a beta of 1.64. The business has a 50-day moving average price of $232.03 and a two-hundred day moving average price of $247.17.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.31 by $0.04. The business had revenue of $977.87 million during the quarter, compared to analyst estimates of $990.05 million. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The firm’s revenue was up 1.8% on a year-over-year basis. During the same period in the previous year, the company earned $1.62 EPS. Research analysts anticipate that Align Technology, Inc. will post 7.61 EPS for the current year.

Insider Activity

In other news, Director C Raymond Larkin, Jr. purchased 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, for a total transaction of $1,529,645.00. Following the acquisition, the director now directly owns 28,247 shares in the company, valued at $6,647,366.51. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.62% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on ALGN shares. Robert W. Baird lowered their target price on Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Stifel Nicolaus decreased their price target on Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a research report on Thursday, October 24th. Morgan Stanley decreased their price target on Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a research report on Thursday, October 24th. StockNews.com upgraded Align Technology from a “hold” rating to a “buy” rating in a research report on Thursday, September 19th. Finally, Evercore ISI decreased their price target on Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $276.38.

About Align Technology

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.