Ensign Peak Advisors Inc Reduces Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Ensign Peak Advisors Inc lessened its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 9.9% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 33,733 shares of the medical equipment provider’s stock after selling 3,709 shares during the period. Ensign Peak Advisors Inc’s holdings in Align Technology were worth $8,144,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of ALGN. Cullen Frost Bankers Inc. increased its position in 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 last quarter. Mather Group LLC. purchased a new position 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 purchased a new stake in Align Technology in the 2nd quarter worth about $26,000. Finally, Versant Capital Management Inc raised its position in Align Technology by 547.1% in the 2nd quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock worth $27,000 after purchasing an additional 93 shares during the period. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Price Performance

Shares of Align Technology stock opened at $249.01 on Wednesday. The stock has a market cap of $18.75 billion, a price-to-earnings ratio of 41.02, a PEG ratio of 5.13 and a beta of 1.64. The firm’s 50-day moving average is $232.79 and its two-hundred day moving average is $263.48. Align Technology, Inc. has a 1 year low of $176.34 and a 1 year high of $335.40.

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

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Robert W. Baird cut their target price on Align Technology from $370.00 to $325.00 and set an “outperform” rating on the stock in a research note on Monday, July 22nd. Morgan Stanley cut their price objective on Align Technology from $328.00 to $310.00 and set an “overweight” rating on the stock in a research report on Thursday, July 25th. StockNews.com raised shares of Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Stifel Nicolaus reduced their price target on shares of Align Technology from $400.00 to $350.00 and set a “buy” rating on the stock in a research note on Thursday, July 25th. Finally, Evercore ISI decreased their price objective on shares of Align Technology from $370.00 to $300.00 and set an “outperform” rating for the company in a report on Monday, June 10th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $306.88.

Insiders Place Their Bets

In other news, Director C Raymond Larkin, Jr. purchased 6,500 shares of the stock in a transaction dated Thursday, August 15th. The shares were 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 owns 28,247 shares of the company’s stock, valued at $6,647,366.51. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.62% of the stock is currently owned by corporate insiders.

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.