Pacer Advisors Inc. Sells 621 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Pacer Advisors Inc. decreased its stake in Align Technology, Inc. (NASDAQ:ALGN) by 9.0% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 6,258 shares of the medical equipment provider’s stock after selling 621 shares during the period. Pacer Advisors Inc.’s holdings in Align Technology were worth $1,511,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Canada Pension Plan Investment Board raised its holdings in shares of Align Technology by 5.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 106,823 shares of the medical equipment provider’s stock worth $25,790,000 after purchasing an additional 5,594 shares during the period. Benjamin F. Edwards & Company Inc. increased its position in Align Technology by 8.9% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 687 shares of the medical equipment provider’s stock worth $166,000 after buying an additional 56 shares during the last quarter. Intech Investment Management LLC raised its stake in shares of Align Technology by 1,057.3% in the second quarter. Intech Investment Management LLC now owns 12,557 shares of the medical equipment provider’s stock valued at $3,032,000 after buying an additional 11,472 shares during the period. First Eagle Investment Management LLC purchased a new position in shares of Align Technology during the 2nd quarter valued at $575,000. Finally, Seven Eight Capital LP grew its stake in shares of Align Technology by 320.9% during the 2nd quarter. Seven Eight Capital LP now owns 20,542 shares of the medical equipment provider’s stock worth $4,959,000 after acquiring an additional 15,661 shares during the period. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Align Technology Stock Up 2.9 %

NASDAQ:ALGN opened at $249.46 on Friday. The business’s 50-day moving average price is $232.63 and its two-hundred day moving average price is $263.34. The stock has a market cap of $18.63 billion, a P/E ratio of 41.10, a PEG ratio of 5.77 and a beta of 1.64. Align Technology, Inc. has a twelve month low of $176.34 and a twelve month high of $335.40.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $1.04 billion. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. Align Technology’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period last year, the firm posted $1.73 EPS. On average, equities research analysts expect that Align Technology, Inc. will post 7.61 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. OTR Global restated a “mixed” rating on shares of Align Technology in a research note on Tuesday, June 4th. Morgan Stanley cut their price objective on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a report on Thursday, July 25th. Robert W. Baird lowered their target price on shares of 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 upgraded Align Technology from a “hold” rating to a “buy” rating in a research report on Thursday, September 19th. Finally, Piper Sandler reiterated an “overweight” rating and set a $315.00 price objective on shares of Align Technology in a research note on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Align Technology presently has a consensus rating of “Moderate Buy” and an average target price of $306.88.

Insider Activity

In other news, Director C Raymond Larkin, Jr. bought 6,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were bought at an average cost of $235.33 per share, with a total value of $1,529,645.00. Following the completion of the purchase, the director now directly owns 28,247 shares in the company, valued at $6,647,366.51. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.62% of the stock is owned by corporate insiders.

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.