Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by Sterling Investment Advisors Ltd.

Sterling Investment Advisors Ltd. trimmed its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 3.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,160 shares of the medical equipment provider’s stock after selling 100 shares during the period. Sterling Investment Advisors Ltd.’s holdings in Align Technology were worth $804,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. LRI Investments LLC acquired a new stake in Align Technology in the 1st quarter valued at $29,000. Cullen Frost Bankers Inc. raised its holdings in Align Technology by 854.5% in 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 in the last quarter. Rothschild Investment LLC bought a new position in shares of Align Technology during the second quarter worth about $26,000. Innealta Capital LLC acquired a new position in shares of Align Technology in the 2nd quarter worth approximately $26,000. Finally, Versant Capital Management Inc increased its stake in Align Technology by 547.1% during the second quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock valued at $27,000 after purchasing an additional 93 shares during the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ALGN has been the subject of several recent research reports. Morgan Stanley lowered their target price on Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a report on Thursday. StockNews.com upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a research report on Thursday, September 19th. Piper Sandler decreased their target price on Align Technology from $285.00 to $275.00 and set an “overweight” rating for the company in a research note on Thursday. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research report on Thursday. Finally, Robert W. Baird reduced their price objective on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a research report on Thursday. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $276.38.

Align Technology Stock Performance

Shares of NASDAQ ALGN traded up $2.88 during mid-day trading on Friday, reaching $219.30. The company had a trading volume of 1,145,141 shares, compared to its average volume of 780,594. The stock has a fifty day moving average of $233.41 and a two-hundred day moving average of $249.46. Align Technology, Inc. has a 12-month low of $176.34 and a 12-month high of $335.40. The company has a market capitalization of $16.51 billion, a price-to-earnings ratio of 36.13, a PEG ratio of 5.33 and a beta of 1.64.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.04. The company had revenue of $977.87 million for 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 business’s revenue was up 1.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.62 EPS. Sell-side analysts forecast that Align Technology, Inc. will post 7.61 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director C Raymond Larkin, Jr. purchased 6,500 shares of the stock in a transaction on Thursday, August 15th. The shares were bought at an average price of $235.33 per share, for a total transaction of $1,529,645.00. Following the completion of the acquisition, the director now directly owns 28,247 shares in the company, valued at approximately $6,647,366.51. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.62% of the company’s stock.

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.