Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by IFM Investors Pty Ltd

IFM Investors Pty Ltd decreased its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 1.9% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 15,070 shares of the medical equipment provider’s stock after selling 293 shares during the quarter. IFM Investors Pty Ltd’s holdings in Align Technology were worth $3,833,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cullen Frost Bankers Inc. boosted its position in shares of Align Technology by 854.5% in the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock worth $25,000 after acquiring an additional 94 shares during the last quarter. Innealta Capital LLC acquired a new position in Align Technology in the second quarter valued at $26,000. Rothschild Investment LLC purchased a new stake in Align Technology during the second quarter valued at about $26,000. 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 worth $27,000 after acquiring an additional 93 shares during the last quarter. Finally, LRI Investments LLC purchased a new position in shares of Align Technology in the 1st quarter worth about $29,000. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Stock Performance

ALGN opened at $219.30 on Friday. The company has a market capitalization of $16.51 billion, a P/E ratio of 36.13, a PEG ratio of 5.33 and a beta of 1.64. The company has a 50-day moving average of $233.41 and a 200-day moving average of $250.02. Align Technology, Inc. has a 1-year low of $176.34 and a 1-year high of $335.40.

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

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ALGN. StockNews.com raised shares of Align Technology from a “hold” rating to a “buy” rating in a research report on Thursday, September 19th. Piper Sandler cut their target price on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a research note on Thursday. Morgan Stanley decreased their price target on shares of Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a research report on Thursday. Needham & Company LLC restated a “hold” rating on shares of Align Technology in a research note on Thursday. Finally, Evercore ISI lowered their target price on Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $276.38.

Insider Activity at Align Technology

In other Align Technology news, Director C Raymond Larkin, Jr. bought 6,500 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were purchased at an average price of $235.33 per share, with a total value of $1,529,645.00. Following the completion of the acquisition, the director now directly owns 28,247 shares of the company’s stock, valued at approximately $6,647,366.51. The trade was a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.62% of the company’s stock.

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.