Sienna Gestion Cuts Stake in Align Technology, Inc. (NASDAQ:ALGN)

Sienna Gestion decreased its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 44.1% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 537 shares of the medical equipment provider’s stock after selling 423 shares during the quarter. Sienna Gestion’s holdings in Align Technology were worth $130,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of ALGN. Cullen Frost Bankers Inc. lifted its stake in Align Technology by 854.5% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock worth $25,000 after purchasing an additional 94 shares in the last quarter. Mather Group LLC. bought a new stake in shares of Align Technology in the first quarter worth about $26,000. Innealta Capital LLC purchased a new stake in shares of Align Technology in the second quarter worth about $26,000. Rothschild Investment LLC bought a new position in Align Technology during the second quarter valued at approximately $26,000. Finally, Versant Capital Management Inc boosted 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 buying an additional 93 shares during the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Piper Sandler reaffirmed an “overweight” rating and issued a $315.00 price objective on shares of Align Technology in a research note on Friday, September 13th. StockNews.com upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a research report on Thursday. Morgan Stanley lowered their price objective on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a research report on Thursday, July 25th. Evercore ISI reduced their target price on shares of Align Technology from $370.00 to $300.00 and set an “outperform” rating on the stock in a report on Monday, June 10th. Finally, Stifel Nicolaus lowered their price target on shares of Align Technology from $400.00 to $350.00 and set a “buy” rating for the company in a report on Thursday, July 25th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $306.88.

Insider Transactions at Align Technology

In related news, Director C Raymond Larkin, Jr. purchased 6,500 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were purchased at an average cost of $235.33 per share, for a total transaction of $1,529,645.00. Following the completion of the acquisition, the director now owns 28,247 shares in the company, valued at approximately $6,647,366.51. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.62% of the company’s stock.

Align Technology Trading Up 1.6 %

Shares of NASDAQ:ALGN opened at $257.17 on Friday. The company has a market capitalization of $19.36 billion, a price-to-earnings ratio of 42.37, a PEG ratio of 5.13 and a beta of 1.64. Align Technology, Inc. has a 12 month low of $176.34 and a 12 month high of $335.40. The firm’s 50-day moving average is $232.30 and its 200 day moving average is $265.24.

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

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.