Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA decreased its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 54.1% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 46,608 shares of the medical equipment provider’s stock after selling 54,962 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.06% of Align Technology worth $11,253,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Cullen Frost Bankers Inc. lifted its stake 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 in the last quarter. Mather Group LLC. acquired a new stake in Align Technology during the first quarter valued at approximately $26,000. Innealta Capital LLC acquired a new stake in Align Technology during the second quarter valued at approximately $26,000. Rothschild Investment LLC acquired a new stake in Align Technology during the second quarter valued at approximately $26,000. Finally, Versant Capital Management Inc grew its holdings in shares of 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. Institutional investors and hedge funds own 88.43% of the company’s stock.

Analysts Set New Price Targets

ALGN has been the subject of several recent research reports. Morgan Stanley lowered their target price on 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 cut their target price on Align Technology from $370.00 to $325.00 and set an “outperform” rating for the company in a research report on Monday, July 22nd. StockNews.com upgraded Align Technology from a “hold” rating to a “buy” rating in a research report on Thursday. Stifel Nicolaus cut their target price on Align Technology from $400.00 to $350.00 and set a “buy” rating for the company in a research report on Thursday, July 25th. Finally, Piper Sandler restated an “overweight” rating and issued a $315.00 target price on shares of Align Technology in a research report on Friday, September 13th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $306.88.

Insider Activity

In other news, Director C Raymond Larkin, Jr. acquired 6,500 shares of Align Technology stock in a transaction that occurred on Thursday, August 15th. The stock was purchased at an average price of $235.33 per share, with a total value of $1,529,645.00. Following the completion of the transaction, the director now owns 28,247 shares in the company, valued at $6,647,366.51. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.62% of the company’s stock.

Align Technology Stock Performance

Shares of NASDAQ:ALGN opened at $252.85 on Friday. Align Technology, Inc. has a one year low of $176.34 and a one year high of $335.40. The stock has a fifty day moving average of $232.50 and a 200-day moving average of $264.61. The company has a market capitalization of $19.04 billion, a PE ratio of 41.66, a price-to-earnings-growth ratio of 5.13 and a beta of 1.64.

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

About Align Technology

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.