Amalgamated Bank Sells 662 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Amalgamated Bank decreased its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 4.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,110 shares of the medical equipment provider’s stock after selling 662 shares during the quarter. Amalgamated Bank’s holdings in Align Technology were worth $3,648,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Cullen Frost Bankers Inc. raised its stake in shares of Align Technology by 854.5% during 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. acquired a new position in Align Technology during the first quarter worth $26,000. Innealta Capital LLC bought a new stake in Align Technology during the second quarter worth $26,000. Rothschild Investment LLC acquired a new stake in Align Technology in the second quarter valued at $26,000. Finally, Versant Capital Management Inc grew its position in shares of Align Technology by 547.1% in the 2nd quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock valued at $27,000 after acquiring an additional 93 shares during the period. Institutional investors own 88.43% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on ALGN. StockNews.com upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday. Piper Sandler reiterated an “overweight” rating and set a $315.00 target price on shares of Align Technology in a research note on Friday, September 13th. Stifel Nicolaus dropped their price target on Align Technology from $400.00 to $350.00 and set a “buy” rating on the stock in a research note on Thursday, July 25th. Robert W. Baird reduced their price objective on shares of Align Technology from $370.00 to $325.00 and set an “outperform” rating for the company in a research report on Monday, July 22nd. Finally, OTR Global reissued a “mixed” rating on shares of Align Technology in a research report on Tuesday, June 4th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $306.88.

Align Technology Stock Performance

NASDAQ:ALGN opened at $252.85 on Monday. Align Technology, Inc. has a 52 week low of $176.34 and a 52 week high of $335.40. The firm’s 50-day simple moving average is $232.50 and its 200 day simple moving average is $264.34. The firm has a market cap of $19.04 billion, a price-to-earnings ratio of 41.66, a P/E/G ratio of 5.13 and a beta of 1.64.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 EPS for the quarter, topping the consensus estimate 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 net margin of 11.34% and a return on equity of 14.07%. The business’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same period last year, the firm earned $1.73 earnings per share. Sell-side analysts anticipate that Align Technology, Inc. will post 7.61 EPS for the current year.

Insider Buying and Selling at Align Technology

In related news, Director C Raymond Larkin, Jr. bought 6,500 shares of Align Technology stock in a transaction dated 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 acquisition, the director now owns 28,247 shares in the company, valued at approximately $6,647,366.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.62% of the company’s stock.

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.