Summit Trail Advisors LLC Cuts Stock Position in Align Technology, Inc. (NASDAQ:ALGN)

Summit Trail Advisors LLC decreased its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 9.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,266 shares of the medical equipment provider’s stock after selling 132 shares during the quarter. Summit Trail Advisors LLC’s holdings in Align Technology were worth $306,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Canada Pension Plan Investment Board grew its stake in shares of Align Technology by 5.5% in the second quarter. Canada Pension Plan Investment Board now owns 106,823 shares of the medical equipment provider’s stock worth $25,790,000 after acquiring an additional 5,594 shares in the last quarter. Benjamin F. Edwards & Company Inc. boosted its holdings in Align Technology by 8.9% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 687 shares of the medical equipment provider’s stock valued at $166,000 after purchasing an additional 56 shares during the period. Intech Investment Management LLC grew its stake in Align Technology by 1,057.3% during the 2nd quarter. Intech Investment Management LLC now owns 12,557 shares of the medical equipment provider’s stock worth $3,032,000 after purchasing an additional 11,472 shares in the last quarter. First Eagle Investment Management LLC purchased a new stake in Align Technology during the 2nd quarter worth about $575,000. Finally, Seven Eight Capital LP raised its position in Align Technology by 320.9% in the 2nd quarter. Seven Eight Capital LP now owns 20,542 shares of the medical equipment provider’s stock valued at $4,959,000 after purchasing an additional 15,661 shares in the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

Analyst Upgrades and Downgrades

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

Insider Transactions at Align Technology

In other news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was bought at an average price of $235.33 per share, for a total transaction of $1,529,645.00. Following the transaction, the director now owns 28,247 shares in the company, valued at $6,647,366.51. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.62% of the company’s stock.

Align Technology Price Performance

Shares of NASDAQ:ALGN opened at $253.16 on Tuesday. Align Technology, Inc. has a 1-year low of $176.34 and a 1-year high of $335.40. The stock has a market cap of $19.06 billion, a P/E ratio of 41.71, a P/E/G ratio of 5.13 and a beta of 1.64. The firm has a fifty day moving average price of $232.76 and a 200 day moving average price of $263.93.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $1.04 billion. During the same quarter last year, the company posted $1.73 earnings per share. The business’s revenue was up 2.6% on a year-over-year basis. Sell-side analysts expect 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.