Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by Bares Capital Management Inc.

Bares Capital Management Inc. cut its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 34.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 505,888 shares of the medical equipment provider's stock after selling 265,305 shares during the quarter. Align Technology makes up 11.7% of Bares Capital Management Inc.'s portfolio, making the stock its 5th largest position. Bares Capital Management Inc. owned about 0.68% of Align Technology worth $128,657,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Cullen Frost Bankers Inc. raised its holdings in shares of Align Technology by 854.5% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider's stock valued at $25,000 after purchasing an additional 94 shares during the period. Innealta Capital LLC bought a new stake in shares of Align Technology in the 2nd quarter valued at about $26,000. Rothschild Investment LLC bought a new stake in shares of Align Technology in the 2nd quarter valued at about $26,000. True Wealth Design LLC raised its holdings in shares of Align Technology by 10,700.0% in the 3rd quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider's stock valued at $27,000 after purchasing an additional 107 shares during the period. Finally, University of Texas Texas AM Investment Management Co. acquired a new position in Align Technology in the 2nd quarter valued at about $31,000. 88.43% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ALGN has been the topic of a number of research reports. Mizuho initiated coverage on shares of Align Technology in a research note on Wednesday, December 4th. They issued an "outperform" rating and a $295.00 price target on the stock. Evercore ISI decreased their price target on shares of Align Technology from $270.00 to $250.00 and set an "outperform" rating on the stock in a research note on Thursday, October 24th. StockNews.com upgraded shares of Align Technology from a "hold" rating to a "buy" rating in a research note on Thursday, September 19th. Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a research note on Monday, November 4th. Finally, Stifel Nicolaus decreased their price target on shares of Align Technology from $285.00 to $275.00 and set a "buy" rating on the stock in a research note on Thursday, October 24th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Align Technology has an average rating of "Moderate Buy" and an average price target of $278.44.

Align Technology Stock Performance

Shares of Align Technology stock traded down $0.41 on Tuesday, reaching $237.16. 586,651 shares of the stock were exchanged, compared to its average volume of 780,536. The firm's 50 day moving average is $224.39 and its 200-day moving average is $234.67. Align Technology, Inc. has a one year low of $196.09 and a one year high of $335.40. The firm has a market cap of $17.70 billion, a PE ratio of 40.47, a P/E/G ratio of 6.02 and a beta of 1.66.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, beating the consensus estimate of $2.31 by $0.04. The business had revenue of $977.87 million during the quarter, compared to the consensus estimate of $990.05 million. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. The firm's revenue was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.62 EPS. On average, equities research analysts expect that Align Technology, Inc. will post 7.45 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.