Brown Capital Management LLC Sells 24,114 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Brown Capital Management LLC lowered its stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 79.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,201 shares of the medical equipment provider's stock after selling 24,114 shares during the period. Brown Capital Management LLC's holdings in Align Technology were worth $1,577,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ALGN. Mather Group LLC. increased its holdings in Align Technology by 52.5% in the second quarter. Mather Group LLC. now owns 122 shares of the medical equipment provider's stock valued at $29,000 after purchasing an additional 42 shares during the period. Quarry LP lifted its stake in shares of Align Technology by 53.0% in the second quarter. Quarry LP now owns 127 shares of the medical equipment provider's stock worth $31,000 after acquiring an additional 44 shares during the period. Crewe Advisors LLC boosted its holdings in Align Technology by 36.8% in the second quarter. Crewe Advisors LLC now owns 171 shares of the medical equipment provider's stock valued at $41,000 after acquiring an additional 46 shares during the last quarter. Empirical Finance LLC increased its position in Align Technology by 2.1% during the 3rd quarter. Empirical Finance LLC now owns 2,486 shares of the medical equipment provider's stock valued at $632,000 after purchasing an additional 50 shares during the period. Finally, Daiwa Securities Group Inc. raised its holdings in Align Technology by 0.6% during the 2nd quarter. Daiwa Securities Group Inc. now owns 8,876 shares of the medical equipment provider's stock worth $2,143,000 after purchasing an additional 54 shares during the last quarter. Institutional investors own 88.43% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Needham & Company LLC restated a "hold" rating on shares of Align Technology in a report on Monday, November 4th. Piper Sandler cut their price target on Align Technology from $285.00 to $275.00 and set an "overweight" rating on the stock in a report on Thursday, October 24th. Evercore ISI lowered their price objective on shares of Align Technology from $270.00 to $250.00 and set an "outperform" rating for the company in a research note on Thursday, October 24th. Stifel Nicolaus cut their target price 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. Finally, StockNews.com upgraded shares of Align Technology from a "hold" rating to a "buy" rating in a report on Thursday, September 19th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $276.38.

Align Technology Stock Performance

Align Technology stock traded up $4.52 during mid-day trading on Thursday, hitting $228.39. 361,652 shares of the company traded hands, compared to its average volume of 782,895. The stock has a fifty day moving average price of $228.90 and a 200-day moving average price of $238.65. The stock has a market cap of $17.05 billion, a price-to-earnings ratio of 38.20, a price-to-earnings-growth ratio of 5.77 and a beta of 1.65. Align Technology, Inc. has a one year low of $196.09 and a one year high of $335.40.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, beating analysts' consensus estimates of $2.31 by $0.04. The business had revenue of $977.87 million for the quarter, compared to analysts' expectations of $990.05 million. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The firm's revenue was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.62 earnings per share. Sell-side analysts predict that Align Technology, Inc. will post 7.45 EPS for the current year.

Align Technology Company 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.