Sumitomo Mitsui Trust Holdings Inc. Sells 10,342 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Sumitomo Mitsui Trust Holdings Inc. reduced its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 6.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 163,411 shares of the medical equipment provider's stock after selling 10,342 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned 0.22% of Align Technology worth $39,452,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Blue Trust Inc. raised its position in Align Technology by 150.9% during the second quarter. Blue Trust Inc. now owns 133 shares of the medical equipment provider's stock valued at $32,000 after buying an additional 80 shares during the period. Assenagon Asset Management S.A. grew its stake in Align Technology by 339.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 73,494 shares of the medical equipment provider's stock valued at $17,744,000 after acquiring an additional 56,764 shares in the last quarter. Swedbank AB increased its holdings in shares of Align Technology by 2.0% in the 2nd quarter. Swedbank AB now owns 299,115 shares of the medical equipment provider's stock valued at $72,215,000 after purchasing an additional 6,005 shares during the period. SteelPeak Wealth LLC lifted its position in shares of Align Technology by 117.0% in the second quarter. SteelPeak Wealth LLC now owns 2,025 shares of the medical equipment provider's stock worth $489,000 after purchasing an additional 1,092 shares in the last quarter. Finally, Legacy Trust boosted its holdings in shares of Align Technology by 8.4% during the second quarter. Legacy Trust now owns 16,296 shares of the medical equipment provider's stock worth $3,934,000 after purchasing an additional 1,260 shares during the period. Hedge funds and other institutional investors own 88.43% of the company's stock.

Align Technology Stock Performance

Shares of NASDAQ:ALGN traded down $0.34 on Monday, hitting $240.01. 645,645 shares of the company were exchanged, compared to its average volume of 796,196. The company's 50 day moving average price is $238.16 and its two-hundred day moving average price is $275.71. Align Technology, Inc. has a one year low of $176.34 and a one year high of $375.68. The firm has a market capitalization of $18.07 billion, a price-to-earnings ratio of 39.54, a PEG ratio of 5.18 and a beta of 1.66.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its 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. The business had revenue of $1.03 billion during 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 firm's revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter last year, the company posted $1.73 EPS. Research analysts predict that Align Technology, Inc. will post 7.64 earnings per share for the current year.

Insider Transactions at Align Technology

In other Align Technology 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 purchased 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 approximately $6,647,366.51. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.62% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on ALGN shares. Stifel Nicolaus dropped their price objective on shares of Align Technology from $400.00 to $350.00 and set a "buy" rating on the stock in a research note on Thursday, July 25th. Morgan Stanley decreased their target price on shares of Align Technology from $328.00 to $310.00 and set an "overweight" rating for the company in a research report on Thursday, July 25th. StockNews.com lowered Align Technology from a "buy" rating to a "hold" rating in a report on Friday. OTR Global reiterated a "mixed" rating on shares of Align Technology in a research note on Tuesday, June 4th. Finally, Piper Sandler cut their price objective on Align Technology from $330.00 to $315.00 and set an "overweight" rating on the stock in a research note on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Align Technology currently has an average rating of "Hold" and an average price target of $322.78.

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.