Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC cut its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 3.2% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 68,453 shares of the medical equipment provider's stock after selling 2,289 shares during the period. Allspring Global Investments Holdings LLC owned about 0.09% of Align Technology worth $16,527,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Mather Group LLC. bought a new stake in Align Technology during the 1st quarter valued at $26,000. Versant Capital Management Inc raised its position in Align Technology by 547.1% during the 2nd quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider's stock valued at $27,000 after purchasing an additional 93 shares in the last quarter. LRI Investments LLC bought a new stake in Align Technology during the 1st quarter valued at $29,000. Blue Trust Inc. raised its position in Align Technology by 150.9% during the 2nd quarter. Blue Trust Inc. now owns 133 shares of the medical equipment provider's stock valued at $32,000 after purchasing an additional 80 shares in the last quarter. Finally, Trust Co. of Vermont bought a new stake in Align Technology during the 2nd quarter valued at $39,000. 88.43% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Director C Raymond Larkin, Jr. purchased 6,500 shares of the stock in a transaction on Thursday, August 15th. The stock was bought at an average price of $235.33 per share, with a total value 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.62% of the stock is owned by company insiders.

Align Technology Stock Performance

ALGN stock traded up $4.22 on Thursday, hitting $235.15. 356,798 shares of the company's stock were exchanged, compared to its average volume of 785,300. Align Technology, Inc. has a 12-month low of $176.34 and a 12-month high of $375.68. The firm has a 50 day moving average price of $234.91 and a two-hundred day moving average price of $272.96. The stock has a market cap of $17.70 billion, a P/E ratio of 38.74, a price-to-earnings-growth 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 for the quarter, topping the consensus estimate 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 the consensus estimate of $1.04 billion. During the same period in the previous year, the business earned $1.73 EPS. The firm's revenue for the quarter was up 2.6% on a year-over-year basis. Sell-side analysts expect that Align Technology, Inc. will post 7.64 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have weighed in on ALGN shares. Robert W. Baird decreased their target price on Align Technology from $370.00 to $325.00 and set an "outperform" rating for the company in a research report on Monday, July 22nd. Stifel Nicolaus cut their price target on Align Technology from $400.00 to $350.00 and set a "buy" rating on the stock in a report on Thursday, July 25th. Evercore ISI cut their price target on Align Technology from $370.00 to $300.00 and set an "outperform" rating on the stock in a report on Monday, June 10th. OTR Global reiterated a "mixed" rating on shares of Align Technology in a report on Tuesday, June 4th. Finally, StockNews.com upgraded Align Technology from a "hold" rating to a "buy" rating in a report on Saturday, August 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $322.78.

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.