Raymond James & Associates Sells 12,534 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Raymond James & Associates trimmed its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 41.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,044 shares of the medical equipment provider's stock after selling 12,534 shares during the quarter. Raymond James & Associates' holdings in Align Technology were worth $4,356,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of ALGN. Mather Group LLC. purchased a new stake in Align Technology during the 1st quarter worth $26,000. LRI Investments LLC purchased a new stake in shares of Align Technology in the first quarter worth about $29,000. Versant Capital Management Inc boosted its position in shares of Align Technology by 547.1% in the second quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider's stock worth $27,000 after buying an additional 93 shares during the period. Crewe Advisors LLC acquired a new stake in shares of Align Technology in the first quarter valued at about $41,000. Finally, Blue Trust Inc. raised its holdings in shares of 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 buying an additional 80 shares during the period. 88.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Stifel Nicolaus decreased their price target on Align Technology from $400.00 to $350.00 and set a "buy" rating for the company in a report on Thursday, July 25th. StockNews.com upgraded shares of Align Technology from a "hold" rating to a "buy" rating in a research note on Saturday, August 24th. Morgan Stanley dropped their price target on shares of Align Technology from $328.00 to $310.00 and set an "overweight" rating on the stock in a research note on Thursday, July 25th. Robert W. Baird decreased their price objective on shares of Align Technology from $370.00 to $325.00 and set an "outperform" rating for the company in a research report on Monday, July 22nd. Finally, Piper Sandler dropped their target price on Align Technology from $330.00 to $315.00 and set an "overweight" rating on the stock in a research report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Align Technology presently has an average rating of "Moderate Buy" and an average target price of $322.78.

Insiders Place Their Bets

In other Align Technology news, Director C Raymond Larkin, Jr. bought 6,500 shares of the company's stock in a transaction on Thursday, August 15th. The shares were bought at an average cost of $235.33 per share, with a total value of $1,529,645.00. Following the completion of the acquisition, the director now owns 28,247 shares of the company's stock, valued at $6,647,366.51. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.62% of the stock is currently owned by corporate insiders.

Align Technology Stock Performance

Shares of ALGN stock traded up $2.07 during trading hours on Friday, hitting $237.22. 493,501 shares of the company were exchanged, compared to its average volume of 783,563. The stock has a market capitalization of $17.86 billion, a price-to-earnings ratio of 39.08, a P/E/G ratio of 5.18 and a beta of 1.66. Align Technology, Inc. has a one year low of $176.34 and a one year high of $375.68. The business's 50-day simple moving average is $234.76 and its two-hundred day simple moving average is $272.70.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 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 company had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter last year, the business posted $1.73 EPS. Align Technology's quarterly revenue was up 2.6% compared to the same quarter last year. As a group, analysts anticipate that Align Technology, Inc. will post 7.64 EPS for the current fiscal 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.