Rhumbline Advisers Sells 5,083 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Rhumbline Advisers lessened its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 3.5% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 139,971 shares of the medical equipment provider's stock after selling 5,083 shares during the period. Rhumbline Advisers owned 0.19% of Align Technology worth $33,793,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Natixis Advisors L.P. raised its holdings in shares of Align Technology by 2.5% during the fourth quarter. Natixis Advisors L.P. now owns 17,849 shares of the medical equipment provider's stock valued at $4,890,000 after acquiring an additional 436 shares in the last quarter. Benjamin F. Edwards & Company Inc. bought a new position in Align Technology in the 4th quarter worth $168,000. Charles Schwab Investment Management Inc. lifted its position in shares of Align Technology by 4.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 424,586 shares of the medical equipment provider's stock worth $116,337,000 after purchasing an additional 18,731 shares during the period. Gryphon Financial Partners LLC boosted its stake in shares of Align Technology by 31.0% during the 4th quarter. Gryphon Financial Partners LLC now owns 1,396 shares of the medical equipment provider's stock valued at $383,000 after purchasing an additional 330 shares in the last quarter. Finally, Principal Securities Inc. purchased a new position in shares of Align Technology during the fourth quarter valued at about $199,000. Hedge funds and other institutional investors own 88.43% of the company's stock.

Align Technology Stock Performance

Shares of ALGN traded down $5.37 on Friday, hitting $221.15. 635,768 shares of the stock traded hands, compared to its average volume of 779,726. Align Technology, Inc. has a one year low of $176.34 and a one year high of $367.71. The company has a market capitalization of $16.65 billion, a PE ratio of 36.43, a P/E/G ratio of 5.40 and a beta of 1.64. The business has a 50 day simple moving average of $233.33 and a 200 day simple moving average of $269.24.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted 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. The business had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.04 billion. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The company's quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.73 EPS. On average, equities analysts expect that Align Technology, Inc. will post 7.61 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director C Raymond Larkin, Jr. purchased 6,500 shares of the company's stock in a transaction dated Thursday, August 15th. The shares were purchased at an average price of $235.33 per share, with a total value of $1,529,645.00. Following the acquisition, the director now directly owns 28,247 shares in the company, valued at approximately $6,647,366.51. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.62% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on ALGN. Morgan Stanley lowered their price objective on shares of Align Technology from $328.00 to $310.00 and set an "overweight" rating for the company in a report on Thursday, July 25th. Stifel Nicolaus dropped their price target on Align Technology from $400.00 to $350.00 and set a "buy" rating on the stock in a research report on Thursday, July 25th. StockNews.com downgraded Align Technology from a "buy" rating to a "hold" rating in a report on Sunday, September 1st. Piper Sandler lowered their price objective on Align Technology from $330.00 to $315.00 and set an "overweight" rating for the company in a research report on Thursday, July 25th. Finally, Evercore ISI reduced their target price on shares of Align Technology from $370.00 to $300.00 and set an "outperform" rating on the stock in a research report on Monday, June 10th. One analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $306.88.

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.