Rathbones Group PLC Sells 11,081 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Rathbones Group PLC lowered its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 43.5% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 14,395 shares of the medical equipment provider's stock after selling 11,081 shares during the quarter. Rathbones Group PLC's holdings in Align Technology were worth $3,475,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in ALGN. Norges Bank bought a new stake in shares of Align Technology during the fourth quarter worth $223,610,000. Swedbank AB acquired a new stake in shares of Align Technology during the first quarter worth $96,117,000. Bares Capital Management Inc. grew its stake in shares of Align Technology by 44.4% during the first quarter. Bares Capital Management Inc. now owns 819,930 shares of the medical equipment provider's stock worth $268,871,000 after purchasing an additional 252,220 shares during the period. Envestnet Asset Management Inc. grew its stake in shares of Align Technology by 102.0% during the fourth quarter. Envestnet Asset Management Inc. now owns 414,772 shares of the medical equipment provider's stock worth $113,648,000 after purchasing an additional 209,419 shares during the period. Finally, Jacobs Levy Equity Management Inc. grew its stake in shares of Align Technology by 371.0% during the first quarter. Jacobs Levy Equity Management Inc. now owns 218,779 shares of the medical equipment provider's stock worth $71,742,000 after purchasing an additional 172,330 shares during the period. Institutional investors own 88.43% of the company's stock.

Insider Transactions at Align Technology

In related news, Director C Raymond Larkin, Jr. bought 6,500 shares of the company's stock in a transaction that occurred on Thursday, August 15th. The shares were acquired at an average price of $235.33 per share, for a total transaction 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 approximately $6,647,366.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.62% of the stock is owned by insiders.

Analysts Set New Price Targets

ALGN has been the subject of a number of analyst reports. Morgan Stanley decreased their price objective on Align Technology from $328.00 to $310.00 and set an "overweight" rating for the company in a research note on Thursday, July 25th. OTR Global reaffirmed a "mixed" rating on shares of Align Technology in a research note on Tuesday, June 4th. Piper Sandler reaffirmed an "overweight" rating and set a $315.00 price objective on shares of Align Technology in a research note on Friday. Stifel Nicolaus decreased their target price on Align Technology from $400.00 to $350.00 and set a "buy" rating for the company in a research note on Thursday, July 25th. Finally, 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 note on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $306.88.

Align Technology Stock Performance

NASDAQ:ALGN traded up $5.83 on Monday, reaching $249.56. The company's stock had a trading volume of 896,915 shares, compared to its average volume of 775,113. The firm has a market cap of $18.79 billion, a PE ratio of 41.11, a PEG ratio of 5.13 and a beta of 1.64. The business's 50-day moving average price is $232.09 and its two-hundred day moving average price is $265.71. Align Technology, Inc. has a 1-year low of $176.34 and a 1-year high of $335.40.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings data 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. The company had revenue of $1.03 billion during the quarter, compared to analysts' expectations of $1.04 billion. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. Align Technology's revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.73 earnings per share. As a group, sell-side analysts expect that Align Technology, Inc. will post 7.61 EPS for the current year.

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.