American Century Companies Inc. Sells 4,246 Shares of Align Technology, Inc. (NASDAQ:ALGN)

American Century Companies Inc. trimmed its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 4.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 84,543 shares of the medical equipment provider's stock after selling 4,246 shares during the period. American Century Companies Inc. owned about 0.11% of Align Technology worth $20,411,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of ALGN. Ground Swell Capital LLC bought a new position in shares of Align Technology in the second quarter worth approximately $276,000. Headlands Technologies LLC bought a new stake in Align Technology in the 2nd quarter worth $1,716,000. Daiwa Securities Group Inc. grew its holdings in Align Technology by 0.6% in the 2nd quarter. Daiwa Securities Group Inc. now owns 8,876 shares of the medical equipment provider's stock worth $2,143,000 after acquiring an additional 54 shares during the last quarter. Provident Investment Management Inc. increased its position in shares of Align Technology by 2.3% in the second quarter. Provident Investment Management Inc. now owns 155,524 shares of the medical equipment provider's stock valued at $37,548,000 after acquiring an additional 3,517 shares during the period. Finally, Andra AP fonden raised its stake in shares of Align Technology by 137.5% during the second quarter. Andra AP fonden now owns 17,100 shares of the medical equipment provider's stock valued at $4,128,000 after acquiring an additional 9,900 shares during the last quarter. 88.43% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director C Raymond Larkin, Jr. purchased 6,500 shares of Align Technology stock in a transaction dated Thursday, August 15th. The stock was purchased at an average cost of $235.33 per share, for a total transaction of $1,529,645.00. Following the completion of the acquisition, the director now directly 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 SEC, which is available at this link. Corporate insiders own 0.62% of the company's stock.

Align Technology Trading Down 1.7 %

Align Technology stock traded down $4.32 on Friday, hitting $252.85. 862,047 shares of the stock traded hands, compared to its average volume of 775,354. Align Technology, Inc. has a 1 year low of $176.34 and a 1 year high of $335.40. The firm has a market cap of $19.04 billion, a P/E ratio of 41.66, a price-to-earnings-growth ratio of 5.13 and a beta of 1.64. The business's fifty day simple moving average is $232.50 and its 200 day simple moving average is $264.85.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $2.41 EPS for the quarter, topping the consensus estimate of $2.32 by $0.09. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The business had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same quarter in the previous year, the firm posted $1.73 earnings per share. Align Technology's quarterly revenue was up 2.6% on a year-over-year basis. As a group, analysts predict that Align Technology, Inc. will post 7.61 earnings per share for the current year.

Analyst Ratings Changes

ALGN has been the topic of several recent analyst reports. StockNews.com raised Align Technology from a "hold" rating to a "buy" rating in a research note on Thursday. Evercore ISI reduced their target price on Align Technology from $370.00 to $300.00 and set an "outperform" rating on the stock in a research note on Monday, June 10th. Morgan Stanley decreased their target price on Align Technology from $328.00 to $310.00 and set an "overweight" rating for the company in a report on Thursday, July 25th. OTR Global reissued a "mixed" rating on shares of Align Technology in a research report on Tuesday, June 4th. Finally, Piper Sandler restated an "overweight" rating and issued a $315.00 price objective on shares of Align Technology in a report on Friday, September 13th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, Align Technology currently has a consensus rating of "Moderate Buy" and an average price target 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.