Lecap Asset Management Ltd. Sells 3,938 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Lecap Asset Management Ltd. lowered its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 63.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,285 shares of the medical equipment provider's stock after selling 3,938 shares during the quarter. Lecap Asset Management Ltd.'s holdings in Align Technology were worth $581,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ALGN. Park Avenue Securities LLC lifted its stake in shares of Align Technology by 13.2% during the first quarter. Park Avenue Securities LLC now owns 2,610 shares of the medical equipment provider's stock valued at $856,000 after acquiring an additional 304 shares during the period. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Align Technology by 12.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 6,294 shares of the medical equipment provider's stock valued at $2,064,000 after purchasing an additional 697 shares during the last quarter. WD Rutherford LLC acquired a new stake in shares of Align Technology during the 1st quarter worth approximately $610,000. First Bank & Trust raised its stake in shares of Align Technology by 16.0% during the first quarter. First Bank & Trust now owns 5,596 shares of the medical equipment provider's stock worth $1,835,000 after buying an additional 770 shares during the last quarter. Finally, SteelPeak Wealth LLC acquired a new position in Align Technology in the first quarter valued at approximately $306,000. Institutional investors and hedge funds own 88.43% of the company's stock.

Align Technology Stock Up 1.3 %

ALGN traded up $2.88 during trading on Friday, hitting $219.30. The company had a trading volume of 1,145,076 shares, compared to its average volume of 780,594. The company has a market capitalization of $16.51 billion, a PE ratio of 36.24, a PEG ratio of 5.33 and a beta of 1.64. Align Technology, Inc. has a one year low of $176.34 and a one year high of $335.40. The firm's 50-day moving average price is $233.83 and its 200 day moving average price is $250.72.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, beating analysts' consensus estimates of $2.31 by $0.04. The company had revenue of $977.87 million for the quarter, compared to analyst estimates of $990.05 million. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The company's quarterly revenue was up 1.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.62 earnings per share. Sell-side analysts forecast that Align Technology, Inc. will post 7.61 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Stifel Nicolaus dropped their price objective on Align Technology from $285.00 to $275.00 and set a "buy" rating for the company in a report on Thursday. Piper Sandler lowered their price target on Align Technology from $285.00 to $275.00 and set an "overweight" rating for the company in a research note on Thursday. Morgan Stanley reduced their price objective on shares of Align Technology from $310.00 to $280.00 and set an "overweight" rating on the stock in a research note on Thursday. StockNews.com upgraded shares of Align Technology from a "hold" rating to a "buy" rating in a report on Thursday, September 19th. Finally, Robert W. Baird cut their target price on shares of Align Technology from $325.00 to $276.00 and set an "outperform" rating on the stock in a report on Thursday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $276.38.

Insiders Place Their Bets

In other Align Technology news, Director C Raymond Larkin, Jr. bought 6,500 shares of the firm's stock in a transaction that occurred on Thursday, August 15th. The stock was acquired at an average price of $235.33 per share, with a total value of $1,529,645.00. Following the completion of the transaction, the director now owns 28,247 shares in the company, valued at approximately $6,647,366.51. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.62% of the company's stock.

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.