Ithaka Group LLC Decreases Stake in Align Technology, Inc. (NASDAQ:ALGN)

Ithaka Group LLC lessened its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 4.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,987 shares of the medical equipment provider’s stock after selling 978 shares during the period. Ithaka Group LLC’s holdings in Align Technology were worth $5,067,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of ALGN. Parnassus Investments LLC lifted its position in Align Technology by 11.3% during the fourth quarter. Parnassus Investments LLC now owns 396,603 shares of the medical equipment provider’s stock worth $108,669,000 after buying an additional 40,406 shares in the last quarter. Achmea Investment Management B.V. grew its holdings in shares of Align Technology by 3.4% in the second quarter. Achmea Investment Management B.V. now owns 10,335 shares of the medical equipment provider’s stock valued at $2,495,000 after purchasing an additional 339 shares during the period. Tidal Investments LLC raised its stake in Align Technology by 122.9% during the first quarter. Tidal Investments LLC now owns 4,408 shares of the medical equipment provider’s stock worth $1,445,000 after purchasing an additional 2,430 shares during the period. Nomura Holdings Inc. acquired a new stake in shares of Align Technology during the 4th quarter worth approximately $1,197,000. Finally, Norden Group LLC raised its position in shares of Align Technology by 3,647.7% during the 1st quarter. Norden Group LLC now owns 36,540 shares of the medical equipment provider’s stock valued at $11,982,000 after buying an additional 35,565 shares during the period. Institutional investors and hedge funds own 88.43% of the company’s stock.

Insider Activity at Align Technology

In other news, Director C Raymond Larkin, Jr. bought 6,500 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was purchased at an average price of $235.33 per share, with a total value of $1,529,645.00. Following the purchase, the director now owns 28,247 shares of the company’s stock, valued at approximately $6,647,366.51. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.62% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Morgan Stanley cut their target price on Align Technology from $328.00 to $310.00 and set an “overweight” rating on the stock in a research report on Thursday, July 25th. OTR Global restated a “mixed” rating on shares of Align Technology in a research report on Tuesday, June 4th. Robert W. Baird cut their price target 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. Piper Sandler reiterated an “overweight” rating and issued a $315.00 price objective on shares of Align Technology in a research report on Friday. Finally, Stifel Nicolaus decreased their price objective on shares of Align Technology from $400.00 to $350.00 and set a “buy” rating on the stock in a report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $306.88.

Align Technology Price Performance

Shares of NASDAQ ALGN opened at $243.73 on Monday. The firm’s 50-day moving average is $232.08 and its two-hundred day moving average is $266.08. The company has a market capitalization of $18.35 billion, a PE ratio of 40.15, a price-to-earnings-growth ratio of 5.13 and a beta of 1.64. Align Technology, Inc. has a 12-month low of $176.34 and a 12-month high of $335.73.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.32 by $0.09. The firm had revenue of $1.03 billion for 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%. Align Technology’s revenue was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.73 EPS. On average, analysts forecast that Align Technology, Inc. will post 7.61 EPS for the current fiscal 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.