Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company cut its position in Align Technology, Inc. (NASDAQ:ALGN) by 4.4% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 74,099 shares of the medical equipment provider’s stock after selling 3,402 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.10% of Align Technology worth $17,890,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in ALGN. Bank of Nova Scotia boosted its holdings in shares of Align Technology by 30.1% in the fourth quarter. Bank of Nova Scotia now owns 7,115 shares of the medical equipment provider’s stock valued at $1,949,000 after acquiring an additional 1,646 shares during the period. California State Teachers Retirement System boosted its stake in Align Technology by 1.9% during the 4th quarter. California State Teachers Retirement System now owns 118,267 shares of the medical equipment provider’s stock worth $32,405,000 after purchasing an additional 2,191 shares during the period. Lake Street Advisors Group LLC purchased a new position in Align Technology during the 4th quarter worth $228,000. Tower Research Capital LLC TRC increased its stake in Align Technology by 134.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 10,106 shares of the medical equipment provider’s stock valued at $2,769,000 after purchasing an additional 5,793 shares during the period. Finally, Oppenheimer & Co. Inc. raised its holdings in shares of Align Technology by 24.1% in the fourth quarter. Oppenheimer & Co. Inc. now owns 10,706 shares of the medical equipment provider’s stock valued at $2,933,000 after buying an additional 2,078 shares during the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Stock Performance

Align Technology stock opened at $238.06 on Thursday. Align Technology, Inc. has a one year low of $176.34 and a one year high of $335.40. The company has a market cap of $17.92 billion, a P/E ratio of 39.22, a price-to-earnings-growth ratio of 5.77 and a beta of 1.64. The business has a fifty day moving average of $232.53 and a two-hundred day moving average of $261.04.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $2.41 EPS for the quarter, beating 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 firm had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter last year, the business earned $1.73 earnings per share. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. Sell-side analysts predict that Align Technology, Inc. will post 7.61 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Stifel Nicolaus lowered their price target on Align Technology from $400.00 to $350.00 and set a “buy” rating on the stock in a report on Thursday, July 25th. Evercore ISI dropped their target price on Align Technology from $370.00 to $300.00 and set an “outperform” rating on the stock in a report on Monday, June 10th. Morgan Stanley decreased their price target on Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a report on Thursday, July 25th. StockNews.com raised shares of Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Finally, Piper Sandler restated an “overweight” rating and issued a $315.00 target price on shares of Align Technology in a research note on Friday, September 13th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $306.88.

Insider Buying and Selling

In other news, Director C Raymond Larkin, Jr. acquired 6,500 shares of Align Technology stock in a transaction that occurred on Thursday, August 15th. The stock was purchased at an average cost of $235.33 per share, with a total value of $1,529,645.00. Following the completion of the acquisition, the director now owns 28,247 shares in the company, valued at approximately $6,647,366.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.62% of the company’s stock.

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.