Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. decreased its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 6.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 163,411 shares of the medical equipment provider’s stock after selling 10,342 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.22% of Align Technology worth $39,452,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Mather Group LLC. purchased a new stake in shares of Align Technology in the 1st quarter valued at approximately $26,000. Versant Capital Management Inc boosted its position in shares of Align Technology by 547.1% during the 2nd quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock worth $27,000 after purchasing an additional 93 shares during the period. LRI Investments LLC purchased a new position in shares of Align Technology during the 1st quarter worth approximately $29,000. Blue Trust Inc. boosted its position in shares of Align Technology by 150.9% during the 2nd quarter. Blue Trust Inc. now owns 133 shares of the medical equipment provider’s stock worth $32,000 after purchasing an additional 80 shares during the period. Finally, Trust Co. of Vermont purchased a new position in Align Technology in the 2nd quarter valued at approximately $39,000. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Stock Up 2.1 %

ALGN stock opened at $240.35 on Monday. Align Technology, Inc. has a fifty-two week low of $176.34 and a fifty-two week high of $375.68. The firm’s 50-day simple moving average is $238.16 and its 200 day simple moving average is $275.71. The stock has a market cap of $18.09 billion, a PE ratio of 39.60, a price-to-earnings-growth ratio of 5.18 and a beta of 1.66.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.32 by $0.09. The company had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The business’s revenue was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.73 EPS. Equities analysts forecast that Align Technology, Inc. will post 7.64 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have commented on ALGN. StockNews.com cut shares of Align Technology from a “buy” rating to a “hold” rating in a research report on Friday. Evercore ISI reduced their price objective on shares of Align Technology from $370.00 to $300.00 and set an “outperform” rating on the stock in a report on Monday, June 10th. OTR Global reiterated a “mixed” rating on shares of Align Technology in a research note on Tuesday, June 4th. Morgan Stanley cut their price target on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating on the stock in a research note on Thursday, July 25th. Finally, Robert W. Baird lowered their price objective on shares of Align Technology from $370.00 to $325.00 and set an “outperform” rating on the stock in a research report on Monday, July 22nd. One research 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’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $322.78.

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.