Inspire Investing LLC Decreases Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Inspire Investing LLC lowered its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 19.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,105 shares of the medical equipment provider’s stock after selling 260 shares during the period. Inspire Investing LLC’s holdings in Align Technology were worth $267,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Cullen Frost Bankers Inc. grew its position in Align Technology by 854.5% during the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock valued at $25,000 after buying an additional 94 shares during the period. Mather Group LLC. bought a new position in shares of Align Technology during the 1st quarter valued at approximately $26,000. Innealta Capital LLC purchased a new stake in shares of Align Technology during the 2nd quarter worth approximately $26,000. Rothschild Investment LLC bought a new stake in shares of Align Technology in the 2nd quarter worth approximately $26,000. Finally, Versant Capital Management Inc lifted its stake in Align Technology by 547.1% in the second quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock valued at $27,000 after purchasing an additional 93 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on ALGN shares. Evercore ISI lowered 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. OTR Global restated a “mixed” rating on shares of Align Technology in a research note on Tuesday, June 4th. Morgan Stanley cut their target price on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a research report on Thursday, July 25th. Robert W. Baird dropped their price target on shares of Align Technology from $370.00 to $325.00 and set an “outperform” rating on the stock in a research note on Monday, July 22nd. Finally, StockNews.com raised shares of Align Technology from a “hold” rating to a “buy” rating in a report on Thursday, September 19th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $306.88.

Align Technology Stock Performance

Shares of ALGN stock opened at $249.01 on Wednesday. The company has a market capitalization of $18.75 billion, a PE ratio of 41.02, a price-to-earnings-growth ratio of 5.13 and a beta of 1.64. Align Technology, Inc. has a 52-week low of $176.34 and a 52-week high of $335.40. The business’s fifty day moving average is $232.79 and its 200 day moving average is $263.48.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share for the quarter, beating the consensus estimate of $2.32 by $0.09. The firm had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The company’s revenue was up 2.6% compared to the same quarter last year. During the same quarter last year, the firm posted $1.73 EPS. On average, sell-side analysts forecast that Align Technology, Inc. will post 7.61 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was bought at an average cost of $235.33 per share, with a total value of $1,529,645.00. Following the acquisition, the director now owns 28,247 shares of the company’s stock, valued at approximately $6,647,366.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate 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.