Align Technology, Inc. (NASDAQ:ALGN) Stock Position Decreased by Marshall Wace LLP

Marshall Wace LLP trimmed its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 81.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,000 shares of the medical equipment provider’s stock after selling 9,052 shares during the period. Marshall Wace LLP’s holdings in Align Technology were worth $483,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of ALGN. Mather Group LLC. purchased a new position in Align Technology during the 1st quarter worth approximately $26,000. LRI Investments LLC acquired a new position in Align Technology during the first quarter valued at $29,000. Cullen Frost Bankers Inc. lifted its stake in Align Technology by 854.5% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock worth $25,000 after acquiring an additional 94 shares in the last quarter. Rothschild Investment LLC purchased a new stake in Align Technology in the 2nd quarter worth about $26,000. Finally, Innealta Capital LLC acquired a new stake in Align Technology during the 2nd quarter worth about $26,000. Institutional investors and hedge funds own 88.43% of the company’s stock.

Analyst Ratings Changes

ALGN has been the subject of several recent research reports. Morgan Stanley dropped 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. Robert W. Baird reduced their price target on Align Technology from $370.00 to $325.00 and set an “outperform” rating for the company in a research report on Monday, July 22nd. Evercore ISI lowered their price objective on Align Technology from $280.00 to $270.00 and set an “outperform” rating on the stock in a report on Tuesday. Piper Sandler restated an “overweight” rating and issued a $315.00 target price on shares of Align Technology in a report on Friday, September 13th. Finally, Stifel Nicolaus decreased their target price on Align Technology from $400.00 to $350.00 and set a “buy” rating for the company in a research report on Thursday, July 25th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $303.13.

Insider Activity at Align Technology

In other news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was acquired at an average price of $235.33 per share, for a total transaction of $1,529,645.00. Following the transaction, the director now directly owns 28,247 shares in the company, valued at approximately $6,647,366.51. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.62% of the company’s stock.

Align Technology Price Performance

Align Technology stock opened at $233.79 on Thursday. The business has a 50 day simple moving average of $233.44 and a 200 day simple moving average of $258.26. The company has a market capitalization of $17.60 billion, a PE ratio of 38.52, a price-to-earnings-growth ratio of 5.77 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.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.32 by $0.09. The firm had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.04 billion. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The business’s revenue for the quarter 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 anticipate that Align Technology, Inc. will post 7.61 earnings per share for the current fiscal year.

About Align Technology

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.