Gateway Investment Advisers LLC Cuts Stock Position in Align Technology, Inc. (NASDAQ:ALGN)

Gateway Investment Advisers LLC decreased its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 36.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,806 shares of the medical equipment provider’s stock after selling 1,016 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Align Technology were worth $436,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Mather Group LLC. purchased a new position in shares of Align Technology in the first quarter valued at approximately $26,000. Versant Capital Management Inc boosted its stake in shares of 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 period. LRI Investments LLC purchased a new position in shares of Align Technology in the first quarter valued at approximately $29,000. Trust Co. of Vermont purchased a new position in shares of Align Technology in the second quarter valued at approximately $39,000. Finally, Crewe Advisors LLC purchased a new position in shares of Align Technology in the first quarter valued at approximately $41,000. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on ALGN. OTR Global reaffirmed a “mixed” rating on shares of Align Technology in a report on Tuesday, June 4th. Robert W. Baird reduced their target price on shares of Align Technology from $370.00 to $325.00 and set an “outperform” rating on the stock in a report on Monday, July 22nd. Morgan Stanley reduced their target price on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating on the stock in a report on Thursday, July 25th. Evercore ISI reduced their target price 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. Finally, Piper Sandler reduced their target price on shares of Align Technology from $330.00 to $315.00 and set an “overweight” rating on the stock in a report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $322.78.

Align Technology Stock Performance

ALGN stock traded up $0.77 during midday trading on Friday, reaching $214.92. 758,931 shares of the company were exchanged, compared to its average volume of 793,634. Align Technology, Inc. has a 1-year low of $176.34 and a 1-year high of $375.68. The stock’s 50-day simple moving average is $241.03 and its 200 day simple moving average is $276.98. The company has a market cap of $16.18 billion, a price-to-earnings ratio of 35.41, a price-to-earnings-growth ratio of 5.18 and a beta of 1.66.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 EPS for the quarter, beating analysts’ consensus estimates of $2.32 by $0.09. The business 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 company’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.73 EPS. On average, research analysts anticipate that Align Technology, Inc. will post 7.64 earnings per share for the current year.

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.