Global X Management Co LLC cut its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 10.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,586 shares of the medical equipment provider’s stock after selling 309 shares during the quarter. Global X Management Co LLC’s holdings in Align Technology were worth $885,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Stelac Advisory Services LLC acquired a new position in shares of Align Technology in the 2nd quarter valued at about $103,000. Centaurus Financial Inc. acquired a new position in shares of Align Technology in the 2nd quarter valued at about $137,000. Nicolet Bankshares Inc. acquired a new position in shares of Align Technology in the 2nd quarter valued at about $222,000. Checchi Capital Advisers LLC acquired a new position in shares of Align Technology in the 2nd quarter valued at about $232,000. Finally, Intrust Bank NA acquired a new position in shares of Align Technology in the 2nd quarter valued at about $231,000. 78.52% of the stock is currently owned by hedge funds and other institutional investors.

ALGN stock opened at $389.97 on Friday. Align Technology, Inc. has a fifty-two week low of $180.31 and a fifty-two week high of $398.88. The company has a market cap of $31.26 billion, a P/E ratio of 83.35, a PEG ratio of 2.60 and a beta of 1.53.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, July 25th. The medical equipment provider reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.21. Align Technology had a return on equity of 32.61% and a net margin of 17.00%. The business had revenue of $490.26 million for the quarter, compared to the consensus estimate of $472.10 million. During the same period in the prior year, the business earned $0.85 EPS. The firm’s revenue for the quarter was up 37.5% on a year-over-year basis. analysts anticipate that Align Technology, Inc. will post 4.98 earnings per share for the current year.

A number of research analysts have recently issued reports on ALGN shares. Stifel Nicolaus reissued a “buy” rating and issued a $350.00 price objective (up from $320.00) on shares of Align Technology in a research note on Friday, June 1st. BidaskClub downgraded Align Technology from a “strong-buy” rating to a “buy” rating in a research note on Monday, June 18th. Barclays boosted their price objective on Align Technology to $410.00 and gave the company an “overweight” rating in a research note on Thursday, June 21st. Bank of America started coverage on Align Technology in a research note on Monday, June 25th. They issued a “buy” rating and a $420.00 price objective on the stock. Finally, Northcoast Research reissued a “buy” rating and issued a $430.00 price objective on shares of Align Technology in a research note on Tuesday, June 26th. Four research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. Align Technology presently has a consensus rating of “Buy” and an average target price of $362.78.

In related news, SVP Simon Beard sold 3,895 shares of the company’s stock in a transaction that occurred on Wednesday, August 29th. The stock was sold at an average price of $384.48, for a total transaction of $1,497,549.60. Following the transaction, the senior vice president now directly owns 3,577 shares of the company’s stock, valued at approximately $1,375,284.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Stuart A. Hockridge sold 2,753 shares of the company’s stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $366.73, for a total value of $1,009,607.69. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 55,648 shares of company stock worth $20,577,327. 1.40% of the stock is owned by company insiders.

Align Technology Company Profile

Align Technology, Inc designs, manufactures, and markets a system of clear aligner therapy, intraoral scanners, and computer-aided design and computer-aided manufacturing (CAD/CAM) digital services. The company's Clear Aligner segment offers Invisalign Full, a treatment used for a range of malocclusion; Invisalign Teen treatment that addresses orthodontic needs of teenage patients, such as compliance indicators, compensation for tooth eruption, and six free single arch replacement aligners; and Invisalign Assist treatment for anterior alignment and aesthetically-oriented cases.

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Institutional Ownership by Quarter for Align Technology (NASDAQ:ALGN)

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