Peloton Wealth Strategists decreased its position in Align Technology, Inc. (NASDAQ:ALGN) by 2.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,325 shares of the medical equipment provider’s stock after selling 285 shares during the period. Align Technology makes up 3.3% of Peloton Wealth Strategists’ holdings, making the stock its 3rd biggest holding. Peloton Wealth Strategists’ holdings in Align Technology were worth $4,559,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in ALGN. W.G. Shaheen & Associates DBA Whitney & Co acquired a new position in shares of Align Technology during the first quarter valued at about $100,000. Stelac Advisory Services LLC acquired a new position in shares of Align Technology during the second quarter valued at about $103,000. Cornerstone Advisors Inc. raised its holdings in shares of Align Technology by 133.7% during the first quarter. Cornerstone Advisors Inc. now owns 437 shares of the medical equipment provider’s stock valued at $110,000 after purchasing an additional 250 shares during the period. Centaurus Financial Inc. acquired a new stake in shares of Align Technology in the 2nd quarter worth about $137,000. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new stake in shares of Align Technology in the 1st quarter worth about $201,000. Institutional investors and hedge funds own 78.58% of the company’s stock.
Shares of NASDAQ ALGN opened at $390.16 on Monday. Align Technology, Inc. has a 1 year low of $180.31 and a 1 year high of $392.69. The stock has a market cap of $30.67 billion, a P/E ratio of 100.30, a price-to-earnings-growth ratio of 2.55 and a beta of 1.53.
Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, July 25th. The medical equipment provider reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.21. Align Technology had a net margin of 17.00% and a return on equity of 32.61%. The company had revenue of $490.26 million during the quarter, compared to analysts’ expectations of $472.10 million. During the same period last year, the company posted $0.85 EPS. Align Technology’s revenue was up 37.5% on a year-over-year basis. equities analysts anticipate that Align Technology, Inc. will post 4.97 earnings per share for the current year.
A number of research analysts have recently weighed in on ALGN shares. BidaskClub raised shares of Align Technology from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, August 28th. Stifel Nicolaus raised their price objective on shares of Align Technology from $375.00 to $425.00 and gave the stock a “buy” rating in a report on Thursday, July 26th. Barclays reaffirmed a “buy” rating on shares of Align Technology in a report on Thursday, July 26th. Robert W. Baird raised their price objective on shares of Align Technology from $351.00 to $425.00 and gave the stock an “outperform” rating in a report on Thursday, July 26th. Finally, Piper Jaffray Companies increased their target price on shares of Align Technology to $425.00 and gave the stock an “overweight” rating in a research note on Friday, July 20th. Four research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and three have issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $362.78.
In other Align Technology news, insider Joseph M. Hogan sold 25,000 shares of Align Technology stock in a transaction dated Tuesday, August 14th. The shares were sold at an average price of $367.48, for a total value of $9,187,000.00. Following the completion of the transaction, the insider now directly owns 105,713 shares of the company’s stock, valued at $38,847,413.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CMO Raphael Pascaud sold 10,500 shares of Align Technology stock in a transaction dated Thursday, August 23rd. The stock was sold at an average price of $361.00, for a total transaction of $3,790,500.00. Following the completion of the transaction, the chief marketing officer now directly owns 25,087 shares of the company’s stock, valued at $9,056,407. The disclosure for this sale can be found here. Insiders sold 55,648 shares of company stock valued at $20,577,327 over the last ninety days. Corporate insiders own 1.40% of the company’s stock.
About Align Technology
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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