Teachers Retirement System of The State of Kentucky trimmed its position in Align Technology, Inc. (NASDAQ:ALGN) by 1.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 61,025 shares of the medical equipment provider’s stock after selling 600 shares during the period. Teachers Retirement System of The State of Kentucky owned 0.08% of Align Technology worth $16,747,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. acquired a new position in shares of Align Technology in the 2nd quarter valued at $25,000. Allworth Financial LP acquired a new position in shares of Align Technology in the 2nd quarter valued at $27,000. Coastal Capital Group Inc. increased its position in shares of Align Technology by 51.3% in the 2nd quarter. Coastal Capital Group Inc. now owns 121 shares of the medical equipment provider’s stock valued at $34,000 after acquiring an additional 41 shares during the period. Ameritas Investment Company LLC acquired a new position in shares of Align Technology in the 1st quarter valued at $26,000. Finally, Sandy Spring Bank grew its position in Align Technology by 625.0% during the 2nd quarter. Sandy Spring Bank now owns 174 shares of the medical equipment provider’s stock worth $48,000 after purchasing an additional 150 shares during the period. 86.43% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts have weighed in on the company. Berenberg Bank downgraded Align Technology from a “buy” rating to a “hold” rating and set a $306.00 price target on the stock. in a research report on Wednesday, July 29th. BidaskClub upgraded Align Technology from a “hold” rating to a “buy” rating in a research report on Saturday. BofA Securities cut Align Technology from a “neutral” rating to an “underperform” rating and set a $280.00 target price on the stock. in a research report on Monday, July 20th. Barclays cut Align Technology from an “overweight” rating to an “equal weight” rating and raised their target price for the company from $225.00 to $300.00 in a research report on Thursday, July 23rd. Finally, ValuEngine cut Align Technology from a “hold” rating to a “sell” rating in a research report on Tuesday, September 1st. Three research analysts have rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company. Align Technology has an average rating of “Hold” and an average target price of $279.00.
Align Technology (NASDAQ:ALGN) last released its earnings results on Wednesday, July 22nd. The medical equipment provider reported ($0.35) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.29) by ($0.06). Align Technology had a return on equity of 81.50% and a net margin of 78.75%. The business had revenue of $352.31 million during the quarter, compared to analysts’ expectations of $345.50 million. During the same period last year, the business earned $1.83 earnings per share. On average, equities analysts expect that Align Technology, Inc. will post 1.15 earnings per share for the current fiscal year.
In other news, SVP Julie Tay sold 1,550 shares of Align Technology stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $310.00, for a total transaction of $480,500.00. Following the sale, the senior vice president now owns 23,692 shares of the company’s stock, valued at approximately $7,344,520. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Warren S. Thaler sold 7,000 shares of Align Technology stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $296.08, for a total transaction of $2,072,560.00. Following the sale, the director now directly owns 39,021 shares in the company, valued at approximately $11,553,337.68. The disclosure for this sale can be found here. Insiders sold a total of 74,252 shares of company stock worth $22,460,548 over the last three months. Corporate insiders own 1.20% of the company’s stock.
About Align Technology
Align Technology, Inc, a medical device company, designs, manufactures, and markets Invisalign clear aligners and iTero intraoral scanners and services for orthodontics, and restorative and aesthetic dentistry worldwide. It operates in two segments, Clear Aligner; and Scanners and Services. The Clear Aligner segment consists of comprehensive products, including Invisalign Comprehensive treatment that addresses the orthodontic needs of teenage patients, such as compliance indicators and compensation for tooth eruption; Invisalign Assist treatment, which offers support to dental practitioners throughout the treatment process, including progress tracking; and Invisalign First Phase I and Invisalign First Comprehensive Phase II package for younger patients with early mixed dentition with a mixture of primary/baby and permanent teeth.
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