Align Technology, Inc. (ALGN) Stake Decreased by Peloton Wealth Strategists
Peloton Wealth Strategists trimmed its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 2.1% in the 2nd quarter, Holdings Channel reports. The firm owned 13,325 shares of the medical equipment provider’s stock after selling 285 shares during the period. Align Technology accounts for approximately 3.3% of Peloton Wealth Strategists’ holdings, making the stock its 3rd biggest position. Peloton Wealth Strategists’ holdings in Align Technology were worth $4,559,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in ALGN. Stelac Advisory Services LLC bought a new stake in Align Technology during the second quarter valued at approximately $103,000. W.G. Shaheen & Associates DBA Whitney & Co bought a new position in shares of Align Technology in the first quarter worth approximately $100,000. Centaurus Financial Inc. bought a new position in shares of Align Technology in the second quarter worth approximately $137,000. Cornerstone Advisors Inc. boosted its position in shares of Align Technology by 133.7% in the first quarter. Cornerstone Advisors Inc. now owns 437 shares of the medical equipment provider’s stock worth $110,000 after purchasing an additional 250 shares during the period. Finally, Nicolet Bankshares Inc. bought a new position in shares of Align Technology in the second quarter worth approximately $222,000. 78.58% of the stock is owned by hedge funds and other institutional investors.
A number of research firms have weighed in on ALGN. BidaskClub upgraded shares of Align Technology from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, August 28th. Stifel Nicolaus upped their price target on shares of Align Technology from $375.00 to $425.00 and gave the stock a “buy” rating in a research report on Thursday, July 26th. Barclays reiterated a “buy” rating on shares of Align Technology in a research report on Thursday, July 26th. Robert W. Baird upped their price target on shares of Align Technology from $351.00 to $425.00 and gave the stock an “outperform” rating in a research report on Thursday, July 26th. Finally, Piper Jaffray Companies upped their price target on shares of Align Technology to $425.00 and gave the stock an “overweight” rating in a research report on Friday, July 20th. Four equities 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 stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $362.78.
Align Technology (NASDAQ:ALGN) last released its earnings results on Wednesday, July 25th. The medical equipment provider reported $1.30 EPS for the quarter, topping the consensus estimate of $1.09 by $0.21. Align Technology had a net margin of 17.00% and a return on equity of 32.61%. The firm had revenue of $490.26 million for the quarter, compared to the consensus estimate of $472.10 million. During the same quarter in the previous year, the firm earned $0.85 earnings per share. The company’s quarterly revenue was up 37.5% compared to the same quarter last year. research analysts expect that Align Technology, Inc. will post 4.97 EPS for the current fiscal year.
In related news, SVP Simon Beard sold 3,895 shares of the company’s stock in a transaction on Wednesday, August 29th. The shares were sold at an average price of $384.48, for a total transaction of $1,497,549.60. Following the sale, the senior vice president now owns 3,577 shares of the company’s stock, valued at $1,375,284.96. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Warren S. Thaler sold 3,500 shares of the company’s stock in a transaction on Thursday, August 23rd. The shares were sold at an average price of $363.62, for a total transaction of $1,272,670.00. Following the sale, the director now directly owns 47,015 shares in the company, valued at approximately $17,095,594.30. The disclosure for this sale can be found here. In 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 insiders.
Align Technology 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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