Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by Rock Springs Capital Management LP

Rock Springs Capital Management LP reduced its position in Align Technology, Inc. (NASDAQ:ALGN – Free Report) by 12.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 217,000 shares of the medical equipment provider’s stock after selling 30,350 shares during the period. Align Technology makes up approximately 1.8% of Rock Springs Capital Management LP’s holdings, making the stock its 18th largest holding. Rock Springs Capital Management LP owned approximately 0.28% of Align Technology worth $76,740,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Bank Julius Baer & Co. Ltd Zurich lifted its position in Align Technology by 124,226.6% during the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 4,501,867 shares of the medical equipment provider’s stock worth $1,592,040,000 after acquiring an additional 4,498,246 shares in the last quarter. Norges Bank acquired a new position in Align Technology during the 4th quarter worth approximately $150,692,000. BlackRock Inc. lifted its position in Align Technology by 4.1% during the 2nd quarter. BlackRock Inc. now owns 5,593,074 shares of the medical equipment provider’s stock worth $1,977,935,000 after acquiring an additional 222,749 shares in the last quarter. Portside Wealth Group LLC acquired a new position in Align Technology during the 2nd quarter worth approximately $77,173,000. Finally, Jupiter Asset Management Ltd. purchased a new stake in Align Technology during the 2nd quarter worth approximately $65,182,000. 87.07% of the stock is owned by institutional investors and hedge funds.

Align Technology Price Performance

Shares of ALGN opened at $219.24 on Monday. The company has a market cap of $16.79 billion, a P/E ratio of 46.71, a PEG ratio of 1.83 and a beta of 1.59. The stock has a fifty day moving average price of $239.12 and a 200 day moving average price of $302.19. Align Technology, Inc. has a 12 month low of $176.34 and a 12 month high of $413.20.

Align Technology (NASDAQ:ALGN – Get Free Report) last issued its quarterly earnings data on Wednesday, October 25th. The medical equipment provider reported $1.62 EPS for the quarter, missing analysts’ consensus estimates of $1.86 by ($0.24). The company had revenue of $960.21 million for the quarter, compared to the consensus estimate of $994.60 million. Align Technology had a return on equity of 12.66% and a net margin of 9.53%. As a group, research analysts anticipate that Align Technology, Inc. will post 6.87 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Morgan Stanley dropped their price objective on Align Technology from $415.00 to $378.00 and set an “overweight” rating on the stock in a report on Thursday, October 26th. Stifel Nicolaus dropped their price objective on Align Technology from $430.00 to $390.00 and set a “buy” rating on the stock in a report on Tuesday, October 24th. UBS Group downgraded Align Technology from a “buy” rating to a “neutral” rating and set a $200.00 price objective on the stock. in a report on Friday, October 27th. Piper Sandler dropped their price objective on Align Technology from $370.00 to $290.00 and set an “overweight” rating on the stock in a report on Thursday, October 26th. Finally, OTR Global upgraded Align Technology from a “mixed” rating to a “positive” rating in a report on Thursday, September 14th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Align Technology has an average rating of “Moderate Buy” and an average price target of $336.60.

Get Our Latest Stock Report on Align Technology

Insider Buying and Selling

In other Align Technology news, CEO Joseph M. Hogan purchased 5,194 shares of Align Technology stock in a transaction on Thursday, November 9th. The stock was bought at an average price of $192.50 per share, for a total transaction of $999,845.00. Following the transaction, the chief executive officer now owns 208,664 shares of the company’s stock, valued at approximately $40,167,820. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Joseph M. Hogan acquired 5,319 shares of the business’s stock in a transaction dated Tuesday, October 31st. The stock was acquired at an average price of $188.00 per share, for a total transaction of $999,972.00. Following the completion of the acquisition, the chief executive officer now directly owns 203,470 shares in the company, valued at approximately $38,252,360. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Joseph M. Hogan acquired 5,194 shares of the business’s stock in a transaction dated Thursday, November 9th. The stock was purchased at an average price of $192.50 per share, with a total value of $999,845.00. Following the acquisition, the chief executive officer now owns 208,664 shares of the company’s stock, valued at $40,167,820. The disclosure for this purchase can be found here. 0.72% of the stock is owned by company insiders.

Align Technology Company Profile (Free Report)

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, China, and internationally. It operates in two segments, Clear Aligner; and Imaging Systems and CAD/CAM Services (Systems and Services).

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