Polen Capital Management LLC Sells 255,671 Shares of Align Technology, Inc. (ALGN)

Polen Capital Management LLC trimmed its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 10.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,111,097 shares of the medical equipment provider’s stock after selling 255,671 shares during the period. Align Technology accounts for about 4.7% of Polen Capital Management LLC’s holdings, making the stock its 12th largest holding. Polen Capital Management LLC owned about 2.64% of Align Technology worth $825,903,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Credit Suisse AG lifted its holdings in Align Technology by 15.5% during the 3rd quarter. Credit Suisse AG now owns 341,005 shares of the medical equipment provider’s stock worth $133,409,000 after buying an additional 45,744 shares during the last quarter. Winslow Capital Management LLC lifted its holdings in Align Technology by 30.2% during the 3rd quarter. Winslow Capital Management LLC now owns 564,651 shares of the medical equipment provider’s stock worth $220,903,000 after buying an additional 130,982 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in Align Technology by 17.1% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 17,328 shares of the medical equipment provider’s stock worth $6,849,000 after buying an additional 2,531 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Align Technology by 138.4% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 38,821 shares of the medical equipment provider’s stock worth $15,188,000 after buying an additional 22,540 shares during the last quarter. Finally, Ontario Teachers Pension Plan Board lifted its holdings in Align Technology by 4.4% during the 3rd quarter. Ontario Teachers Pension Plan Board now owns 16,791 shares of the medical equipment provider’s stock worth $6,569,000 after buying an additional 712 shares during the last quarter. 79.50% of the stock is owned by institutional investors.

A number of brokerages have issued reports on ALGN. Zacks Investment Research downgraded Align Technology from a “hold” rating to a “sell” rating in a report on Monday, October 22nd. Credit Suisse Group decreased their price target on Align Technology from $375.00 to $343.00 and set an “outperform” rating for the company in a report on Tuesday, November 20th. BidaskClub downgraded Align Technology from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 31st. Robert W. Baird decreased their price target on Align Technology from $425.00 to $330.00 and set an “outperform” rating for the company in a report on Thursday, October 25th. Finally, William Blair reaffirmed an “outperform” rating on shares of Align Technology in a report on Monday, November 19th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $352.20.

In related news, Director Joseph Lacob sold 10,000 shares of the business’s stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $382.00, for a total value of $3,820,000.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Simon Beard sold 3,895 shares of the business’s stock in a transaction dated Wednesday, August 29th. The shares were sold at an average price of $384.48, for a total value of $1,497,549.60. Following the completion of the transaction, the senior vice president now owns 3,577 shares in the company, valued at approximately $1,375,284.96. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by insiders.

Align Technology stock opened at $218.87 on Friday. Align Technology, Inc. has a fifty-two week low of $188.57 and a fifty-two week high of $398.88. The stock has a market capitalization of $17.51 billion, a PE ratio of 56.26, a PEG ratio of 1.91 and a beta of 2.00.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, October 24th. The medical equipment provider reported $1.24 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.05. Align Technology had a return on equity of 34.09% and a net margin of 16.89%. The business had revenue of $505.30 million during the quarter, compared to the consensus estimate of $503.14 million. During the same period in the previous year, the business earned $1.01 EPS. The business’s quarterly revenue was up 31.1% on a year-over-year basis. As a group, analysts anticipate that Align Technology, Inc. will post 4.87 earnings per share for the current fiscal year.

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

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