Everence Capital Management Inc. Trims Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Everence Capital Management Inc. trimmed its stake in Align Technology, Inc. (NASDAQ:ALGN) by 38.0% during the fourth quarter, Holdings Channel.com reports. The fund owned 1,550 shares of the medical equipment provider’s stock after selling 950 shares during the period. Everence Capital Management Inc.’s holdings in Align Technology were worth $425,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. KB Financial Partners LLC purchased a new stake in shares of Align Technology in the 1st quarter valued at approximately $26,000. Cornerstone Planning Group LLC acquired a new position in shares of Align Technology in the second quarter valued at approximately $29,000. First Manhattan CO. LLC. grew its holdings in shares of Align Technology by 593.8% in the first quarter. First Manhattan CO. LLC. now owns 111 shares of the medical equipment provider’s stock valued at $37,000 after purchasing an additional 95 shares in the last quarter. Huntington National Bank grew its holdings in shares of Align Technology by 94.9% in the third quarter. Huntington National Bank now owns 115 shares of the medical equipment provider’s stock valued at $35,000 after purchasing an additional 56 shares in the last quarter. Finally, Compagnie Lombard Odier SCmA acquired a new position in shares of Align Technology in the third quarter valued at approximately $61,000. 88.43% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Align Technology

In other news, EVP Emory Wright sold 2,524 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $287.45, for a total transaction of $725,523.80. Following the completion of the sale, the executive vice president now owns 709 shares in the company, valued at approximately $203,802.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Joseph Lacob sold 10,000 shares of the company’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $313.01, for a total value of $3,130,100.00. Following the completion of the sale, the director now owns 146,994 shares in the company, valued at approximately $46,010,591.94. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Emory Wright sold 2,524 shares of the company’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $287.45, for a total transaction of $725,523.80. Following the completion of the sale, the executive vice president now owns 709 shares of the company’s stock, valued at approximately $203,802.05. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,524 shares of company stock worth $8,403,924. 0.72% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

ALGN has been the subject of a number of research reports. Leerink Partnrs restated a “market perform” rating on shares of Align Technology in a report on Monday, February 26th. The Goldman Sachs Group lifted their price objective on shares of Align Technology from $197.00 to $225.00 and gave the company a “sell” rating in a report on Friday, February 2nd. Stifel Nicolaus lifted their price objective on shares of Align Technology from $340.00 to $350.00 and gave the company a “buy” rating in a report on Friday, March 15th. SVB Leerink started coverage on shares of Align Technology in a report on Monday, February 26th. They set a “market perform” rating and a $310.00 price target for the company. Finally, Piper Sandler boosted their price target on shares of Align Technology from $335.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, March 14th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $339.91.

Align Technology Stock Down 1.6 %

NASDAQ ALGN opened at $300.14 on Thursday. The stock has a market capitalization of $22.59 billion, a PE ratio of 51.57, a price-to-earnings-growth ratio of 5.49 and a beta of 1.65. Align Technology, Inc. has a 52 week low of $176.34 and a 52 week high of $413.20. The firm has a 50 day moving average of $312.61 and a two-hundred day moving average of $269.97.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, January 31st. The medical equipment provider reported $1.91 earnings per share for the quarter, topping the consensus estimate of $1.78 by $0.13. The business had revenue of $956.73 million during the quarter, compared to the consensus estimate of $928.57 million. Align Technology had a net margin of 11.52% and a return on equity of 13.88%. On average, equities research analysts expect that Align Technology, Inc. will post 7.65 earnings per share for the current fiscal year.

About Align Technology

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, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.