Align Technology, Inc. $ALGN Shares Sold by Frontier Capital Management Co. LLC

Frontier Capital Management Co. LLC reduced its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 7.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 224,025 shares of the medical equipment provider’s stock after selling 18,201 shares during the quarter. Frontier Capital Management Co. LLC owned approximately 0.31% of Align Technology worth $42,415,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Invesco Ltd. grew its stake in shares of Align Technology by 12.7% during the first quarter. Invesco Ltd. now owns 1,219,715 shares of the medical equipment provider’s stock valued at $193,764,000 after acquiring an additional 137,553 shares in the last quarter. Federated Hermes Inc. grew its holdings in Align Technology by 31.0% during the 2nd quarter. Federated Hermes Inc. now owns 926,733 shares of the medical equipment provider’s stock worth $175,458,000 after acquiring an additional 219,219 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Align Technology by 32.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 832,313 shares of the medical equipment provider’s stock valued at $132,221,000 after purchasing an additional 202,616 shares in the last quarter. Norges Bank acquired a new position in Align Technology in the second quarter worth about $155,297,000. Finally, Navera Investment Management Ltd. increased its holdings in shares of Align Technology by 3.0% in the 2nd quarter. Navera Investment Management Ltd. now owns 787,559 shares of the medical equipment provider’s stock valued at $149,126,000 after acquiring an additional 23,080 shares during the last quarter. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Align Technology Trading Up 3.5%

Shares of Align Technology stock opened at $164.58 on Thursday. The stock has a 50-day moving average price of $139.04 and a 200 day moving average price of $155.04. The company has a market cap of $11.81 billion, a P/E ratio of 31.90, a P/E/G ratio of 1.93 and a beta of 1.86. Align Technology, Inc. has a 1 year low of $122.00 and a 1 year high of $246.19.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, October 29th. The medical equipment provider reported $2.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.38 by $0.23. Align Technology had a net margin of 9.50% and a return on equity of 13.96%. The company had revenue of $995.69 million during the quarter, compared to analyst estimates of $980.75 million. During the same quarter last year, the business posted $2.35 EPS. The company’s revenue for the quarter was up 1.8% on a year-over-year basis. On average, equities analysts forecast that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ALGN has been the subject of a number of analyst reports. Morgan Stanley boosted their price objective on Align Technology from $142.00 to $154.00 and gave the company an “equal weight” rating in a research report on Thursday, October 30th. UBS Group decreased their target price on shares of Align Technology from $160.00 to $155.00 and set a “neutral” rating for the company in a research report on Thursday, October 16th. Weiss Ratings cut Align Technology from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, October 8th. Wall Street Zen upgraded Align Technology from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Finally, Leerink Partners boosted their price target on Align Technology from $172.00 to $189.00 in a research report on Thursday, October 30th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Align Technology currently has a consensus rating of “Hold” and an average price target of $175.00.

Align Technology Company Profile

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.