Align Technology, Inc. (NASDAQ:ALGN) Stock Position Cut by E. Ohman J or Asset Management AB

E. Ohman J or Asset Management AB lessened its stake in Align Technology, Inc. (NASDAQ:ALGN) by 17.1% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,900 shares of the medical equipment provider’s stock after selling 600 shares during the period. E. Ohman J or Asset Management AB’s holdings in Align Technology were worth $738,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ALGN. Kayne Anderson Rudnick Investment Management LLC grew its position in Align Technology by 4,391.3% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 488,251 shares of the medical equipment provider’s stock worth $117,879,000 after buying an additional 477,380 shares during the last quarter. Swedbank AB acquired a new position in shares of Align Technology in the 1st quarter worth $96,117,000. Bares Capital Management Inc. raised its position in shares of Align Technology by 44.4% during the first quarter. Bares Capital Management Inc. now owns 819,930 shares of the medical equipment provider’s stock worth $268,871,000 after purchasing an additional 252,220 shares during the period. Point72 Asset Management L.P. raised its position in shares of Align Technology by 127.4% during the second quarter. Point72 Asset Management L.P. now owns 343,512 shares of the medical equipment provider’s stock worth $82,934,000 after purchasing an additional 192,474 shares during the period. Finally, Jacobs Levy Equity Management Inc. boosted its position in shares of Align Technology by 371.0% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 218,779 shares of the medical equipment provider’s stock valued at $71,742,000 after purchasing an additional 172,330 shares during the period. Institutional investors own 88.43% of the company’s stock.

Align Technology Stock Up 1.3 %

ALGN opened at $219.30 on Friday. Align Technology, Inc. has a 12-month low of $176.34 and a 12-month high of $335.40. The stock has a fifty day moving average of $233.41 and a 200-day moving average of $250.02. The firm has a market capitalization of $16.51 billion, a P/E ratio of 36.13, a PEG ratio of 5.33 and a beta of 1.64.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.04. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The business had revenue of $977.87 million during the quarter, compared to analyst estimates of $990.05 million. During the same period last year, the company earned $1.62 earnings per share. Align Technology’s quarterly revenue was up 1.8% compared to the same quarter last year. On average, analysts expect that Align Technology, Inc. will post 7.61 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

ALGN has been the topic of several recent analyst reports. Piper Sandler cut their price objective on Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a report on Thursday. StockNews.com upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a research report on Thursday, September 19th. Evercore ISI lowered their price objective on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a research report on Thursday. Stifel Nicolaus reduced their target price on Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a report on Thursday. Finally, Robert W. Baird reduced their target price on Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a report on Thursday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $276.38.

Insider Buying and Selling

In other news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was acquired at an average cost of $235.33 per share, for a total transaction of $1,529,645.00. Following the completion of the acquisition, the director now owns 28,247 shares in the company, valued at approximately $6,647,366.51. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.62% of the stock is owned by corporate insiders.

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.