Fernwood Investment Management LLC cut its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 3.3% during the second quarter, Holdings Channel reports. The institutional investor owned 3,650 shares of the medical equipment provider’s stock after selling 125 shares during the period. Fernwood Investment Management LLC’s holdings in Align Technology were worth $548,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in Align Technology by 5,738.0% in the first quarter. BlackRock Inc. now owns 6,640,531 shares of the medical equipment provider’s stock worth $761,737,000 after buying an additional 6,526,784 shares in the last quarter. Kylin Management LLC purchased a new stake in Align Technology during the first quarter worth $35,767,000. Russell Investments Group Ltd. increased its stake in Align Technology by 63.3% in the first quarter. Russell Investments Group Ltd. now owns 781,138 shares of the medical equipment provider’s stock worth $89,612,000 after buying an additional 302,700 shares in the last quarter. Janus Capital Management LLC increased its stake in Align Technology by 129.8% in the first quarter. Janus Capital Management LLC now owns 440,000 shares of the medical equipment provider’s stock worth $50,473,000 after buying an additional 248,567 shares in the last quarter. Finally, Polen Capital Management LLC increased its stake in Align Technology by 8.5% in the first quarter. Polen Capital Management LLC now owns 3,149,797 shares of the medical equipment provider’s stock worth $361,313,000 after buying an additional 248,095 shares in the last quarter. 88.07% of the stock is owned by institutional investors.

Align Technology, Inc. (NASDAQ ALGN) opened at 178.46 on Thursday. Align Technology, Inc. has a 12-month low of $83.27 and a 12-month high of $179.76. The company has a market capitalization of $14.30 billion, a PE ratio of 61.12 and a beta of 1.55. The firm’s 50 day moving average price is $161.67 and its 200-day moving average price is $131.80.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Thursday, July 27th. The medical equipment provider reported $0.85 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.73 by $0.12. Align Technology had a return on equity of 23.87% and a net margin of 19.18%. The firm had revenue of $356.50 million for the quarter, compared to analysts’ expectations of $343.43 million. During the same period in the previous year, the firm earned $0.62 earnings per share. The business’s revenue was up 32.3% compared to the same quarter last year. On average, equities analysts anticipate that Align Technology, Inc. will post $3.40 earnings per share for the current fiscal year.

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ALGN has been the subject of a number of recent analyst reports. Piper Jaffray Companies reissued a “buy” rating and set a $176.00 target price on shares of Align Technology in a research report on Friday, July 28th. Bank of America Corporation raised shares of Align Technology from a “neutral” rating to a “buy” rating and increased their target price for the company from $175.00 to $193.00 in a research report on Friday, July 28th. Stifel Nicolaus reissued a “buy” rating and set a $200.00 target price (up previously from $145.00) on shares of Align Technology in a research report on Friday, June 23rd. Northcoast Research reissued a “buy” rating and set a $186.00 target price (up previously from $164.00) on shares of Align Technology in a research report on Wednesday, June 21st. Finally, Jefferies Group LLC reissued a “buy” rating and set a $150.00 target price (up previously from $110.00) on shares of Align Technology in a research report on Saturday, April 29th. Ten equities research analysts have rated the stock with a buy rating, The stock presently has an average rating of “Buy” and an average price target of $174.40.

In other news, VP Sreelakshmi Kolli sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $144.00, for a total transaction of $144,000.00. Following the transaction, the vice president now directly owns 23,785 shares of the company’s stock, valued at $3,425,040. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Joseph Lacob sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 31st. The shares were sold at an average price of $144.98, for a total value of $7,249,000.00. The disclosure for this sale can be found here. Insiders have sold 54,874 shares of company stock worth $7,950,701 over the last three months. Insiders own 2.00% of the company’s stock.

Align Technology Company Profile

Align Technology, Inc designs, manufactures and markets a system of clear aligner therapy, intra-oral scanners and computer-aided design/computer-aided manufacturing (CAD/CAM) digital services used in dentistry, orthodontics and dental records storage. The Company operates through two segments: Clear Aligner segment and Scanner and Services (Scanner) segment.

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

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