Sterling Investment Advisors Ltd. Sells 1,639 Shares of Align Technology, Inc. (ALGN)
Sterling Investment Advisors Ltd. lessened its position in Align Technology, Inc. (NASDAQ:ALGN) by 12.7% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,311 shares of the medical equipment provider’s stock after selling 1,639 shares during the period. Align Technology accounts for about 1.1% of Sterling Investment Advisors Ltd.’s portfolio, making the stock its 27th biggest holding. Sterling Investment Advisors Ltd.’s holdings in Align Technology were worth $1,698,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. AQR Capital Management LLC increased its holdings in Align Technology by 36.7% in the 1st quarter. AQR Capital Management LLC now owns 94,715 shares of the medical equipment provider’s stock worth $10,865,000 after purchasing an additional 25,422 shares in the last quarter. Stifel Financial Corp increased its holdings in Align Technology by 11.6% in the 1st quarter. Stifel Financial Corp now owns 75,393 shares of the medical equipment provider’s stock worth $8,643,000 after purchasing an additional 7,834 shares in the last quarter. Karp Capital Management Corp acquired a new position in Align Technology in the 1st quarter worth about $2,620,000. Chevy Chase Trust Holdings Inc. acquired a new position in Align Technology in the 2nd quarter worth about $9,854,000. Finally, ZWJ Investment Counsel Inc. acquired a new position in Align Technology in the 2nd quarter worth about $240,000. 81.72% of the stock is owned by institutional investors and hedge funds.
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Align Technology, Inc. (NASDAQ:ALGN) traded down 0.20% during midday trading on Monday, hitting $176.38. The company’s stock had a trading volume of 665,468 shares. Align Technology, Inc. has a 52-week low of $83.27 and a 52-week high of $179.76. The company has a market cap of $14.14 billion, a PE ratio of 60.40 and a beta of 1.55. The stock has a 50 day moving average of $168.70 and a 200 day moving average of $138.24.
Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Thursday, July 27th. The medical equipment provider reported $0.85 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.73 by $0.12. The firm had revenue of $356.50 million for the quarter, compared to the consensus estimate of $343.43 million. Align Technology had a return on equity of 26.14% and a net margin of 20.03%. The company’s quarterly revenue was up 32.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.62 earnings per share. On average, equities analysts expect that Align Technology, Inc. will post $3.40 EPS for the current year.
A number of brokerages have issued reports on ALGN. Leerink Swann reaffirmed an “outperform” rating and issued a $199.00 target price (up previously from $194.00) on shares of Align Technology in a report on Friday, July 28th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $205.00 target price (up previously from $200.00) on shares of Align Technology in a report on Monday, August 7th. Zacks Investment Research cut Align Technology from a “strong-buy” rating to a “hold” rating in a report on Monday, August 21st. Bank of America Corporation raised Align Technology from a “neutral” rating to a “buy” rating and upped their target price for the stock from $175.00 to $193.00 in a report on Friday, July 28th. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and issued a $176.00 target price on shares of Align Technology in a report on Friday, July 28th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Align Technology presently has an average rating of “Buy” and a consensus price target of $174.40.
About Align Technology
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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