Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by CNB Bank

CNB Bank reduced its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 59.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 383 shares of the medical equipment provider’s stock after selling 558 shares during the period. CNB Bank’s holdings in Align Technology were worth $105,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Kornitzer Capital Management Inc. KS grew its holdings in Align Technology by 6.2% during the 4th quarter. Kornitzer Capital Management Inc. KS now owns 855 shares of the medical equipment provider’s stock worth $234,000 after acquiring an additional 50 shares in the last quarter. Andrew Hill Investment Advisors Inc. acquired a new position in Align Technology during the 4th quarter worth $717,000. Xponance Inc. grew its holdings in Align Technology by 10.5% during the 4th quarter. Xponance Inc. now owns 23,141 shares of the medical equipment provider’s stock worth $6,341,000 after acquiring an additional 2,198 shares in the last quarter. Ninety One North America Inc. grew its holdings in Align Technology by 2.9% during the 4th quarter. Ninety One North America Inc. now owns 14,322 shares of the medical equipment provider’s stock worth $3,924,000 after acquiring an additional 403 shares in the last quarter. Finally, Federated Hermes Inc. grew its holdings in Align Technology by 1,783.4% during the 4th quarter. Federated Hermes Inc. now owns 107,411 shares of the medical equipment provider’s stock worth $29,431,000 after acquiring an additional 101,708 shares in the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Price Performance

Shares of ALGN traded down $2.36 during mid-day trading on Friday, hitting $298.98. The company’s stock had a trading volume of 520,396 shares, compared to its average volume of 520,035. The firm has a 50-day moving average price of $312.79 and a 200 day moving average price of $270.18. The stock has a market capitalization of $22.50 billion, a price-to-earnings ratio of 51.37, a PEG ratio of 5.40 and a beta of 1.65. Align Technology, Inc. has a fifty-two week low of $176.34 and a fifty-two week high of $413.20.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, January 31st. The medical equipment provider reported $1.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.78 by $0.13. The company had revenue of $956.73 million for the quarter, compared to analysts’ expectations of $928.57 million. Align Technology had a net margin of 11.52% and a return on equity of 13.88%. As a group, equities analysts anticipate that Align Technology, Inc. will post 7.69 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on ALGN shares. SVB Leerink initiated coverage on shares of Align Technology in a report on Monday, February 26th. They set a “market perform” rating and a $310.00 price objective for the company. Piper Sandler lifted their price target on shares of Align Technology from $335.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, March 14th. The Goldman Sachs Group lifted their price target 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 target on shares of Align Technology from $350.00 to $400.00 and gave the company a “buy” rating in a report on Thursday. Finally, UBS Group lifted their price target on shares of Align Technology from $280.00 to $320.00 and gave the company a “neutral” rating in a report on Monday, April 15th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $344.45.

Insider Activity

In other news, Director Joseph Lacob sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $313.01, for a total transaction of $3,130,100.00. Following the sale, the director now owns 146,994 shares in the company, valued at $46,010,591.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Align Technology news, EVP Emory Wright sold 2,524 shares of the company’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 value of $725,523.80. Following the transaction, the executive vice president now owns 709 shares in the company, valued at approximately $203,802.05. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Joseph Lacob sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $313.01, for a total transaction of $3,130,100.00. Following the completion of the transaction, the director now owns 146,994 shares in the company, valued at approximately $46,010,591.94. The disclosure for this sale can be found here. Insiders have sold 27,524 shares of company stock worth $8,403,924 over the last 90 days. 0.64% of the stock is owned by company 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.