Wellington Management Group LLP Sells 67,237 Shares of Align Technology, Inc. $ALGN

Wellington Management Group LLP reduced its stake in Align Technology, Inc. (NASDAQ:ALGN) by 93.9% during the 2nd quarter, HoldingsChannel reports. The firm owned 4,383 shares of the medical equipment provider’s stock after selling 67,237 shares during the quarter. Wellington Management Group LLP’s holdings in Align Technology were worth $739,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. BlackRock Inc. acquired a new stake in shares of Align Technology in the 2nd quarter valued at $745,370,000. Capital International Investors increased its position in shares of Align Technology by 52.2% during the 4th quarter. Capital International Investors now owns 4,643,221 shares of the medical equipment provider’s stock worth $725,039,000 after purchasing an additional 1,592,848 shares in the last quarter. Ruane Cunniff & Goldfarb L.P. bought a new position in Align Technology during the 4th quarter valued at about $190,899,000. Norges Bank bought a new position in Align Technology during the 4th quarter valued at about $155,556,000. Finally, Assenagon Asset Management S.A. boosted its position in Align Technology by 413.0% in the first quarter. Assenagon Asset Management S.A. now owns 989,388 shares of the medical equipment provider’s stock valued at $169,611,000 after buying an additional 796,529 shares in the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently commented on ALGN shares. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a report on Thursday, July 30th. Weiss Ratings raised Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, September 4th. BMO Capital Markets initiated coverage on Align Technology in a research report on Wednesday, July 8th. They issued an “outperform” rating and a $209.00 price objective for the company. Wall Street Zen lowered Align Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 1st. Finally, Zacks Research cut Align Technology from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, Align Technology presently has an average rating of “Moderate Buy” and a consensus target price of $206.36.

Align Technology Stock Up 0.1%

Align Technology stock opened at $150.82 on Friday. The stock has a market capitalization of $10.80 billion, a PE ratio of 26.23, a price-to-earnings-growth ratio of 1.60 and a beta of 1.65. Align Technology, Inc. has a twelve month low of $122.00 and a twelve month high of $200.43. The company has a 50 day moving average of $168.99 and a 200-day moving average of $172.76.

Align Technology (NASDAQ:ALGN) last released its earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.62 by $0.02. Align Technology had a return on equity of 15.86% and a net margin of 9.99%.The firm had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.05 billion. During the same quarter in the prior year, the company earned $2.49 EPS. The company’s revenue was up 4.3% on a year-over-year basis. Equities analysts anticipate that Align Technology, Inc. will post 9.38 EPS for the current fiscal year.

Align Technology Profile

Align Technology, Inc (NASDAQ: ALGN) is a global medical device company that designs, manufactures and markets products used in orthodontics and digital dentistry. Its best-known product is the Invisalign system, a series of clear, removable aligners intended to gradually straighten teeth and address certain orthodontic conditions under the supervision of dental professionals.

The company also develops digital dentistry technologies, including iTero intraoral scanners and related software, which create digital impressions and support orthodontic, restorative and implant treatment planning.