Align Technology, Inc. $ALGN Shares Sold by DAVENPORT & Co LLC

DAVENPORT & Co LLC reduced its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 32.3% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 373,511 shares of the medical equipment provider’s stock after selling 178,117 shares during the period. DAVENPORT & Co LLC’s holdings in Align Technology were worth $58,765,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Sentry Investment Management LLC increased its stake in shares of Align Technology by 73.1% in the third quarter. Sentry Investment Management LLC now owns 187 shares of the medical equipment provider’s stock worth $25,000 after buying an additional 79 shares during the last quarter. Steigerwald Gordon & Koch Inc. bought a new position in Align Technology during the 3rd quarter valued at $26,000. Quent Capital LLC bought a new position in Align Technology during the 3rd quarter valued at $30,000. TD Private Client Wealth LLC grew its holdings in Align Technology by 135.6% during the 3rd quarter. TD Private Client Wealth LLC now owns 238 shares of the medical equipment provider’s stock worth $30,000 after acquiring an additional 137 shares in the last quarter. Finally, Miller Global Investments LLC acquired a new position in Align Technology during the 4th quarter worth $31,000. Institutional investors and hedge funds own 88.43% of the company’s stock.

Insider Activity at Align Technology

In other news, EVP John Morici sold 7,969 shares of the company’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $189.31, for a total transaction of $1,508,611.39. Following the completion of the transaction, the executive vice president directly owned 8,237 shares of the company’s stock, valued at approximately $1,559,346.47. This represents a 49.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.66% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on ALGN shares. Jefferies Financial Group upped their target price on shares of Align Technology from $155.00 to $185.00 and gave the company a “hold” rating in a research note on Thursday, February 5th. Morgan Stanley lifted their price target on Align Technology from $154.00 to $169.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 5th. Mizuho boosted their price objective on Align Technology from $200.00 to $215.00 and gave the company an “outperform” rating in a report on Thursday, February 5th. Evercore upped their price objective on Align Technology from $180.00 to $200.00 and gave the company an “outperform” rating in a research note on Thursday, February 5th. Finally, Robert W. Baird set a $218.00 target price on Align Technology in a report on Thursday, February 5th. Seven analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Align Technology has an average rating of “Moderate Buy” and a consensus target price of $198.08.

Align Technology Stock Performance

Align Technology stock opened at $179.34 on Wednesday. Align Technology, Inc. has a 1 year low of $122.00 and a 1 year high of $208.30. The firm’s 50-day moving average is $176.91 and its 200-day moving average is $155.16. The company has a market cap of $12.78 billion, a P/E ratio of 31.69, a PEG ratio of 1.97 and a beta of 1.79.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, February 4th. The medical equipment provider reported $3.29 earnings per share for the quarter, beating analysts’ consensus estimates of $2.99 by $0.30. The business had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. Align Technology had a net margin of 10.17% and a return on equity of 15.16%. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.44 EPS. As a group, sell-side analysts predict that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology Profile

Align Technology, Inc (NASDAQ: ALGN) pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company’s signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.