Lecap Asset Management Ltd. Decreases Stake in Align Technology, Inc. (NASDAQ:ALGN)

Lecap Asset Management Ltd. reduced its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 46.5% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 6,223 shares of the medical equipment provider’s stock after selling 5,409 shares during the period. Lecap Asset Management Ltd.’s holdings in Align Technology were worth $1,502,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Mather Group LLC. purchased a new stake in shares of Align Technology during the 1st quarter worth $26,000. LRI Investments LLC acquired a new position in shares of Align Technology during the 1st quarter worth $29,000. Versant Capital Management Inc raised its stake in shares of Align Technology by 547.1% during the 2nd quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock worth $27,000 after buying an additional 93 shares during the last quarter. Crewe Advisors LLC acquired a new position in shares of Align Technology during the 1st quarter worth $41,000. Finally, Blue Trust Inc. raised its stake in shares of Align Technology by 150.9% during the 2nd quarter. Blue Trust Inc. now owns 133 shares of the medical equipment provider’s stock worth $32,000 after buying an additional 80 shares during the last quarter. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Align Technology Trading Up 0.8 %

Shares of NASDAQ ALGN traded up $1.90 on Wednesday, reaching $235.13. 460,661 shares of the company traded hands, compared to its average volume of 793,474. Align Technology, Inc. has a fifty-two week low of $176.34 and a fifty-two week high of $375.68. The company has a 50 day moving average of $236.82 and a 200 day moving average of $274.91. The stock has a market capitalization of $17.70 billion, a PE ratio of 38.74, a P/E/G ratio of 5.18 and a beta of 1.66.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $2.41 EPS for the quarter, beating analysts’ consensus estimates of $2.32 by $0.09. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The company had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter in the prior year, the company posted $1.73 EPS. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. As a group, research analysts expect that Align Technology, Inc. will post 7.64 earnings per share for the current year.

Insider Activity

In related news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was bought at an average price of $235.33 per share, with a total value of $1,529,645.00. Following the purchase, the director now directly owns 28,247 shares in the company, valued at approximately $6,647,366.51. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.62% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on ALGN. StockNews.com downgraded Align Technology from a “buy” rating to a “hold” rating in a research note on Friday, August 16th. Stifel Nicolaus cut their price target on Align Technology from $400.00 to $350.00 and set a “buy” rating for the company in a research note on Thursday, July 25th. Robert W. Baird cut their price target on Align Technology from $370.00 to $325.00 and set an “outperform” rating for the company in a research note on Monday, July 22nd. Piper Sandler cut their target price on shares of Align Technology from $330.00 to $315.00 and set an “overweight” rating for the company in a research note on Thursday, July 25th. Finally, Evercore ISI cut their target price on shares of Align Technology from $370.00 to $300.00 and set an “outperform” rating for the company in a research note on Monday, June 10th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Align Technology presently has a consensus rating of “Hold” and an average target price of $322.78.

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.