Eagle Asset Management Inc. Sells 122,553 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Eagle Asset Management Inc. trimmed its position in Align Technology, Inc. (NASDAQ:ALGN) by 40.2% in the third quarter, HoldingsChannel reports. The firm owned 182,083 shares of the medical equipment provider’s stock after selling 122,553 shares during the quarter. Eagle Asset Management Inc.’s holdings in Align Technology were worth $46,307,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. grew its position in Align Technology by 2.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 448,028 shares of the medical equipment provider’s stock worth $113,942,000 after purchasing an additional 10,887 shares in the last quarter. Landscape Capital Management L.L.C. boosted its stake in Align Technology by 11.8% in the third quarter. Landscape Capital Management L.L.C. now owns 8,338 shares of the medical equipment provider’s stock valued at $2,121,000 after acquiring an additional 878 shares during the last quarter. First Horizon Advisors Inc. boosted its stake in Align Technology by 16.2% in the third quarter. First Horizon Advisors Inc. now owns 990 shares of the medical equipment provider’s stock valued at $252,000 after acquiring an additional 138 shares during the last quarter. Commerce Bank boosted its stake in Align Technology by 47.0% in the third quarter. Commerce Bank now owns 3,381 shares of the medical equipment provider’s stock valued at $860,000 after acquiring an additional 1,081 shares during the last quarter. Finally, Prospera Private Wealth LLC purchased a new position in Align Technology in the third quarter valued at about $114,000. 88.43% of the stock is owned by institutional investors.

Analyst Ratings Changes

ALGN has been the topic of a number of research analyst reports. Morgan Stanley dropped their target price on shares of Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Needham & Company LLC restated a “hold” rating on shares of Align Technology in a research note on Monday, November 4th. Stifel Nicolaus dropped their price target on shares of Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a research note on Thursday, October 24th. StockNews.com upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Finally, Robert W. Baird dropped their price target on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $276.38.

Align Technology Price Performance

NASDAQ ALGN opened at $225.89 on Friday. Align Technology, Inc. has a 1 year low of $196.09 and a 1 year high of $335.40. The stock has a market capitalization of $16.86 billion, a PE ratio of 38.55, a P/E/G ratio of 5.77 and a beta of 1.65. The company’s 50 day simple moving average is $228.54 and its two-hundred day simple moving average is $238.16.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.04. The business had revenue of $977.87 million for the quarter, compared to analysts’ expectations of $990.05 million. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. The business’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.62 EPS. On average, research analysts anticipate that Align Technology, Inc. will post 7.45 EPS for the current year.

Align Technology Company Profile

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.