Conestoga Capital Advisors LLC Lowers Position in Align Technology, Inc. (NASDAQ:ALGN)

Conestoga Capital Advisors LLC decreased its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 36.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 208,051 shares of the medical equipment provider’s stock after selling 118,030 shares during the period. Conestoga Capital Advisors LLC owned approximately 0.26% of Align Technology worth $31,233,000 as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. CENTRAL TRUST Co raised its stake in Align Technology by 128.5% in the second quarter. CENTRAL TRUST Co now owns 697 shares of the medical equipment provider’s stock valued at $105,000 after buying an additional 392 shares during the last quarter. Trust Co. of Vermont raised its stake in Align Technology by 15.4% in the second quarter. Trust Co. of Vermont now owns 1,010 shares of the medical equipment provider’s stock valued at $152,000 after buying an additional 135 shares during the last quarter. Van ECK Associates Corp raised its stake in Align Technology by 6.9% in the first quarter. Van ECK Associates Corp now owns 1,057 shares of the medical equipment provider’s stock valued at $121,000 after buying an additional 68 shares during the last quarter. State of Alaska Department of Revenue acquired a new stake in Align Technology during the second quarter valued at approximately $192,000. Finally, Summit Creek Advisors LLC acquired a new stake in Align Technology during the second quarter valued at approximately $206,000. 87.81% of the stock is owned by hedge funds and other institutional investors.

Align Technology, Inc. (ALGN) traded down 0.81% during midday trading on Friday, reaching $158.87. 837,675 shares of the company traded hands. Align Technology, Inc. has a 1-year low of $82.60 and a 1-year high of $160.93. The firm has a 50-day moving average of $150.34 and a 200-day moving average of $121.76. The stock has a market capitalization of $12.76 billion, a P/E ratio of 59.28 and a beta of 1.53.

Align Technology (NASDAQ:ALGN) last released its earnings results on Thursday, April 27th. The medical equipment provider reported $0.85 EPS for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.18. Align Technology had a return on equity of 22.95% and a net margin of 18.98%. The firm had revenue of $310.34 million during the quarter, compared to the consensus estimate of $297.46 million. During the same quarter in the previous year, the company posted $0.50 earnings per share. The company’s revenue was up 30.0% compared to the same quarter last year. On average, analysts predict that Align Technology, Inc. will post $3.26 earnings per share for the current year.

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Several equities research analysts have recently commented on the stock. Morgan Stanley reaffirmed an “overweight” rating and set a $182.00 price target (up previously from $175.00) on shares of Align Technology in a research report on Monday, July 17th. Credit Suisse Group reaffirmed an “outperform” rating and set a $170.00 price target (up previously from $140.00) on shares of Align Technology in a research report on Thursday, July 13th. Stifel Nicolaus reaffirmed a “buy” rating and set a $200.00 price target (up previously from $145.00) on shares of Align Technology in a research report on Friday, June 23rd. Jefferies Group LLC reaffirmed a “buy” rating and set a $150.00 price target (up previously from $110.00) on shares of Align Technology in a research report on Saturday, April 29th. Finally, Leerink Swann upped their price target on shares of Align Technology from $149.00 to $194.00 and gave the company an “outperform” rating in a research report on Monday, June 26th. Eight analysts have rated the stock with a buy rating, The stock presently has a consensus rating of “Buy” and a consensus price target of $170.63.

In related news, VP Sreelakshmi Kolli sold 1,000 shares of Align Technology stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $144.00, for a total transaction of $144,000.00. Following the completion of the transaction, the vice president now directly owns 23,785 shares in the company, valued at $3,425,040. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Joseph Lacob sold 3,874 shares of Align Technology stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $143.96, for a total value of $557,701.04. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 54,874 shares of company stock valued at $7,950,701. 2.00% of the stock is owned by company insiders.

About Align Technology

Align Technology, Inc designs, manufactures and markets a system of clear aligner therapy, intra-oral scanners and computer-aided design/computer-aided manufacturing (CAD/CAM) digital services used in dentistry, orthodontics and dental records storage. The Company operates through two segments: Clear Aligner segment and Scanner and Services (Scanner) segment.

Institutional Ownership by Quarter for Align Technology (NASDAQ:ALGN)

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