RMB Capital Management LLC Reduces Stake in Align Technology, Inc. (ALGN)

RMB Capital Management LLC lowered its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 39.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 134,477 shares of the medical equipment provider’s stock after selling 87,287 shares during the period. RMB Capital Management LLC’s holdings in Align Technology were worth $15,426,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Van ECK Associates Corp increased its stake in shares of 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 worth $121,000 after buying an additional 68 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt bought a new position in Align Technology during the first quarter worth $161,000. Carroll Financial Associates Inc. increased its position in Align Technology by 14.0% in the first quarter. Carroll Financial Associates Inc. now owns 1,550 shares of the medical equipment provider’s stock worth $177,000 after buying an additional 190 shares in the last quarter. 1st Global Advisors Inc. acquired a new stake in shares of Align Technology during the first quarter worth approximately $205,000. Finally, Buckingham Asset Management LLC acquired a new stake in shares of Align Technology during the first quarter worth approximately $207,000. Hedge funds and other institutional investors own 87.70% of the company’s stock.

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

Shares of Align Technology, Inc. (ALGN) traded up 3.06% during mid-day trading on Monday, reaching $149.70. 1,636,527 shares of the company traded hands. The firm has a 50-day moving average price of $141.23 and a 200 day moving average price of $112.66. The firm has a market capitalization of $12.03 billion, a price-to-earnings ratio of 55.86 and a beta of 1.53. Align Technology, Inc. has a 52 week low of $77.07 and a 52 week high of $153.93.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Thursday, April 27th. The medical equipment provider reported $0.85 EPS for the quarter, topping the Thomson Reuters’ 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 business had revenue of $310.34 million during the quarter, compared to analysts’ expectations of $297.46 million. During the same quarter in the prior year, the business earned $0.50 earnings per share. The company’s quarterly revenue was up 30.0% compared to the same quarter last year. On average, analysts anticipate that Align Technology, Inc. will post $3.24 earnings per share for the current year.

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ALGN has been the topic of several recent analyst reports. Morgan Stanley reiterated an “overweight” rating and issued a $175.00 target price on shares of Align Technology in a research note on Monday. They noted that the move was a valuation call. Jefferies Group LLC restated a “buy” rating and set a $150.00 price objective on shares of Align Technology in a research report on Thursday, June 1st. Leerink Swann restated an “outperform” rating and set a $149.00 price objective (up previously from $118.00) on shares of Align Technology in a research report on Saturday, April 29th. Robert W. Baird raised shares of Align Technology from a “neutral” rating to an “outperform” rating and increased their target price for the company from $105.00 to $155.00 in a report on Friday, April 28th. Finally, Zacks Investment Research raised shares of Align Technology from a “hold” rating to a “buy” rating and set a $128.00 price target on the stock in a report on Tuesday, April 11th. Six equities research analysts have rated the stock with a buy rating, Align Technology presently has a consensus rating of “Buy” and a consensus target price of $147.83.

In other Align Technology news, VP Sreelakshmi Kolli sold 1,000 shares of the stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $144.00, for a total value of $144,000.00. Following the completion of the transaction, the vice president now owns 23,785 shares in the company, valued at $3,425,040. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joseph Lacob sold 50,000 shares of the stock in a transaction on Wednesday, May 31st. The stock was sold at an average price of $144.98, for a total value of $7,249,000.00. The disclosure for this sale can be found here. Insiders have sold 54,874 shares of company stock valued at $7,950,701 in the last 90 days. Company insiders own 2.00% of the company’s stock.

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.

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