Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by Meridiem Investment Management Ltd.

Meridiem Investment Management Ltd. lessened its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 1.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 467,260 shares of the medical equipment provider’s stock after selling 5,622 shares during the quarter. Align Technology accounts for 2.1% of Meridiem Investment Management Ltd.’s investment portfolio, making the stock its 20th biggest position. Meridiem Investment Management Ltd. owned 0.62% of Align Technology worth $118,906,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Mather Group LLC. purchased a new stake in shares of Align Technology during the first quarter worth about $26,000. LRI Investments LLC purchased a new position in shares of Align Technology during the 1st quarter valued at approximately $29,000. Cullen Frost Bankers Inc. grew its position in shares of Align Technology by 854.5% during the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock worth $25,000 after buying an additional 94 shares in the last quarter. Rothschild Investment LLC bought a new stake in shares of Align Technology in the second quarter worth $26,000. Finally, Innealta Capital LLC bought a new stake in shares of Align Technology in the second quarter worth $26,000. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Insider Buying and Selling at Align Technology

In related news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was acquired at an average cost of $235.33 per share, for a total transaction of $1,529,645.00. Following the completion of the acquisition, the director now directly owns 28,247 shares of the company’s stock, valued at approximately $6,647,366.51. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.62% of the stock is owned by corporate insiders.

Align Technology Stock Up 1.7 %

NASDAQ ALGN traded up $3.68 on Friday, hitting $219.70. The stock had a trading volume of 828,386 shares, compared to its average volume of 768,137. The company’s 50-day moving average is $234.57 and its two-hundred day moving average is $253.52. Align Technology, Inc. has a one year low of $176.34 and a one year high of $335.40. The stock has a market cap of $16.54 billion, a price-to-earnings ratio of 36.19, a P/E/G ratio of 5.33 and a beta of 1.64.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 EPS for the quarter, beating the consensus estimate of $2.32 by $0.09. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The firm had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same period last year, the firm earned $1.73 EPS. The firm’s revenue was up 2.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Align Technology, Inc. will post 7.61 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ALGN has been the subject of several research analyst reports. Stifel Nicolaus dropped their target price on shares of Align Technology from $350.00 to $285.00 and set a “buy” rating for the company in a research report on Friday, October 11th. Needham & Company LLC assumed coverage on Align Technology in a research note on Thursday, October 10th. They set a “hold” rating on the stock. Robert W. Baird decreased their target price on Align Technology from $370.00 to $325.00 and set an “outperform” rating for the company in a research report on Monday, July 22nd. Piper Sandler dropped their price target on Align Technology from $315.00 to $285.00 and set an “overweight” rating on the stock in a research report on Thursday. Finally, StockNews.com raised shares of Align Technology from a “hold” rating to a “buy” rating in a report on Thursday, September 19th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Align Technology currently has an average rating of “Hold” and an average target price of $291.25.

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.