Align Technology, Inc. (ALGN) Position Decreased by Pioneer Investment Management Inc.

Pioneer Investment Management Inc. reduced its position in Align Technology, Inc. (NASDAQ:ALGN) by 8.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 220,194 shares of the medical equipment provider’s stock after selling 19,240 shares during the period. Pioneer Investment Management Inc. owned 0.27% of Align Technology worth $33,056,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. CENTRAL TRUST Co raised its stake in shares of Align Technology by 128.5% in the second quarter. CENTRAL TRUST Co now owns 697 shares of the medical equipment provider’s stock worth $105,000 after buying an additional 392 shares during the last quarter. Trust Co. of Vermont raised its stake in shares of 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 worth $152,000 after buying an additional 135 shares during the last quarter. Van ECK Associates Corp raised 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. State of Alaska Department of Revenue bought a new stake in shares of Align Technology during the second quarter worth $192,000. Finally, Summit Creek Advisors LLC bought a new stake in shares of Align Technology during the second quarter worth $206,000. 88.07% of the stock is currently owned by institutional investors and hedge funds.

Align Technology, Inc. (ALGN) traded down 0.44% during midday trading on Friday, reaching $168.61. 1,393,519 shares of the company traded hands. The company has a 50 day moving average price of $162.73 and a 200-day moving average price of $132.63. Align Technology, Inc. has a one year low of $83.27 and a one year high of $179.76. The stock has a market capitalization of $13.51 billion, a P/E ratio of 57.74 and a beta of 1.55.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Thursday, July 27th. The medical equipment provider reported $0.85 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.73 by $0.12. Align Technology had a net margin of 19.18% and a return on equity of 23.87%. The company had revenue of $356.50 million for the quarter, compared to analysts’ expectations of $343.43 million. During the same period in the prior year, the business earned $0.62 EPS. The firm’s quarterly revenue was up 32.3% on a year-over-year basis. Analysts forecast that Align Technology, Inc. will post $3.40 EPS for the current fiscal year.

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A number of brokerages have recently weighed in on ALGN. Leerink Swann reaffirmed an “outperform” rating and set a $149.00 target price (up previously from $118.00) on shares of Align Technology in a research note on Saturday, April 29th. Bank of America Corporation raised shares of Align Technology from a “neutral” rating to a “buy” rating and lifted their target price for the company from $175.00 to $193.00 in a research note on Friday, July 28th. Stifel Nicolaus reaffirmed a “buy” rating and set a $205.00 target price (up previously from $200.00) on shares of Align Technology in a research note on Monday, August 7th. Robert W. Baird raised shares of Align Technology from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $105.00 to $155.00 in a research note on Friday, April 28th. Finally, Credit Suisse Group reaffirmed an “outperform” rating and set a $170.00 target price (up previously from $140.00) on shares of Align Technology in a research note on Thursday, July 13th. Ten analysts have rated the stock with a buy rating, The company presently has a consensus rating of “Buy” and an average target price of $174.40.

In other Align Technology news, Director Joseph Lacob sold 3,874 shares of the stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $143.96, for a total transaction of $557,701.04. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Sreelakshmi Kolli sold 1,000 shares of the stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $144.00, for a total transaction of $144,000.00. Following the transaction, the vice president now owns 23,785 shares in the company, valued at $3,425,040. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 54,874 shares of company stock worth $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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