Align Technology, Inc. $ALGN Stock Holdings Trimmed by Wellington Management Group LLP

Key Points

• Wellington Management cut its Align Technology stake by 93.9% in the second quarter, selling 67,237 shares and retaining 4,383 shares valued at approximately $739,000.
• Institutional ownership remains high at 88.43%, with BlackRock initiating a large position and Capital International Investors and Assenagon Asset Management substantially increasing their holdings.
• Analysts maintain a consensus “Moderate Buy” rating with a $206.36 price target. Align recently beat quarterly earnings and revenue expectations, while shares opened at $150.82.

Wellington Management Group LLP trimmed its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 93.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,383 shares of the medical equipment provider's stock after selling 67,237 shares during the period. Wellington Management Group LLP's holdings in Align Technology were worth $739,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. BlackRock Inc. bought a new position in Align Technology during the 2nd quarter valued at $745,370,000. Capital International Investors raised its stake in shares of Align Technology by 52.2% in the 4th quarter. Capital International Investors now owns 4,643,221 shares of the medical equipment provider's stock worth $725,039,000 after buying an additional 1,592,848 shares in the last quarter. Ruane Cunniff & Goldfarb L.P. bought a new stake in shares of Align Technology in the 4th quarter worth $190,899,000. Norges Bank acquired a new stake in shares of Align Technology in the fourth quarter valued at $155,556,000. Finally, Assenagon Asset Management S.A. boosted its stake in Align Technology by 413.0% during the first quarter. Assenagon Asset Management S.A. now owns 989,388 shares of the medical equipment provider's stock valued at $169,611,000 after buying an additional 796,529 shares in the last quarter. 88.43% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ALGN. Zacks Research lowered shares of Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 16th. Wall Street Zen downgraded shares of Align Technology from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 1st. Weiss Ratings raised shares of Align Technology from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, September 4th. BMO Capital Markets began coverage on shares of Align Technology in a report on Wednesday, July 8th. They set an "outperform" rating and a $209.00 target price for the company. Finally, Needham & Company LLC restated a "hold" rating on shares of Align Technology in a research report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $206.36.

Align Technology Stock Up 0.1%

ALGN stock opened at $150.82 on Friday. Align Technology, Inc. has a 12-month low of $122.00 and a 12-month high of $200.43. The company has a market cap of $10.80 billion, a price-to-earnings ratio of 26.23, a PEG ratio of 1.60 and a beta of 1.65. The company has a 50 day moving average of $168.99 and a two-hundred day moving average of $172.76.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.62 by $0.02. The firm had revenue of $1.06 billion during the quarter, compared to analysts' expectations of $1.05 billion. Align Technology had a return on equity of 15.86% and a net margin of 9.99%.The business's revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter last year, the firm earned $2.49 earnings per share. On average, research analysts anticipate that Align Technology, Inc. will post 9.38 EPS for the current year.

Align Technology Company Profile

Align Technology, Inc NASDAQ: ALGN is a global medical device company that designs, manufactures and markets products used in orthodontics and digital dentistry. Its best-known product is the Invisalign system, a series of clear, removable aligners intended to gradually straighten teeth and address certain orthodontic conditions under the supervision of dental professionals.

The company also develops digital dentistry technologies, including iTero intraoral scanners and related software, which create digital impressions and support orthodontic, restorative and implant treatment planning.

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