Align Technology, Inc. $ALGN Stock Sold by Washington Trust Advisors Inc.

Key Points

• Washington Trust Advisors cut its Align Technology stake by 91.6% in the third quarter, selling 10,270 shares and retaining 937 shares valued at approximately $134,000.
• Institutional investor activity was mixed: several funds significantly increased or initiated positions, while hedge funds and other institutions collectively own 88.43% of ALGN.
• Analyst sentiment remains a “Moderate Buy”, with a consensus price target of $190.93, despite mixed recommendations and recent target-price reductions. Align reported quarterly earnings of $2.64 per share and revenue of $1.06 billion, both slightly above expectations.

Washington Trust Advisors Inc. lowered its stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 91.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 937 shares of the medical equipment provider's stock after selling 10,270 shares during the period. Washington Trust Advisors Inc.'s holdings in Align Technology were worth $134,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of ALGN. Yousif Capital Management LLC lifted its position in Align Technology by 1,356.9% in the third quarter. Yousif Capital Management LLC now owns 132,445 shares of the medical equipment provider's stock valued at $17,648,000 after purchasing an additional 123,354 shares during the last quarter. Compass Wealth Management LLC purchased a new stake in shares of Align Technology during the third quarter valued at approximately $7,377,000. Howland Capital Management LLC boosted its stake in shares of Align Technology by 28,804.9% during the third quarter. Howland Capital Management LLC now owns 403,801 shares of the medical equipment provider's stock valued at $53,445,000 after purchasing an additional 402,404 shares during the period. Isthmus Partners LLC grew its holdings in shares of Align Technology by 3.7% in the third quarter. Isthmus Partners LLC now owns 2,601 shares of the medical equipment provider's stock worth $378,000 after purchasing an additional 92 shares during the last quarter. Finally, Root Financial Partners LLC bought a new position in shares of Align Technology in the third quarter worth approximately $405,000. Hedge funds and other institutional investors own 88.43% of the company's stock.

Analyst Upgrades and Downgrades

ALGN has been the topic of several analyst reports. Leerink Partners decreased their target price on shares of Align Technology from $235.00 to $215.00 and set an "outperform" rating on the stock in a research note on Wednesday, October 14th. Weiss Ratings raised shares of Align Technology from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, October 9th. Raymond James Financial reissued a "buy" rating on shares of Align Technology in a report on Monday, October 5th. Mizuho decreased their price objective on shares of Align Technology from $220.00 to $200.00 and set an "outperform" rating on the stock in a research report on Thursday. Finally, Zacks Research downgraded shares of Align Technology from a "hold" rating to a "strong sell" rating in a research note on Thursday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Align Technology has an average rating of "Moderate Buy" and a consensus price target of $190.93.

Align Technology Stock Performance

ALGN opened at $154.51 on Friday. The stock has a market capitalization of $11.07 billion, a PE ratio of 26.87, a price-to-earnings-growth ratio of 1.65 and a beta of 1.67. The stock's 50 day moving average price is $151.62 and its 200-day moving average price is $166.55. Align Technology, Inc. has a 52-week low of $130.23 and a 52-week high of $200.43.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share for the quarter, beating the consensus estimate of $2.62 by $0.02. The business had revenue of $1.06 billion for the quarter, compared to analysts' expectations of $1.05 billion. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. The firm's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.49 earnings per share. Research analysts forecast that Align Technology, Inc. will post 9.27 EPS for the current fiscal year.

Align Technology Company Profile

Align Technology, Inc is a global medical device company focused on digital orthodontics and restorative dentistry. Founded in 1997, the company is best known for the Invisalign system, a series of clear, removable aligners designed to gradually move teeth and treat a range of orthodontic conditions.

Align's products and services also include digital scanning and dental practice solutions. Its iTero intraoral scanners create digital impressions for orthodontic and restorative procedures, while its exocad business develops computer-aided design and computer-aided manufacturing software used by dental laboratories, clinicians and other dental professionals.

The company serves orthodontists, dentists, dental laboratories and patients in numerous markets worldwide.

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