Trifecta Capital Advisors LLC Trims Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Trifecta Capital Advisors LLC cut its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 8.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,156 shares of the medical equipment provider’s stock after selling 190 shares during the quarter. Trifecta Capital Advisors LLC’s holdings in Align Technology were worth $521,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ALGN. Mather Group LLC. purchased a new stake in shares of Align Technology in the first quarter worth $26,000. LRI Investments LLC bought a new position in Align Technology in the 1st quarter worth $29,000. Cullen Frost Bankers Inc. increased its stake in Align Technology by 854.5% in the 2nd 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 Align Technology during the second quarter valued at about $26,000. Finally, Innealta Capital LLC bought a new stake in shares of Align Technology during the second quarter valued at approximately $26,000. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Trading Up 2.6 %

Shares of NASDAQ:ALGN opened at $227.15 on Wednesday. The company has a market capitalization of $17.10 billion, a price-to-earnings ratio of 37.42, a PEG ratio of 5.04 and a beta of 1.64. Align Technology, Inc. has a 12 month low of $176.34 and a 12 month high of $336.11. The firm’s 50-day moving average is $232.73 and its 200 day moving average is $267.69.

Align Technology (NASDAQ:ALGN) last released its earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 EPS for the quarter, beating analysts’ consensus estimates 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 quarter in the prior year, the firm posted $1.73 earnings per share. The company’s quarterly revenue was up 2.6% on a year-over-year basis. As a group, equities analysts forecast that Align Technology, Inc. will post 7.61 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. OTR Global reaffirmed a “mixed” rating on shares of Align Technology in a report on Tuesday, June 4th. Robert W. Baird reduced their price objective on Align Technology from $370.00 to $325.00 and set an “outperform” rating on the stock in a research note on Monday, July 22nd. Evercore ISI lowered their target price on Align Technology from $370.00 to $300.00 and set an “outperform” rating for the company in a research report on Monday, June 10th. Stifel Nicolaus reduced their price target on shares of Align Technology from $400.00 to $350.00 and set a “buy” rating on the stock in a research report on Thursday, July 25th. Finally, Morgan Stanley lowered their price objective on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a research report on Thursday, July 25th. One analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $306.88.

Insider Transactions at Align Technology

In related news, Director C Raymond Larkin, Jr. purchased 6,500 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were purchased 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 owns 28,247 shares in the company, valued at approximately $6,647,366.51. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.62% of the company’s stock.

About Align Technology

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.