Knuff & Co LLC Sells 6,491 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Knuff & Co LLC reduced its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 54.3% during the third quarter, Holdings Channel.com reports. The institutional investor owned 5,468 shares of the medical equipment provider’s stock after selling 6,491 shares during the quarter. Knuff & Co LLC’s holdings in Align Technology were worth $1,391,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Kayne Anderson Rudnick Investment Management LLC raised its holdings in Align Technology by 4,391.3% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 488,251 shares of the medical equipment provider’s stock worth $117,879,000 after purchasing an additional 477,380 shares in the last quarter. Swedbank AB bought a new position in Align Technology in the first quarter worth about $96,117,000. Bares Capital Management Inc. raised its stake in Align Technology by 44.4% in the first quarter. Bares Capital Management Inc. now owns 819,930 shares of the medical equipment provider’s stock worth $268,871,000 after buying an additional 252,220 shares in the last quarter. Point72 Asset Management L.P. boosted its position in Align Technology by 127.4% during the 2nd quarter. Point72 Asset Management L.P. now owns 343,512 shares of the medical equipment provider’s stock valued at $82,934,000 after acquiring an additional 192,474 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its holdings in shares of Align Technology by 371.0% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 218,779 shares of the medical equipment provider’s stock worth $71,742,000 after acquiring an additional 172,330 shares during the period. 88.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Morgan Stanley lowered their target price on Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. Stifel Nicolaus lowered their price objective on Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a research report on Thursday, October 24th. StockNews.com raised shares of Align Technology from a “hold” rating to a “buy” rating in a research report on Thursday, September 19th. Robert W. Baird lowered their price target on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. Finally, Needham & Company LLC restated a “hold” rating on shares of Align Technology in a report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Align Technology currently has a consensus rating of “Hold” and an average price target of $276.38.

Align Technology Stock Performance

NASDAQ:ALGN opened at $229.90 on Tuesday. The firm has a market cap of $17.16 billion, a P/E ratio of 39.23, a P/E/G ratio of 5.79 and a beta of 1.65. Align Technology, Inc. has a fifty-two week low of $196.09 and a fifty-two week high of $335.40. The firm has a 50-day simple moving average of $229.02 and a two-hundred day simple moving average of $239.22.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.04. The company had revenue of $977.87 million during the quarter, compared to the consensus estimate of $990.05 million. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. The firm’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.62 earnings per share. On average, equities research analysts predict that Align Technology, Inc. will post 7.45 EPS for the current year.

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.