Covington Capital Management Has $36,000 Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Covington Capital Management lessened its stake in shares of Align Technology, Inc. (NASDAQ:ALGNGet Rating) by 52.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 152 shares of the medical equipment provider’s stock after selling 167 shares during the period. Covington Capital Management’s holdings in Align Technology were worth $36,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Tsfg LLC raised its holdings in Align Technology by 200.0% during the 1st quarter. Tsfg LLC now owns 75 shares of the medical equipment provider’s stock worth $33,000 after buying an additional 50 shares during the period. Byrne Asset Management LLC purchased a new position in Align Technology during the 4th quarter valued at about $64,000. Gradient Investments LLC grew its stake in Align Technology by 1,428.6% during the 1st quarter. Gradient Investments LLC now owns 107 shares of the medical equipment provider’s stock valued at $47,000 after acquiring an additional 100 shares in the last quarter. SOA Wealth Advisors LLC. grew its stake in Align Technology by 3,733.3% during the 1st quarter. SOA Wealth Advisors LLC. now owns 115 shares of the medical equipment provider’s stock valued at $50,000 after acquiring an additional 112 shares in the last quarter. Finally, Allworth Financial LP grew its stake in Align Technology by 11,400.0% during the 1st quarter. Allworth Financial LP now owns 115 shares of the medical equipment provider’s stock valued at $50,000 after acquiring an additional 114 shares in the last quarter. Institutional investors and hedge funds own 86.50% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. The Goldman Sachs Group cut Align Technology from a “buy” rating to a “sell” rating and lowered their target price for the company from $380.00 to $250.00 in a research note on Thursday, July 28th. UBS Group lowered their target price on Align Technology from $380.00 to $370.00 and set a “buy” rating on the stock in a research note on Friday, July 29th. Robert W. Baird lowered their target price on Align Technology from $450.00 to $410.00 and set an “outperform” rating on the stock in a research note on Thursday, July 28th. Morgan Stanley lowered their price target on Align Technology from $438.00 to $402.00 and set an “overweight” rating for the company in a research note on Thursday, July 28th. Finally, Stephens lowered their price target on Align Technology from $500.00 to $375.00 and set an “overweight” rating for the company in a research note on Thursday, July 28th. One analyst has rated the stock with a sell rating, one has given a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $358.33.

Align Technology Stock Down 1.9 %

Shares of Align Technology stock opened at $244.19 on Tuesday. The stock has a market capitalization of $19.07 billion, a P/E ratio of 31.23, a PEG ratio of 7.43 and a beta of 1.80. The stock has a 50 day moving average price of $264.80 and a two-hundred day moving average price of $308.33. Align Technology, Inc. has a 12-month low of $225.86 and a 12-month high of $737.45.

Align Technology (NASDAQ:ALGNGet Rating) last announced its earnings results on Wednesday, July 27th. The medical equipment provider reported $2.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.23 by ($0.23). The company had revenue of $969.60 million for the quarter, compared to the consensus estimate of $986.05 million. Align Technology had a return on equity of 17.47% and a net margin of 15.52%. The firm’s revenue for the quarter was down 3.0% compared to the same quarter last year. During the same period in the previous year, the company earned $2.51 EPS. Sell-side analysts anticipate that Align Technology, Inc. will post 7.76 earnings per share for the current year.

About Align Technology

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Align Technology, Inc, a medical device company, designs, manufactures, and markets Invisalign clear aligners and iTero intraoral scanners and services for orthodontists and general practitioner dentists, and restorative and aesthetic dentistry. It operates in two segments, Clear Aligner; and Scanners and Services.

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Institutional Ownership by Quarter for Align Technology (NASDAQ:ALGN)

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