Blue Trust Inc. Raises Stake in Align Technology, Inc. (NASDAQ:ALGN)

Blue Trust Inc. boosted its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 150.9% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 133 shares of the medical equipment provider’s stock after buying an additional 80 shares during the period. Blue Trust Inc.’s holdings in Align Technology were worth $32,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ALGN. Mather Group LLC. acquired a new position in Align Technology in the 1st quarter worth $26,000. Versant Capital Management Inc lifted its stake in shares of Align Technology by 547.1% in the second quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock worth $27,000 after acquiring an additional 93 shares in the last quarter. LRI Investments LLC acquired a new stake in Align Technology during the 1st quarter valued at approximately $29,000. Trust Co. of Vermont purchased a new stake in Align Technology during the 2nd quarter worth approximately $39,000. Finally, Crewe Advisors LLC acquired a new position in shares of Align Technology in the 1st quarter valued at approximately $41,000. 88.43% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Morgan Stanley decreased their price target 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. Evercore ISI decreased their price target on Align Technology from $370.00 to $300.00 and set an “outperform” rating for the company in a research note on Monday, June 10th. Stifel Nicolaus cut their price objective on Align Technology from $400.00 to $350.00 and set a “buy” rating on the stock in a research note on Thursday, July 25th. Robert W. Baird decreased their target price on Align Technology from $370.00 to $325.00 and set an “outperform” rating for the company in a research report on Monday, July 22nd. Finally, Piper Sandler dropped their price target on Align Technology from $330.00 to $315.00 and set an “overweight” rating on the stock in a research report on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $322.78.

Align Technology Price Performance

Shares of NASDAQ ALGN opened at $233.97 on Friday. Align Technology, Inc. has a 1-year low of $176.34 and a 1-year high of $375.68. The firm has a market capitalization of $17.61 billion, a PE ratio of 38.55, a P/E/G ratio of 5.18 and a beta of 1.66. The business’s fifty day moving average price is $235.53 and its two-hundred day moving average price is $274.20.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share for the quarter, beating the consensus estimate of $2.32 by $0.09. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The firm had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.04 billion. During the same period last year, the firm posted $1.73 EPS. Align Technology’s quarterly revenue was up 2.6% compared to the same quarter last year. Equities research analysts expect that Align Technology, Inc. will post 7.64 earnings per share for the current fiscal year.

Insider Transactions at Align Technology

In other Align Technology news, Director C Raymond Larkin, Jr. bought 6,500 shares of the stock in a transaction that occurred on 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 transaction, the director now directly owns 28,247 shares in the company, valued at $6,647,366.51. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.62% of the company’s stock.

Align Technology Profile

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.