Vontobel Holding Ltd. Sells 326 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Vontobel Holding Ltd. cut its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 2.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,250 shares of the medical equipment provider’s stock after selling 326 shares during the period. Vontobel Holding Ltd.’s holdings in Align Technology were worth $2,861,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Swedbank AB increased its position in shares of Align Technology by 30.1% in the third quarter. Swedbank AB now owns 389,115 shares of the medical equipment provider’s stock valued at $98,960,000 after acquiring an additional 90,000 shares during the period. Creative Planning increased its position in shares of Align Technology by 7.9% in the third quarter. Creative Planning now owns 11,144 shares of the medical equipment provider’s stock valued at $2,834,000 after acquiring an additional 817 shares during the period. Sapient Capital LLC purchased a new position in shares of Align Technology in the third quarter valued at about $545,000. CVA Family Office LLC increased its position in shares of Align Technology by 85.2% in the third quarter. CVA Family Office LLC now owns 150 shares of the medical equipment provider’s stock valued at $38,000 after acquiring an additional 69 shares during the period. Finally, Factory Mutual Insurance Co. increased its position in shares of Align Technology by 19.9% in the third quarter. Factory Mutual Insurance Co. now owns 168,293 shares of the medical equipment provider’s stock valued at $42,800,000 after acquiring an additional 27,900 shares during the period. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Stock Up 1.7 %

Shares of Align Technology stock opened at $219.70 on Friday. The company has a market cap of $16.54 billion, a price-to-earnings ratio of 36.19, a price-to-earnings-growth ratio of 5.33 and a beta of 1.64. The company’s 50 day moving average is $234.57 and its 200 day moving average is $253.52. Align Technology, Inc. has a twelve month low of $176.34 and a twelve month high of $335.40.

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 analysts’ consensus estimates of $2.32 by $0.09. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The company had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter in the prior year, the firm earned $1.73 earnings per share. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. Sell-side analysts expect that Align Technology, Inc. will post 7.61 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ALGN. Stifel Nicolaus reduced their price target on shares of Align Technology from $350.00 to $285.00 and set a “buy” rating on the stock in a research report on Friday, October 11th. Robert W. Baird reduced their price target on shares of Align Technology from $370.00 to $325.00 and set an “outperform” rating on the stock in a research report on Monday, July 22nd. Evercore ISI reduced their price target on shares of Align Technology from $280.00 to $270.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 8th. Needham & Company LLC started coverage on shares of Align Technology in a report on Thursday, October 10th. They issued a “hold” rating on the stock. Finally, Piper Sandler cut their price objective on shares of Align Technology from $315.00 to $285.00 and set an “overweight” rating on the stock in a report on Thursday. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Align Technology has a consensus rating of “Hold” and an average price target of $291.25.

Insiders Place Their Bets

In other Align Technology news, Director C Raymond Larkin, Jr. purchased 6,500 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were acquired at an average cost of $235.33 per share, for a total transaction of $1,529,645.00. Following the completion of the transaction, the director now owns 28,247 shares of the company’s stock, valued at approximately $6,647,366.51. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.62% of the company’s stock.

Align Technology Company 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.