Blue Trust Inc. Increases Stock Position in Align Technology, Inc. (NASDAQ:ALGN)

Blue Trust Inc. lifted its stake in Align Technology, Inc. (NASDAQ:ALGN) by 327.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 568 shares of the medical equipment provider’s stock after purchasing an additional 435 shares during the quarter. Blue Trust Inc.’s holdings in Align Technology were worth $137,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the business. Kayne Anderson Rudnick Investment Management LLC increased 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 acquiring an additional 477,380 shares in the last quarter. Swedbank AB bought a new stake in Align Technology during the first quarter valued at about $96,117,000. Bares Capital Management Inc. boosted its position in Align Technology by 44.4% during the first quarter. Bares Capital Management Inc. now owns 819,930 shares of the medical equipment provider’s stock valued at $268,871,000 after purchasing an additional 252,220 shares in the last quarter. Point72 Asset Management L.P. boosted its holdings in Align Technology by 127.4% in the second quarter. Point72 Asset Management L.P. now owns 343,512 shares of the medical equipment provider’s stock worth $82,934,000 after acquiring an additional 192,474 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its holdings in shares of Align Technology by 371.0% during the first quarter. Jacobs Levy Equity Management Inc. now owns 218,779 shares of the medical equipment provider’s stock worth $71,742,000 after purchasing an additional 172,330 shares during the period. 88.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ALGN. Robert W. Baird cut their price objective on Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a research report on Thursday. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research note on Thursday. Piper Sandler decreased their price target on Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a research note on Thursday. Morgan Stanley decreased their price target on Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a research note on Thursday. Finally, Evercore ISI decreased their price target on Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a research note on Thursday. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $276.38.

Insiders Place Their Bets

In related news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was bought at an average cost of $235.33 per share, with a total value of $1,529,645.00. Following the transaction, the director now owns 28,247 shares of the company’s stock, valued at $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 the SEC website. 0.62% of the stock is owned by insiders.

Align Technology Price Performance

Shares of NASDAQ ALGN opened at $219.30 on Monday. Align Technology, Inc. has a 1-year low of $176.34 and a 1-year high of $335.40. The company has a market cap of $16.51 billion, a price-to-earnings ratio of 36.13, a price-to-earnings-growth ratio of 5.33 and a beta of 1.64. The stock’s 50-day moving average is $233.41 and its two-hundred day moving average is $248.91.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The firm had revenue of $977.87 million during the quarter, compared to analysts’ expectations of $990.05 million. During the same period in the prior year, the firm earned $1.62 EPS. The business’s revenue was up 1.8% on a year-over-year basis. Equities research analysts anticipate that Align Technology, Inc. will post 7.61 earnings per share for the current fiscal year.

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.