Gulf International Bank UK Ltd Has $1.46 Million Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Gulf International Bank UK Ltd cut its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 4.9% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 5,732 shares of the medical equipment provider’s stock after selling 296 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Align Technology were worth $1,457,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Cullen Frost Bankers Inc. increased its stake in shares of Align Technology by 854.5% in the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock valued at $25,000 after buying an additional 94 shares in the last quarter. Innealta Capital LLC acquired a new stake in shares of Align Technology in the second quarter valued at $26,000. Rothschild Investment LLC acquired a new stake in shares of Align Technology in the second quarter valued at $26,000. Versant Capital Management Inc increased 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 valued at $27,000 after buying an additional 93 shares in the last quarter. Finally, LRI Investments LLC acquired a new stake in shares of Align Technology in the first quarter valued at $29,000. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Align Technology

In other news, Director C Raymond Larkin, Jr. bought 6,500 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were acquired at an average price of $235.33 per share, with a total value of $1,529,645.00. Following the transaction, the director now owns 28,247 shares in the company, valued at $6,647,366.51. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.62% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on ALGN shares. 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 report on Thursday, October 24th. 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 report on Thursday, October 24th. 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 report on Thursday, October 24th. Stifel Nicolaus reduced their target price on Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a report on Thursday, October 24th. Finally, StockNews.com upgraded Align Technology from a “hold” rating to a “buy” rating in a report on Thursday, September 19th. One analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $276.38.

Align Technology Price Performance

NASDAQ ALGN opened at $222.18 on Friday. The firm has a market cap of $16.60 billion, a P/E ratio of 37.91, a P/E/G ratio of 4.98 and a beta of 1.65. The stock’s 50-day moving average is $230.02 and its 200-day moving average is $244.03. Align Technology, Inc. has a one year low of $186.01 and a one year high of $335.40.

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