Covestor Ltd Acquires 76 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Covestor Ltd raised its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 26.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 362 shares of the medical equipment provider’s stock after buying an additional 76 shares during the period. Covestor Ltd’s holdings in Align Technology were worth $92,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in ALGN. Cullen Frost Bankers Inc. grew its holdings in Align Technology by 854.5% during the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock worth $25,000 after buying an additional 94 shares in the last quarter. Innealta Capital LLC purchased a new position in Align Technology during the 2nd quarter worth $26,000. Rothschild Investment LLC bought a new stake in shares of Align Technology in the 2nd quarter worth $26,000. Versant Capital Management Inc raised its holdings 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 purchasing an additional 93 shares during the last quarter. Finally, LRI Investments LLC bought a new position in shares of Align Technology during the first quarter valued at about $29,000. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on ALGN shares. Stifel Nicolaus reduced their price objective on shares of Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a research 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 for the company in a research report on Thursday, October 24th. Evercore ISI cut their price objective on Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Morgan Stanley decreased their target price on Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a research report on Thursday, October 24th. Finally, Robert W. Baird cut their price target on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $276.38.

Align Technology Stock Down 1.9 %

ALGN opened at $215.03 on Thursday. The company has a market capitalization of $16.05 billion, a price-to-earnings ratio of 36.69, a PEG ratio of 5.68 and a beta of 1.65. The firm has a 50-day moving average price of $229.04 and a 200-day moving average price of $241.11. Align Technology, Inc. has a twelve month low of $196.09 and a twelve month high of $335.40.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.04. The firm had revenue of $977.87 million for the quarter, compared to the consensus estimate of $990.05 million. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The business’s quarterly revenue was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.62 earnings per share. On average, sell-side analysts expect that Align Technology, Inc. will post 7.45 earnings per share for the current fiscal year.

About Align Technology

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.