Align Technology, Inc. (NASDAQ:ALGN) Stake Increased by Canal Capital Management LLC

Canal Capital Management LLC boosted its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 4.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,663 shares of the medical equipment provider’s stock after purchasing an additional 141 shares during the quarter. Canal Capital Management LLC’s holdings in Align Technology were worth $2,437,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the business. Parisi Gray Wealth Management acquired a new stake in Align Technology in the second quarter worth about $38,000. Dark Forest Capital Management LP acquired a new stake in Align Technology during the 2nd quarter worth about $40,000. Eagle Bay Advisors LLC acquired a new stake in Align Technology during the 2nd quarter worth about $57,000. Mizuho Securities Co. Ltd. acquired a new stake in Align Technology during the 2nd quarter worth about $61,000. Finally, Manchester Capital Management LLC grew its stake in Align Technology by 16.9% during the 2nd quarter. Manchester Capital Management LLC now owns 104 shares of the medical equipment provider’s stock valued at $64,000 after acquiring an additional 15 shares in the last quarter. 83.80% of the stock is owned by hedge funds and other institutional investors.

Align Technology stock opened at $653.20 on Friday. Align Technology, Inc. has a 52 week low of $465.76 and a 52 week high of $737.45. The stock has a fifty day moving average of $658.41 and a 200-day moving average of $646.99. The stock has a market capitalization of $51.50 billion, a P/E ratio of 70.24, a price-to-earnings-growth ratio of 3.33 and a beta of 1.57.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Tuesday, October 26th. The medical equipment provider reported $2.87 earnings per share for the quarter, beating the consensus estimate of $2.60 by $0.27. Align Technology had a return on equity of 21.88% and a net margin of 19.70%. The company had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $977.81 million. During the same quarter in the prior year, the firm posted $1.76 earnings per share. The business’s quarterly revenue was up 38.4% on a year-over-year basis. As a group, research analysts anticipate that Align Technology, Inc. will post 9.04 earnings per share for the current year.

In related news, Director Warren S. Thaler sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 10th. The stock was sold at an average price of $703.06, for a total value of $3,515,300.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO John Morici sold 3,000 shares of the company’s stock in a transaction on Monday, November 8th. The stock was sold at an average price of $699.08, for a total value of $2,097,240.00. The disclosure for this sale can be found here. Corporate insiders own 0.70% of the company’s stock.

ALGN has been the subject of several recent research reports. Piper Sandler boosted their price target on Align Technology from $775.00 to $825.00 and gave the company an “overweight” rating in a research note on Thursday, October 28th. The Goldman Sachs Group lowered Align Technology to a “buy” rating and set a $810.00 price target for the company. in a report on Thursday, October 28th. Credit Suisse Group upped their target price on Align Technology from $715.00 to $732.00 and gave the company an “outperform” rating in a research note on Thursday, July 29th. Finally, William Blair reiterated an “outperform” rating on shares of Align Technology in a research note on Monday, November 1st. Two research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, Align Technology presently has a consensus rating of “Buy” and an average price target of $723.46.

About Align Technology

Align Technology, Inc engages in the design, manufacture, and market of orthodontics, restorative, and aesthetic dentistry products. It operates through the Clear Aligner, and Scanner and Services segments. The Clear Aligner segment consists of invisalign full, teen, and assist products, and vivera retainers for treating malocclusion.

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Institutional Ownership by Quarter for Align Technology (NASDAQ:ALGN)