Oppenheimer & Co. Inc. Reduces Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Oppenheimer & Co. Inc. decreased its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 8.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 9,756 shares of the medical equipment provider’s stock after selling 950 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Align Technology were worth $3,199,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. JCIC Asset Management Inc. grew its holdings in shares of Align Technology by 15.8% during the first quarter. JCIC Asset Management Inc. now owns 439 shares of the medical equipment provider’s stock worth $144,000 after purchasing an additional 60 shares during the last quarter. Sciencast Management LP purchased a new position in shares of Align Technology during the first quarter worth about $307,000. Empirical Finance LLC grew its holdings in shares of Align Technology by 3.5% during the first quarter. Empirical Finance LLC now owns 2,599 shares of the medical equipment provider’s stock worth $852,000 after buying an additional 87 shares during the last quarter. Geneos Wealth Management Inc. grew its holdings in shares of Align Technology by 1.3% during the first quarter. Geneos Wealth Management Inc. now owns 12,237 shares of the medical equipment provider’s stock worth $4,013,000 after buying an additional 152 shares during the last quarter. Finally, DAVENPORT & Co LLC grew its holdings in shares of Align Technology by 2.1% during the first quarter. DAVENPORT & Co LLC now owns 117,022 shares of the medical equipment provider’s stock worth $38,355,000 after buying an additional 2,351 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Stock Performance

Shares of NASDAQ:ALGN traded down $13.65 during midday trading on Friday, hitting $242.65. 1,030,947 shares of the company’s stock traded hands, compared to its average volume of 734,992. The company has a market cap of $18.27 billion, a PE ratio of 39.98, a P/E/G ratio of 4.73 and a beta of 1.66. The firm’s fifty day moving average price is $255.91 and its two-hundred day moving average price is $282.43. Align Technology, Inc. has a twelve month low of $176.34 and a twelve month high of $413.20.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, April 24th. The medical equipment provider reported $1.62 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.08. Align Technology had a net margin of 11.80% and a return on equity of 14.15%. The firm had revenue of $997.43 million for the quarter, compared to analyst estimates of $971.97 million. As a group, equities research analysts anticipate that Align Technology, Inc. will post 7.89 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on ALGN shares. Robert W. Baird raised their price target on Align Technology from $333.00 to $370.00 and gave the stock an “outperform” rating in a report on Thursday, April 25th. Morgan Stanley raised their price objective on shares of Align Technology from $344.00 to $360.00 and gave the company an “overweight” rating in a research report on Thursday, April 25th. Evercore ISI reduced their price objective on shares of Align Technology from $370.00 to $300.00 and set an “outperform” rating for the company in a research report on Monday, June 10th. Stifel Nicolaus raised their price objective on shares of Align Technology from $350.00 to $400.00 and gave the company a “buy” rating in a research report on Thursday, April 18th. Finally, Piper Sandler restated an “overweight” rating and issued a $330.00 price objective on shares of Align Technology in a research report on Wednesday. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $346.50.

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.