Argent Capital Management LLC Has $31.60 Million Position in Align Technology, Inc. (NASDAQ:ALGN)

Argent Capital Management LLC reduced its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 7.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 124,261 shares of the medical equipment provider’s stock after selling 10,601 shares during the period. Argent Capital Management LLC’s holdings in Align Technology were worth $31,602,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. Cullen Frost Bankers Inc. boosted its stake in shares of Align Technology by 854.5% during the 2nd 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 during the period. Mather Group LLC. acquired a new stake in Align Technology during the first quarter valued at $26,000. Innealta Capital LLC purchased a new position in Align Technology in the second quarter valued at about $26,000. Rothschild Investment LLC purchased a new position in Align Technology in the second quarter valued at about $26,000. Finally, Versant Capital Management Inc raised its stake in shares of Align Technology by 547.1% during the 2nd quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock worth $27,000 after purchasing an additional 93 shares in the last quarter. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Align Technology Trading Up 7.0 %

ALGN traded up $14.62 during midday trading on Thursday, reaching $222.28. The company’s stock had a trading volume of 1,025,632 shares, compared to its average volume of 773,615. The company has a fifty day simple moving average of $234.20 and a 200 day simple moving average of $250.96. The stock has a market cap of $16.73 billion, a P/E ratio of 36.65, a PEG ratio of 5.33 and a beta of 1.64. Align Technology, Inc. has a twelve month low of $176.34 and a twelve month high of $335.40.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data 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. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The business had revenue of $977.87 million for the quarter, compared to the consensus estimate of $990.05 million. During the same quarter last year, the company posted $1.62 earnings per share. Align Technology’s quarterly revenue was up 1.8% on a year-over-year basis. Sell-side analysts expect that Align Technology, Inc. will post 7.61 earnings per share for the current year.

Insider Activity at Align Technology

In other news, Director C Raymond Larkin, Jr. purchased 6,500 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was purchased at an average price of $235.33 per share, with a total value of $1,529,645.00. Following the acquisition, the director now directly owns 28,247 shares in the company, valued at approximately $6,647,366.51. The trade was a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 0.62% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages recently commented on ALGN. Morgan Stanley lowered their price target on Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a research note on Thursday, July 25th. Robert W. Baird dropped their price target on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a research note on Thursday. Evercore ISI cut their price target on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a report on Thursday. StockNews.com upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a report on Thursday, September 19th. Finally, Needham & Company LLC restated a “hold” rating on shares of Align Technology in a report on Thursday. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $281.38.

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.