Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by Pitcairn Co.

Pitcairn Co. trimmed its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 41.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,435 shares of the medical equipment provider’s stock after selling 5,249 shares during the quarter. Pitcairn Co.’s holdings in Align Technology were worth $1,891,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Achmea Investment Management B.V. boosted its holdings in Align Technology by 3.4% during the 2nd quarter. Achmea Investment Management B.V. now owns 10,335 shares of the medical equipment provider’s stock valued at $2,495,000 after acquiring an additional 339 shares during the period. Tidal Investments LLC boosted its holdings in Align Technology by 122.9% during the 1st quarter. Tidal Investments LLC now owns 4,408 shares of the medical equipment provider’s stock valued at $1,445,000 after acquiring an additional 2,430 shares during the period. Swedbank AB boosted its holdings in Align Technology by 2.0% during the 2nd quarter. Swedbank AB now owns 299,115 shares of the medical equipment provider’s stock valued at $72,215,000 after acquiring an additional 6,005 shares during the period. Baker Avenue Asset Management LP purchased a new position in Align Technology during the 3rd quarter valued at about $4,250,000. Finally, Cetera Investment Advisers boosted its holdings in Align Technology by 914.2% during the 1st quarter. Cetera Investment Advisers now owns 12,627 shares of the medical equipment provider’s stock valued at $4,140,000 after acquiring an additional 11,382 shares during the period. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ALGN. Stifel Nicolaus lowered their target price on Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a report on Thursday, October 24th. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research note on Monday, November 4th. Piper Sandler decreased their price objective on Align Technology from $285.00 to $275.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. Morgan Stanley decreased their price objective on Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. Finally, Evercore ISI decreased their price objective on Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Align Technology currently has an average rating of “Hold” and an average target price of $276.38.

Align Technology Stock Down 1.0 %

ALGN opened at $225.89 on Friday. The firm has a market cap of $16.86 billion, a price-to-earnings ratio of 38.55, a price-to-earnings-growth ratio of 5.91 and a beta of 1.65. Align Technology, Inc. has a 52 week low of $196.09 and a 52 week high of $335.40. The business’s 50 day moving average is $228.54 and its two-hundred day moving average is $237.82.

Align Technology (NASDAQ:ALGN) last released its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. The business 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%. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.62 earnings per share. Equities analysts expect that Align Technology, Inc. will post 7.45 EPS for the current fiscal 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.