Ashton Thomas Private Wealth LLC Acquires New Position in Align Technology, Inc. (NASDAQ:ALGN)

Ashton Thomas Private Wealth LLC purchased a new position in shares of Align Technology, Inc. (NASDAQ:ALGN) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 372 shares of the medical equipment provider’s stock, valued at approximately $90,000.

A number of other large investors also recently bought and sold shares of ALGN. Quest Partners LLC increased its position in shares of Align Technology by 893.6% during the second quarter. Quest Partners LLC now owns 4,511 shares of the medical equipment provider’s stock worth $1,089,000 after acquiring an additional 4,057 shares during the last quarter. Acadian Asset Management LLC acquired a new stake in Align Technology in the second quarter valued at $4,606,000. Cullen Frost Bankers Inc. grew its holdings in Align Technology by 854.5% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock worth $25,000 after acquiring an additional 94 shares in the last quarter. Candriam S.C.A. increased its position in shares of Align Technology by 675.4% in the 2nd quarter. Candriam S.C.A. now owns 38,450 shares of the medical equipment provider’s stock worth $9,283,000 after purchasing an additional 33,491 shares during the last quarter. Finally, Victory Capital Management Inc. raised its stake in shares of Align Technology by 251.1% in the 2nd quarter. Victory Capital Management Inc. now owns 114,518 shares of the medical equipment provider’s stock valued at $27,648,000 after purchasing an additional 81,899 shares in 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 opened at $243.73 on Friday. The firm has a market cap of $18.21 billion, a price-to-earnings ratio of 40.15, a P/E/G ratio of 5.13 and a beta of 1.64. The business’s 50-day simple moving average is $232.08 and its 200-day simple moving average is $266.34. Align Technology, Inc. has a 52 week low of $176.34 and a 52 week high of $335.73.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share for the quarter, beating the consensus estimate of $2.32 by $0.09. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The firm had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter in the prior year, the company earned $1.73 EPS. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, equities research analysts forecast 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. acquired 6,500 shares of Align Technology stock in a transaction on Thursday, August 15th. The stock was bought at an average price of $235.33 per share, for a total transaction of $1,529,645.00. Following the transaction, the director now owns 28,247 shares of the company’s stock, valued at $6,647,366.51. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. 0.62% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

ALGN has been the subject of several research analyst reports. StockNews.com lowered Align Technology from a “buy” rating to a “hold” rating in a report on Sunday, September 1st. Piper Sandler reissued an “overweight” rating and set a $315.00 target price on shares of Align Technology in a report on Friday. Stifel Nicolaus decreased their price target on shares of Align Technology from $400.00 to $350.00 and set a “buy” rating for the company in a report on Thursday, July 25th. Morgan Stanley cut their target price on Align Technology from $328.00 to $310.00 and set an “overweight” rating on the stock in a research note on Thursday, July 25th. Finally, OTR Global reaffirmed a “mixed” rating on shares of Align Technology in a research report on Tuesday, June 4th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat, Align Technology currently has a consensus rating of “Hold” and an average target price of $306.88.

Align Technology 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.