Bleakley Financial Group LLC Increases Position in Align Technology, Inc. (NASDAQ:ALGN)

Bleakley Financial Group LLC lifted its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 30.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,114 shares of the medical equipment provider’s stock after acquiring an additional 261 shares during the quarter. Bleakley Financial Group LLC’s holdings in Align Technology were worth $283,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Vanguard Group Inc. increased its position in shares of Align Technology by 0.3% during the first quarter. Vanguard Group Inc. now owns 8,375,147 shares of the medical equipment provider’s stock worth $2,746,378,000 after acquiring an additional 25,362 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Align Technology by 1.4% during the second quarter. Bank of New York Mellon Corp now owns 1,148,282 shares of the medical equipment provider’s stock worth $277,230,000 after acquiring an additional 15,540 shares during the last quarter. Ninety One UK Ltd increased its position in shares of Align Technology by 1.0% during the second quarter. Ninety One UK Ltd now owns 1,147,124 shares of the medical equipment provider’s stock worth $276,950,000 after acquiring an additional 10,919 shares during the last quarter. Bares Capital Management Inc. increased its position in shares of Align Technology by 44.4% during the first quarter. Bares Capital Management Inc. now owns 819,930 shares of the medical equipment provider’s stock worth $268,871,000 after acquiring an additional 252,220 shares during the last quarter. Finally, Disciplined Growth Investors Inc. MN increased its position in shares of Align Technology by 0.5% during the second quarter. Disciplined Growth Investors Inc. MN now owns 707,542 shares of the medical equipment provider’s stock worth $170,822,000 after acquiring an additional 3,600 shares during the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ALGN has been the subject of several research analyst reports. StockNews.com raised Align Technology from a “hold” rating to a “buy” rating in a report on Thursday, September 19th. Stifel Nicolaus lowered their price objective on Align Technology from $350.00 to $285.00 and set a “buy” rating for the company in a report on Friday, October 11th. Needham & Company LLC initiated coverage on Align Technology in a report on Thursday, October 10th. They issued a “hold” rating for the company. Robert W. Baird lowered their price objective on Align Technology from $370.00 to $325.00 and set an “outperform” rating for the company in a report on Monday, July 22nd. Finally, Piper Sandler lowered their price objective on Align Technology from $315.00 to $285.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $291.25.

Align Technology Trading Down 1.5 %

NASDAQ:ALGN opened at $207.66 on Thursday. The firm has a market capitalization of $15.63 billion, a PE ratio of 34.21, a price-to-earnings-growth ratio of 5.33 and a beta of 1.64. The stock has a 50 day moving average of $234.20 and a 200-day moving average of $250.96. Align Technology, Inc. has a 52 week low of $176.34 and a 52 week high of $335.40.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.32 by $0.09. The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.04 billion. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The business’s revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.73 earnings per share. As a group, analysts predict that Align Technology, Inc. will post 7.61 EPS for the current fiscal year.

Insider Transactions at Align Technology

In other Align Technology news, Director C Raymond Larkin, Jr. acquired 6,500 shares of Align Technology stock in a transaction dated Thursday, August 15th. The stock was acquired at an average cost of $235.33 per share, for a total transaction of $1,529,645.00. Following the completion of the transaction, the director now owns 28,247 shares in the company, valued at approximately $6,647,366.51. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.62% of the company’s stock.

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.