Allworth Financial LP Raises Stake in Align Technology, Inc. (NASDAQ:ALGN)

Allworth Financial LP increased its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 1,479.1% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 2,416 shares of the medical equipment provider’s stock after purchasing an additional 2,263 shares during the period. Allworth Financial LP’s holdings in Align Technology were worth $504,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Creative Planning raised its holdings in shares of Align Technology by 7.9% in the 3rd quarter. Creative Planning now owns 11,144 shares of the medical equipment provider’s stock valued at $2,834,000 after acquiring an additional 817 shares in the last quarter. Bleakley Financial Group LLC raised its holdings in shares of Align Technology by 30.6% in the 3rd quarter. Bleakley Financial Group LLC now owns 1,114 shares of the medical equipment provider’s stock valued at $283,000 after acquiring an additional 261 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of Align Technology by 327.1% in the 3rd quarter. Blue Trust Inc. now owns 568 shares of the medical equipment provider’s stock valued at $137,000 after acquiring an additional 435 shares in the last quarter. Raymond James & Associates raised its holdings in shares of Align Technology by 17.6% in the 3rd quarter. Raymond James & Associates now owns 21,214 shares of the medical equipment provider’s stock valued at $5,395,000 after acquiring an additional 3,170 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Align Technology by 12.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 77,234 shares of the medical equipment provider’s stock valued at $19,642,000 after acquiring an additional 8,781 shares in the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Wall Street Analysts Forecast Growth

ALGN has been the topic of several recent analyst reports. Morgan Stanley lowered their price target on Align Technology from $280.00 to $272.00 and set an “overweight” rating on the stock in a report on Thursday, February 6th. Evercore ISI increased their price objective on Align Technology from $240.00 to $260.00 and gave the company an “outperform” rating in a research report on Thursday, February 6th. Leerink Partnrs upgraded Align Technology from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 6th. Robert W. Baird reduced their price objective on Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Finally, Stifel Nicolaus reduced their price objective on Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a research report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $269.91.

Align Technology Stock Performance

Shares of ALGN stock opened at $198.06 on Friday. The firm has a market cap of $14.79 billion, a P/E ratio of 35.30, a P/E/G ratio of 2.38 and a beta of 1.67. Align Technology, Inc. has a fifty-two week low of $196.09 and a fifty-two week high of $335.40. The business’s 50 day moving average price is $215.95 and its 200-day moving average price is $224.29.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). Align Technology had a return on equity of 13.84% and a net margin of 10.54%. As a group, equities analysts predict that Align Technology, Inc. will post 7.98 EPS for the current year.

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.