Country Trust Bank Increases Position in Align Technology, Inc. (NASDAQ:ALGN)

Country Trust Bank increased its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 7.9% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 103,538 shares of the medical equipment provider’s stock after acquiring an additional 7,611 shares during the quarter. Country Trust Bank owned approximately 0.14% of Align Technology worth $26,332,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Kayne Anderson Rudnick Investment Management LLC raised its position in shares of Align Technology by 4,391.3% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 488,251 shares of the medical equipment provider’s stock valued at $117,879,000 after purchasing an additional 477,380 shares in the last quarter. Swedbank AB acquired a new stake in Align Technology in the first quarter valued at $96,117,000. Bares Capital Management Inc. raised its holdings in Align Technology by 44.4% in the first quarter. Bares Capital Management Inc. now owns 819,930 shares of the medical equipment provider’s stock valued at $268,871,000 after acquiring an additional 252,220 shares in the last quarter. Point72 Asset Management L.P. boosted its stake in Align Technology by 127.4% during the 2nd quarter. Point72 Asset Management L.P. now owns 343,512 shares of the medical equipment provider’s stock valued at $82,934,000 after acquiring an additional 192,474 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its holdings in Align Technology by 371.0% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 218,779 shares of the medical equipment provider’s stock worth $71,742,000 after acquiring an additional 172,330 shares in the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Robert W. Baird cut their target price on shares of Align Technology from $370.00 to $325.00 and set an “outperform” rating on the stock in a research note on Monday, July 22nd. Evercore ISI reduced their target price on Align Technology from $280.00 to $270.00 and set an “outperform” rating on the stock in a report on Tuesday. Morgan Stanley decreased their target price on Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a research report on Thursday, July 25th. StockNews.com raised Align Technology from a “hold” rating to a “buy” rating in a research report on Thursday, September 19th. Finally, Stifel Nicolaus decreased their price objective 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. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $303.13.

Align Technology Price Performance

Shares of NASDAQ ALGN opened at $234.06 on Wednesday. The firm has a market capitalization of $17.62 billion, a PE ratio of 38.56, a P/E/G ratio of 5.77 and a beta of 1.64. Align Technology, Inc. has a 1-year low of $176.34 and a 1-year high of $335.40. The business’s fifty day moving average price is $233.38 and its two-hundred day moving average price is $258.86.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data 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. The firm had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.04 billion. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. Align Technology’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period last year, the firm posted $1.73 EPS. Equities research analysts expect that Align Technology, Inc. will post 7.61 earnings per share for the current fiscal year.

Insider Transactions at Align Technology

In other Align Technology news, Director C Raymond Larkin, Jr. bought 6,500 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were purchased at an average cost of $235.33 per share, for a total transaction of $1,529,645.00. Following the transaction, the director now directly owns 28,247 shares in the company, valued at $6,647,366.51. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.62% of the company’s stock.

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.