First Horizon Advisors Inc. Acquires 138 Shares of Align Technology, Inc. (NASDAQ:ALGN)

First Horizon Advisors Inc. increased its stake in Align Technology, Inc. (NASDAQ:ALGN) by 16.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 990 shares of the medical equipment provider’s stock after purchasing an additional 138 shares during the period. First Horizon Advisors Inc.’s holdings in Align Technology were worth $252,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of ALGN. Cullen Frost Bankers Inc. increased its stake in shares of 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 purchasing an additional 94 shares during the last quarter. Innealta Capital LLC bought a new stake in shares of Align Technology in the second quarter valued at about $26,000. Rothschild Investment LLC bought a new stake in Align Technology in the 2nd quarter valued at about $26,000. Versant Capital Management Inc grew its position in Align Technology by 547.1% during the second quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock worth $27,000 after buying an additional 93 shares in the last quarter. Finally, LRI Investments LLC acquired a new stake in shares of Align Technology during the 1st quarter worth $29,000. 88.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ALGN. Stifel Nicolaus decreased their price target on Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a research note on Thursday, October 24th. Morgan Stanley cut their target price on Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Evercore ISI decreased their price objective on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a research report on Monday, November 4th. Finally, Robert W. Baird decreased their target price on Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $276.38.

Align Technology Stock Performance

Shares of NASDAQ:ALGN opened at $225.89 on Friday. The stock has a 50 day moving average price of $228.54 and a 200-day moving average price of $238.16. The firm has a market capitalization of $16.86 billion, a P/E ratio of 38.55, a P/E/G ratio of 5.77 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.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. The company had revenue of $977.87 million during the quarter, compared to analyst estimates of $990.05 million. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. The firm’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.62 EPS. On average, equities analysts forecast that Align Technology, Inc. will post 7.45 EPS for the current fiscal 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.