Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by Pitcairn Co.

Pitcairn Co. lessened its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 41.4% during the third quarter, HoldingsChannel reports. The fund owned 7,435 shares of the medical equipment provider’s stock after selling 5,249 shares during the period. Pitcairn Co.’s holdings in Align Technology were worth $1,891,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Cullen Frost Bankers Inc. boosted its position in Align Technology by 854.5% during the second 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 in the last quarter. Innealta Capital LLC purchased a new stake in Align Technology during the second quarter worth $26,000. Rothschild Investment LLC purchased a new stake in Align Technology during the second quarter worth $26,000. Versant Capital Management Inc boosted 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 purchasing an additional 93 shares in the last quarter. Finally, LRI Investments LLC purchased a new stake in Align Technology during the first quarter worth $29,000. Institutional investors and hedge funds own 88.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on ALGN. Stifel Nicolaus decreased their target price 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. StockNews.com upgraded Align Technology from a “hold” rating to a “buy” rating in a research report on Thursday, September 19th. 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. Morgan Stanley reduced their price objective on Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a research report on Thursday, October 24th. Finally, Evercore ISI reduced their price objective on Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat, Align Technology currently has a consensus rating of “Hold” and an average price target of $276.38.

Align Technology Trading Down 1.0 %

NASDAQ:ALGN opened at $225.89 on Friday. Align Technology, Inc. has a twelve month low of $196.09 and a twelve month high of $335.40. The firm has a market capitalization of $16.86 billion, a price-to-earnings ratio of 38.55, a PEG ratio of 5.91 and a beta of 1.65. The firm’s fifty day simple moving average is $228.54 and its 200 day simple moving average is $237.82.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.04. The company had revenue of $977.87 million during the quarter, compared to the consensus estimate of $990.05 million. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The company’s revenue was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.62 earnings per share. On average, analysts predict that Align Technology, Inc. will post 7.45 earnings per share for the current year.

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.