Heritage Investors Management Corp Lowers Stake in Align Technology, Inc. (NASDAQ:ALGN)

Heritage Investors Management Corp lessened its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 2.7% in the third quarter, Holdings Channel.com reports. The fund owned 13,811 shares of the medical equipment provider’s stock after selling 380 shares during the quarter. Heritage Investors Management Corp’s holdings in Align Technology were worth $3,512,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. LRI Investments LLC purchased a new stake in shares of Align Technology in the first quarter worth about $29,000. Cullen Frost Bankers Inc. boosted its position in shares of Align Technology by 854.5% in the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock worth $25,000 after buying an additional 94 shares during the period. Rothschild Investment LLC purchased a new stake in shares of Align Technology in the second quarter worth about $26,000. Innealta Capital LLC acquired a new position in shares of Align Technology in the second quarter worth about $26,000. Finally, Versant Capital Management Inc lifted its stake in shares of Align Technology by 547.1% in the second quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock worth $27,000 after acquiring an additional 93 shares in the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Analysts Set New Price Targets

ALGN has been the topic of several recent analyst reports. Piper Sandler cut their price target on Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Robert W. Baird cut their price target on Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Morgan Stanley cut their price target on Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. StockNews.com upgraded Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research note on Monday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Align Technology presently has a consensus rating of “Hold” and a consensus target price of $276.38.

Insider Buying and Selling

In related news, Director C Raymond Larkin, Jr. purchased 6,500 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The shares were acquired at an average price of $235.33 per share, with a total value of $1,529,645.00. Following the acquisition, the director now owns 28,247 shares in the company, valued at approximately $6,647,366.51. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.62% of the company’s stock.

Align Technology Stock Up 0.6 %

Shares of NASDAQ ALGN opened at $212.15 on Wednesday. The stock’s 50 day moving average price is $230.15 and its two-hundred day moving average price is $244.16. Align Technology, Inc. has a 52-week low of $186.01 and a 52-week high of $335.40. The stock has a market capitalization of $15.85 billion, a P/E ratio of 36.20, a PEG ratio of 4.93 and a beta of 1.65.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.31 by $0.04. The firm had revenue of $977.87 million for the quarter, compared to analysts’ expectations of $990.05 million. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. Align Technology’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.62 earnings per share. On average, analysts anticipate that Align Technology, Inc. will post 7.45 EPS 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.