Zurcher Kantonalbank Zurich Cantonalbank Sells 499 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Zurcher Kantonalbank Zurich Cantonalbank reduced its stake in Align Technology, Inc. (NASDAQ:ALGN) by 1.8% during the third quarter, HoldingsChannel.com reports. The fund owned 27,065 shares of the medical equipment provider’s stock after selling 499 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Align Technology were worth $6,883,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Achmea Investment Management B.V. increased its holdings in shares of Align Technology by 3.4% in the second quarter. Achmea Investment Management B.V. now owns 10,335 shares of the medical equipment provider’s stock worth $2,495,000 after purchasing an additional 339 shares during the last quarter. Tidal Investments LLC increased its stake in Align Technology by 122.9% in the 1st quarter. Tidal Investments LLC now owns 4,408 shares of the medical equipment provider’s stock worth $1,445,000 after acquiring an additional 2,430 shares during the last quarter. Swedbank AB raised its holdings in shares of Align Technology by 2.0% during the 2nd quarter. Swedbank AB now owns 299,115 shares of the medical equipment provider’s stock worth $72,215,000 after acquiring an additional 6,005 shares in the last quarter. Baker Avenue Asset Management LP bought a new position in shares of Align Technology during the 3rd quarter valued at approximately $4,250,000. Finally, Cetera Investment Advisers grew its holdings in shares of Align Technology by 914.2% in the first quarter. Cetera Investment Advisers now owns 12,627 shares of the medical equipment provider’s stock valued at $4,140,000 after purchasing an additional 11,382 shares in the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Stock Up 1.4 %

ALGN opened at $232.77 on Monday. The business has a fifty day moving average of $226.43 and a 200 day moving average of $236.00. The stock has a market cap of $17.38 billion, a P/E ratio of 39.72, a PEG ratio of 6.03 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 issued its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. The firm 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 business’s revenue was up 1.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.62 earnings per share. Equities analysts anticipate that Align Technology, Inc. will post 7.45 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have commented on ALGN. Piper Sandler lowered their price objective on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating for the company in a research report on Thursday, October 24th. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research report on Monday, November 4th. Morgan Stanley decreased 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. StockNews.com upgraded Align Technology from a “hold” rating to a “buy” rating in a report on Thursday, September 19th. Finally, Robert W. Baird decreased their price target on Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. One 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’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $276.38.

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.