Park Place Capital Corp Sells 81 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Park Place Capital Corp trimmed its position in Align Technology, Inc. (NASDAQ:ALGN) by 19.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 345 shares of the medical equipment provider’s stock after selling 81 shares during the period. Park Place Capital Corp’s holdings in Align Technology were worth $113,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of ALGN. Norges Bank purchased a new position in Align Technology in the fourth quarter worth about $223,610,000. Ameriprise Financial Inc. lifted its position in shares of Align Technology by 348.9% during the 3rd quarter. Ameriprise Financial Inc. now owns 756,393 shares of the medical equipment provider’s stock valued at $230,938,000 after buying an additional 587,886 shares in the last quarter. Brown Advisory Inc. lifted its position in shares of Align Technology by 41.4% during the 4th quarter. Brown Advisory Inc. now owns 1,509,080 shares of the medical equipment provider’s stock valued at $413,488,000 after buying an additional 441,754 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in shares of Align Technology by 102.0% during the 4th quarter. Envestnet Asset Management Inc. now owns 414,772 shares of the medical equipment provider’s stock valued at $113,648,000 after buying an additional 209,419 shares in the last quarter. Finally, Avidity Partners Management LP purchased a new position in shares of Align Technology during the 4th quarter valued at about $42,689,000. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Stock Down 1.2 %

NASDAQ ALGN traded down $2.79 during trading hours on Monday, reaching $238.64. The company’s stock had a trading volume of 548,338 shares, compared to its average volume of 771,611. Align Technology, Inc. has a 1 year low of $176.34 and a 1 year high of $413.20. The firm’s 50-day moving average price is $266.69 and its 200-day moving average price is $284.07. The company has a market capitalization of $17.96 billion, a price-to-earnings ratio of 39.31, a PEG ratio of 4.47 and a beta of 1.66.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, April 24th. The medical equipment provider reported $1.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.08. Align Technology had a return on equity of 14.15% and a net margin of 11.80%. The business had revenue of $997.43 million for the quarter, compared to the consensus estimate of $971.97 million. Equities research analysts anticipate that Align Technology, Inc. will post 7.86 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on ALGN shares. Piper Sandler lowered their price objective on Align Technology from $375.00 to $330.00 and set an “overweight” rating on the stock in a research report on Friday, June 21st. UBS Group lifted their price objective on Align Technology from $280.00 to $320.00 and gave the company a “neutral” rating in a research report on Monday, April 15th. Morgan Stanley lifted their price objective on Align Technology from $344.00 to $360.00 and gave the company an “overweight” rating in a research report on Thursday, April 25th. Evercore ISI lowered their price objective on Align Technology from $370.00 to $300.00 and set an “outperform” rating on the stock in a research report on Monday, June 10th. Finally, Stifel Nicolaus lifted their price objective on Align Technology from $350.00 to $400.00 and gave the company a “buy” rating in a research report on Thursday, April 18th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Align Technology presently has an average rating of “Moderate Buy” and a consensus price target of $346.50.

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.