Delap Wealth Advisory LLC Takes Position in Align Technology, Inc. (NASDAQ:ALGN)

Delap Wealth Advisory LLC acquired a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 631 shares of the medical equipment provider’s stock, valued at approximately $207,000.

A number of other hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in shares of Align Technology by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 8,375,147 shares of the medical equipment provider’s stock valued at $2,746,378,000 after acquiring an additional 25,362 shares during the last quarter. Brown Advisory Inc. increased its holdings 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 acquiring an additional 441,754 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Align Technology by 1.1% during the 1st quarter. Bank of New York Mellon Corp now owns 1,132,742 shares of the medical equipment provider’s stock valued at $371,449,000 after acquiring an additional 11,800 shares during the last quarter. Norges Bank acquired a new position in shares of Align Technology during the 4th quarter valued at about $223,610,000. Finally, Allianz Asset Management GmbH increased its holdings in shares of Align Technology by 11.1% during the 4th quarter. Allianz Asset Management GmbH now owns 668,823 shares of the medical equipment provider’s stock valued at $183,258,000 after acquiring an additional 67,088 shares during the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Stock Down 2.2 %

Shares of ALGN stock traded down $5.01 during mid-day trading on Friday, reaching $221.04. The stock had a trading volume of 674,737 shares, compared to its average volume of 774,497. The firm has a market cap of $16.64 billion, a PE ratio of 37.24, a P/E/G ratio of 4.55 and a beta of 1.66. Align Technology, Inc. has a one year low of $176.34 and a one year high of $413.20. The firm’s 50 day simple moving average is $250.05 and its 200 day simple moving average is $280.94.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 EPS for the quarter, topping the consensus estimate of $2.32 by $0.09. The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.04 billion. Align Technology had a return on equity of 14.10% and a net margin of 11.34%. Align Technology’s revenue was up 2.6% on a year-over-year basis. During the same quarter last year, the company earned $1.73 EPS. Sell-side analysts forecast that Align Technology, Inc. will post 7.84 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently weighed in on ALGN. Stifel Nicolaus decreased their target price on Align Technology from $400.00 to $350.00 and set a “buy” rating for the company in a research note on Thursday. Robert W. Baird decreased their target price on Align Technology from $370.00 to $325.00 and set an “outperform” rating for the company in a research note on Monday. StockNews.com downgraded Align Technology from a “buy” rating to a “hold” rating in a research note on Thursday. UBS Group increased their target price on Align Technology from $280.00 to $320.00 and gave the company a “neutral” rating in a research note on Monday, April 15th. Finally, Piper Sandler decreased their target price on Align Technology from $330.00 to $315.00 and set an “overweight” rating for the company in a research note on Thursday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $330.50.

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.