Lazard Asset Management LLC Grows Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Lazard Asset Management LLC grew its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 190.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 54,126 shares of the medical equipment provider’s stock after acquiring an additional 35,507 shares during the period. Lazard Asset Management LLC owned 0.07% of Align Technology worth $17,748,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in ALGN. Mather Group LLC. purchased a new stake in Align Technology during the 1st quarter worth about $26,000. LRI Investments LLC purchased a new stake in shares of Align Technology in the first quarter worth about $29,000. Crewe Advisors LLC bought a new position in shares of Align Technology in the first quarter valued at approximately $41,000. Lindbrook Capital LLC boosted its position in shares of Align Technology by 47.2% in the first quarter. Lindbrook Capital LLC now owns 187 shares of the medical equipment provider’s stock valued at $61,000 after acquiring an additional 60 shares during the period. Finally, Venturi Wealth Management LLC grew its stake in Align Technology by 97.2% during the fourth quarter. Venturi Wealth Management LLC now owns 280 shares of the medical equipment provider’s stock valued at $77,000 after acquiring an additional 138 shares in the last quarter. 88.43% of the stock is owned by institutional investors.

Align Technology Stock Performance

ALGN stock opened at $220.45 on Monday. Align Technology, Inc. has a one year low of $176.34 and a one year high of $413.20. The company has a market capitalization of $16.60 billion, a PE ratio of 36.32, a price-to-earnings-growth ratio of 4.88 and a beta of 1.66. The company’s 50 day moving average price is $249.03 and its two-hundred day moving average price is $280.62.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share for the quarter, topping the consensus estimate of $2.32 by $0.09. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same period in the previous year, the firm posted $1.73 earnings per share. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. On average, research analysts predict that Align Technology, Inc. will post 7.84 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Morgan Stanley cut their price target on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a report on Thursday. 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 note on Monday, April 15th. StockNews.com cut Align Technology from a “buy” rating to a “hold” rating in a research report on Thursday. OTR Global reaffirmed a “mixed” rating on shares of Align Technology in a report on Tuesday, June 4th. Finally, Piper Sandler cut their price objective on Align Technology from $330.00 to $315.00 and set an “overweight” rating for the company in a report on Thursday. One analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $322.78.

About Align Technology

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.