First Horizon Advisors Inc. Increases Stake in Align Technology, Inc. (NASDAQ:ALGN)

First Horizon Advisors Inc. lifted its stake in Align Technology, Inc. (NASDAQ:ALGN) by 63.5% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 852 shares of the medical equipment provider’s stock after purchasing an additional 331 shares during the quarter. First Horizon Advisors Inc.’s holdings in Align Technology were worth $206,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of ALGN. Mather Group LLC. purchased a new position in shares of Align Technology in the 1st quarter valued at approximately $26,000. Versant Capital Management Inc raised its position in Align Technology by 547.1% during the 2nd quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock worth $27,000 after buying an additional 93 shares during the last quarter. LRI Investments LLC purchased a new position in Align Technology during the 1st quarter worth approximately $29,000. Blue Trust Inc. raised its position in Align Technology by 150.9% during the 2nd quarter. Blue Trust Inc. now owns 133 shares of the medical equipment provider’s stock worth $32,000 after buying an additional 80 shares during the last quarter. Finally, Trust Co. of Vermont purchased a new position in Align Technology during the 2nd quarter worth approximately $39,000. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Stock Down 0.6 %

NASDAQ:ALGN traded down $1.40 on Tuesday, reaching $238.61. 91,833 shares of the company’s stock were exchanged, compared to its average volume of 791,798. The firm has a market capitalization of $17.96 billion, a price-to-earnings ratio of 39.54, a price-to-earnings-growth ratio of 5.18 and a beta of 1.66. The business has a fifty day moving average of $237.84 and a 200-day moving average of $275.48. Align Technology, Inc. has a 52-week low of $176.34 and a 52-week high of $375.68.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.32 by $0.09. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same period in the prior year, the firm earned $1.73 earnings per share. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, equities analysts anticipate that Align Technology, Inc. will post 7.64 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Morgan Stanley cut their target price on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a report on Thursday, July 25th. Robert W. Baird cut their target price on shares of Align Technology from $370.00 to $325.00 and set an “outperform” rating for the company in a report on Monday, July 22nd. OTR Global reaffirmed a “mixed” rating on shares of Align Technology in a report on Tuesday, June 4th. Piper Sandler cut their target price on shares of Align Technology from $330.00 to $315.00 and set an “overweight” rating for the company in a report on Thursday, July 25th. Finally, Stifel Nicolaus dropped their price target on shares of Align Technology from $400.00 to $350.00 and set a “buy” rating on the stock in a research note on Thursday, July 25th. 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 stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $322.78.

Insider Transactions at Align Technology

In related news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the stock in a transaction dated Thursday, August 15th. The stock was acquired at an average cost of $235.33 per share, with a total value of $1,529,645.00. Following the completion of the transaction, the director now owns 28,247 shares in the company, valued at approximately $6,647,366.51. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.62% of the company’s stock.

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.