Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by Baron Wealth Management LLC

Baron Wealth Management LLC trimmed its stake in Align Technology, Inc. (NASDAQ:ALGN) by 12.7% in the third quarter, Holdings Channel.com reports. The firm owned 787 shares of the medical equipment provider’s stock after selling 114 shares during the quarter. Baron Wealth Management LLC’s holdings in Align Technology were worth $200,000 at the end of the most recent quarter.

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

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ALGN. Evercore ISI decreased their target price on Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Piper Sandler dropped 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 restated a “hold” rating on shares of Align Technology in a report on Monday, November 4th. Robert W. Baird lowered their price target on Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Finally, Morgan Stanley reduced their price objective on Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $276.38.

Align Technology Stock Performance

NASDAQ:ALGN opened at $222.58 on Wednesday. The stock has a market cap of $16.62 billion, a price-to-earnings ratio of 37.98, a price-to-earnings-growth ratio of 5.79 and a beta of 1.65. Align Technology, Inc. has a one year low of $196.09 and a one year high of $335.40. The business’s 50-day simple moving average is $228.93 and its 200 day simple moving average is $238.76.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. The business had revenue of $977.87 million during the quarter, compared to the consensus estimate of $990.05 million. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. The business’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter last year, the company earned $1.62 earnings per share. On average, equities research analysts predict that Align Technology, Inc. will post 7.45 EPS for the current year.

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.