1,243 Shares in Align Technology, Inc. (NASDAQ:ALGN) Bought by Fifth Third Wealth Advisors LLC

Fifth Third Wealth Advisors LLC bought a new position in Align Technology, Inc. (NASDAQ:ALGN) in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 1,243 shares of the medical equipment provider’s stock, valued at approximately $300,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Moody National Bank Trust Division raised its stake in shares of Align Technology by 1.8% during the 1st quarter. Moody National Bank Trust Division now owns 2,107 shares of the medical equipment provider’s stock valued at $691,000 after buying an additional 38 shares during the last quarter. Mather Group LLC. raised its stake in shares of Align Technology by 52.5% during the 2nd quarter. Mather Group LLC. now owns 122 shares of the medical equipment provider’s stock valued at $29,000 after buying an additional 42 shares during the last quarter. Linden Thomas Advisory Services LLC raised its stake in shares of Align Technology by 3.3% during the 4th quarter. Linden Thomas Advisory Services LLC now owns 1,654 shares of the medical equipment provider’s stock valued at $453,000 after buying an additional 53 shares during the last quarter. Czech National Bank raised its stake in shares of Align Technology by 0.5% during the 1st quarter. Czech National Bank now owns 12,532 shares of the medical equipment provider’s stock valued at $4,109,000 after buying an additional 57 shares during the last quarter. Finally, Wedmont Private Capital raised its stake in shares of Align Technology by 4.8% during the 1st quarter. Wedmont Private Capital now owns 1,250 shares of the medical equipment provider’s stock valued at $413,000 after buying an additional 57 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Stock Performance

Shares of ALGN stock traded up $1.90 during trading hours on Wednesday, reaching $235.13. The company had a trading volume of 460,661 shares, compared to its average volume of 793,474. The company has a market capitalization of $17.70 billion, a price-to-earnings ratio of 38.74, a PEG ratio of 5.18 and a beta of 1.66. Align Technology, Inc. has a 12-month low of $176.34 and a 12-month high of $375.68. The stock has a fifty day moving average of $236.82 and a 200-day moving average of $274.91.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data 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. The company had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.04 billion. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.73 earnings per share. On average, analysts forecast that Align Technology, Inc. will post 7.64 EPS for the current year.

Insider Buying and Selling

In other Align Technology news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was bought at an average cost of $235.33 per share, for a total transaction of $1,529,645.00. Following the completion of the transaction, the director now owns 28,247 shares of the company’s stock, valued at approximately $6,647,366.51. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.62% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on ALGN shares. StockNews.com lowered Align Technology from a “buy” rating to a “hold” rating in a research note on Friday, August 16th. Morgan Stanley cut their price target on Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a research note on Thursday, July 25th. Evercore ISI cut their price target on Align Technology from $370.00 to $300.00 and set an “outperform” rating for the company in a research note on Monday, June 10th. Piper Sandler cut their price target on Align Technology from $330.00 to $315.00 and set an “overweight” rating for the company in a research note on Thursday, July 25th. Finally, Robert W. Baird cut their price target on Align Technology from $370.00 to $325.00 and set an “outperform” rating for the company in a research note on Monday, July 22nd. One 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 stock presently has a consensus rating of “Hold” and a consensus price target of $322.78.

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.