CENTRAL TRUST Co Buys 43,973 Shares of Align Technology, Inc. $ALGN

CENTRAL TRUST Co boosted its stake in Align Technology, Inc. (NASDAQ:ALGN) by 17,948.2% during the third quarter, Holdings Channel.com reports. The firm owned 44,218 shares of the medical equipment provider’s stock after buying an additional 43,973 shares during the period. CENTRAL TRUST Co’s holdings in Align Technology were worth $5,854,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. K.J. Harrison & Partners Inc purchased a new stake in Align Technology during the 2nd quarter valued at $1,872,000. Maridea Wealth Management LLC bought a new stake in Align Technology in the 2nd quarter worth $1,659,000. NewEdge Wealth LLC bought a new stake in Align Technology in the 2nd quarter worth $1,658,000. Pallas Capital Advisors LLC bought a new stake in Align Technology in the 2nd quarter worth $1,128,000. Finally, Nykredit A S purchased a new position in shares of Align Technology in the second quarter valued at about $74,077,000. Institutional investors own 88.43% of the company’s stock.

Align Technology Stock Performance

ALGN stock opened at $166.97 on Friday. Align Technology, Inc. has a fifty-two week low of $130.23 and a fifty-two week high of $200.43. The business’s 50 day moving average price is $151.50 and its two-hundred day moving average price is $168.56. The company has a market capitalization of $11.77 billion, a price-to-earnings ratio of 24.30, a price-to-earnings-growth ratio of 2.23 and a beta of 1.74.

Align Technology (NASDAQ:ALGN) last released its earnings results on Wednesday, October 28th. The medical equipment provider reported $2.80 EPS for the quarter, beating analysts’ consensus estimates of $2.77 by $0.03. The company had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. Align Technology had a return on equity of 15.96% and a net margin of 11.83%. The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter last year, the business posted $2.61 EPS. Sell-side analysts forecast that Align Technology, Inc. will post 9.21 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have recently commented on ALGN. Raymond James Financial reaffirmed a “buy” rating on shares of Align Technology in a research note on Monday, October 5th. Robert W. Baird cut Align Technology from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $218.00 to $162.00 in a research note on Thursday, October 15th. Mizuho cut their target price on Align Technology from $220.00 to $200.00 and set an “outperform” rating on the stock in a research note on Thursday, October 22nd. Piper Sandler reduced their price target on Align Technology from $235.00 to $205.00 and set an “overweight” rating on the stock in a report on Wednesday, October 21st. Finally, Evercore lowered Align Technology from an “outperform” rating to an “in-line” rating and set a $155.00 price target for the company. in a research report on Monday, October 5th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Align Technology currently has an average rating of “Moderate Buy” and an average price target of $193.08.

About Align Technology

Align Technology, Inc. develops, manufactures and markets digital orthodontic and restorative dentistry products. Its best-known offering is the Invisalign system, which uses a series of custom-made clear aligners to straighten teeth. The company also sells Vivera retainers and iTero intraoral scanners, which support digital dental imaging and treatment planning. Founded in 1997, Align helped popularize clear-aligner orthodontic treatment as an alternative to traditional braces. Its digital dentistry portfolio also includes exocad software, used by dental professionals and laboratories to design dental restorations.