University of Texas Texas AM Investment Management Co. raised its position in Align Technology, Inc. (NASDAQ:ALGN – Free Report) by 18,464.4% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 16,151 shares of the medical equipment provider’s stock after acquiring an additional 16,064 shares during the quarter. University of Texas Texas AM Investment Management Co.’s holdings in Align Technology were worth $2,140,000 as of its most recent filing with the SEC.
Other large investors also recently bought and sold shares of the company. Hollencrest Capital Management acquired a new stake in shares of Align Technology in the 1st quarter worth $34,000. Osterweis Capital Management Inc. purchased a new stake in shares of Align Technology in the second quarter valued at about $36,000. Global Retirement Partners LLC purchased a new stake in shares of Align Technology in the second quarter valued at about $38,000. Bessemer Group Inc. increased its stake in shares of Align Technology by 37.2% during the first quarter. Bessemer Group Inc. now owns 247 shares of the medical equipment provider’s stock worth $43,000 after acquiring an additional 67 shares during the period. Finally, Trifecta Capital Advisors LLC acquired a new position in shares of Align Technology during the second quarter worth about $46,000. Hedge funds and other institutional investors own 88.43% of the company’s stock.
Align Technology Stock Performance
Shares of NASDAQ:ALGN opened at $166.00 on Monday. The stock’s 50-day moving average price is $150.38 and its two-hundred day moving average price is $168.50. Align Technology, Inc. has a 12-month low of $130.23 and a 12-month high of $200.43. The firm has a market cap of $11.89 billion, a price-to-earnings ratio of 24.16, a PEG ratio of 1.80 and a beta of 1.74.
Align Technology (NASDAQ:ALGN – Get Free Report) last announced its quarterly earnings results on Wednesday, October 28th. The medical equipment provider reported $2.80 earnings per share for the quarter, beating analysts’ consensus estimates of $2.77 by $0.03. Align Technology had a net margin of 11.83% and a return on equity of 15.96%. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. During the same quarter last year, the business earned $2.61 EPS. Align Technology’s revenue for the quarter was up 1.9% on a year-over-year basis. As a group, research analysts forecast that Align Technology, Inc. will post 9.21 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
Several research analysts recently issued reports on ALGN shares. Stifel Nicolaus cut their price target on shares of Align Technology from $210.00 to $175.00 and set a “buy” rating for the company in a report on Friday, October 9th. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a report on Thursday, October 29th. Piper Sandler dropped their target price on shares of Align Technology from $235.00 to $205.00 and set an “overweight” rating for the company in a report on Wednesday, October 21st. Morgan Stanley cut their target price on shares of Align Technology from $188.00 to $175.00 and set an “equal weight” rating for the company in a research report on Thursday, October 29th. Finally, UBS Group reaffirmed a “neutral” rating and issued a $189.00 price target on shares of Align Technology in a report on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Align Technology presently has an average rating of “Moderate Buy” and an average target price of $193.08.
Read Our Latest Stock Analysis on Align Technology
Align Technology Company Profile
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.
Headquartered in Tempe, Arizona, Align serves dental professionals and patients in markets around the world.
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