Banque Pictet & Cie SA Grows Stock Position in Align Technology, Inc. (NASDAQ:ALGN)

Banque Pictet & Cie SA increased its stake in Align Technology, Inc. (NASDAQ:ALGN) by 86.8% in the second quarter, HoldingsChannel reports. The fund owned 23,269 shares of the medical equipment provider’s stock after purchasing an additional 10,815 shares during the period. Banque Pictet & Cie SA’s holdings in Align Technology were worth $5,618,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Moody National Bank Trust Division boosted its position in 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 period. Mather Group LLC. boosted its holdings in shares of Align Technology by 52.5% during the second quarter. Mather Group LLC. now owns 122 shares of the medical equipment provider’s stock worth $29,000 after purchasing an additional 42 shares during the period. Linden Thomas Advisory Services LLC boosted its holdings in shares of Align Technology by 3.3% during the fourth quarter. Linden Thomas Advisory Services LLC now owns 1,654 shares of the medical equipment provider’s stock worth $453,000 after purchasing an additional 53 shares during the period. Czech National Bank grew its stake in shares of Align Technology by 0.5% in the first quarter. Czech National Bank now owns 12,532 shares of the medical equipment provider’s stock worth $4,109,000 after purchasing an additional 57 shares during the last quarter. Finally, Wedmont Private Capital increased its holdings in 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 purchasing an additional 57 shares during the period. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Align Technology Price Performance

NASDAQ:ALGN opened at $233.97 on Friday. Align Technology, Inc. has a 1-year low of $176.34 and a 1-year high of $375.68. The company has a market capitalization of $17.61 billion, a PE ratio of 38.55, a P/E/G ratio of 5.18 and a beta of 1.66. The firm’s 50-day moving average price is $235.53 and its 200-day moving average price is $274.20.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share 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 business had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter in the prior year, the company earned $1.73 earnings per share. The business’s revenue was up 2.6% compared to the same quarter last year. Equities analysts anticipate that Align Technology, Inc. will post 7.64 EPS for the current fiscal year.

Analyst Ratings Changes

ALGN has been the subject of several research analyst reports. Evercore ISI dropped their price objective on Align Technology from $370.00 to $300.00 and set an “outperform” rating for the company in a report on Monday, June 10th. Robert W. Baird dropped 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. OTR Global reissued a “mixed” rating on shares of Align Technology in a research report on Tuesday, June 4th. Piper Sandler decreased their price objective 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, StockNews.com raised shares of Align Technology from a “hold” rating to a “buy” rating in a research note on Saturday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $322.78.

Insider Activity at Align Technology

In related news, Director C Raymond Larkin, Jr. bought 6,500 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were acquired at an average cost of $235.33 per share, with a total value of $1,529,645.00. Following the completion of the acquisition, the director now owns 28,247 shares of the company’s stock, valued at approximately $6,647,366.51. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.62% of the stock is owned by corporate insiders.

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.