Align Technology, Inc. (NASDAQ:ALGN) Shares Acquired by Provident Investment Management Inc.

Provident Investment Management Inc. lifted its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 0.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 152,691 shares of the medical equipment provider’s stock after purchasing an additional 605 shares during the quarter. Align Technology comprises 4.0% of Provident Investment Management Inc.’s portfolio, making the stock its 14th largest position. Provident Investment Management Inc. owned approximately 0.20% of Align Technology worth $41,837,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. EFG Asset Management Americas Corp. raised its position in shares of Align Technology by 3.6% during the 4th quarter. EFG Asset Management Americas Corp. now owns 1,167 shares of the medical equipment provider’s stock worth $320,000 after purchasing an additional 41 shares during the period. Dfpg Investments LLC increased its position in Align Technology by 3.3% in the 4th quarter. Dfpg Investments LLC now owns 1,327 shares of the medical equipment provider’s stock valued at $340,000 after acquiring an additional 42 shares during the period. Richard W. Paul & Associates LLC increased its position in Align Technology by 2.8% in the 4th quarter. Richard W. Paul & Associates LLC now owns 1,669 shares of the medical equipment provider’s stock valued at $457,000 after acquiring an additional 45 shares during the period. Valley National Advisers Inc. increased its position in Align Technology by 29.7% in the 3rd quarter. Valley National Advisers Inc. now owns 214 shares of the medical equipment provider’s stock valued at $65,000 after acquiring an additional 49 shares during the period. Finally, Jag Capital Management LLC increased its position in Align Technology by 4.1% in the 3rd quarter. Jag Capital Management LLC now owns 1,258 shares of the medical equipment provider’s stock valued at $384,000 after acquiring an additional 50 shares during the period. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently commented on ALGN shares. The Goldman Sachs Group raised their target price on Align Technology from $197.00 to $225.00 and gave the company a “sell” rating in a research report on Friday, February 2nd. Piper Sandler restated an “overweight” rating and issued a $375.00 target price (up from $355.00) on shares of Align Technology in a research report on Thursday, April 25th. Morgan Stanley raised their target price on Align Technology from $344.00 to $360.00 and gave the company an “overweight” rating in a research report on Thursday, April 25th. Robert W. Baird raised their target price on Align Technology from $333.00 to $370.00 and gave the company an “outperform” rating in a research report on Thursday, April 25th. Finally, UBS Group lifted their price target on Align Technology from $280.00 to $320.00 and gave the company a “neutral” rating in a research report on Monday, April 15th. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $353.00.

Insider Transactions at Align Technology

In other news, Director Joseph Lacob sold 15,000 shares of the firm’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $303.22, for a total value of $4,548,300.00. Following the completion of the sale, the director now owns 131,994 shares of the company’s stock, valued at $40,023,220.68. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.62% of the stock is currently owned by insiders.

Align Technology Trading Down 0.7 %

Shares of NASDAQ ALGN traded down $1.85 during mid-day trading on Tuesday, reaching $253.77. The company had a trading volume of 723,891 shares, compared to its average volume of 734,100. The stock has a market cap of $19.10 billion, a PE ratio of 42.11, a P/E/G ratio of 4.70 and a beta of 1.66. The company has a 50-day moving average price of $298.74 and a two-hundred day moving average price of $277.83. Align Technology, Inc. has a 1-year low of $176.34 and a 1-year high of $413.20.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, April 24th. The medical equipment provider reported $1.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.08. The business had revenue of $997.43 million for the quarter, compared to analysts’ expectations of $971.97 million. Align Technology had a return on equity of 14.15% and a net margin of 11.80%. On average, research analysts expect that Align Technology, Inc. will post 7.92 EPS for the current year.

Align Technology 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.