Patton Fund Management Inc. Takes Position in Align Technology, Inc. (NASDAQ:ALGN)

Patton Fund Management Inc. acquired a new position in shares of Align Technology, Inc. (NASDAQ:ALGN) in the second quarter, HoldingsChannel.com reports. The institutional investor acquired 8,668 shares of the medical equipment provider’s stock, valued at approximately $3,065,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Manchester Capital Management LLC acquired a new position in shares of Align Technology during the first quarter worth $26,000. KB Financial Partners LLC acquired a new position in Align Technology in the 1st quarter worth about $26,000. Zions Bancorporation N.A. raised its position in Align Technology by 85.5% in the fourth quarter. Zions Bancorporation N.A. now owns 128 shares of the medical equipment provider’s stock valued at $27,000 after purchasing an additional 59 shares during the last quarter. Ronald Blue Trust Inc. boosted its stake in shares of Align Technology by 42.6% during the first quarter. Ronald Blue Trust Inc. now owns 134 shares of the medical equipment provider’s stock valued at $28,000 after purchasing an additional 40 shares in the last quarter. Finally, CVA Family Office LLC increased its stake in shares of Align Technology by 46.7% in the first quarter. CVA Family Office LLC now owns 110 shares of the medical equipment provider’s stock valued at $37,000 after buying an additional 35 shares during the period. Institutional investors own 87.07% of the company’s stock.

Align Technology Price Performance

Shares of ALGN stock traded down $4.91 during trading hours on Tuesday, reaching $320.41. The company had a trading volume of 38,197 shares, compared to its average volume of 830,029. The company has a market cap of $24.52 billion, a price-to-earnings ratio of 79.93, a price-to-earnings-growth ratio of 2.63 and a beta of 1.63. Align Technology, Inc. has a 12 month low of $172.05 and a 12 month high of $413.20. The business has a fifty day simple moving average of $354.79 and a 200-day simple moving average of $331.92.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, July 26th. The medical equipment provider reported $1.73 earnings per share for the quarter, beating the consensus estimate of $1.64 by $0.09. Align Technology had a return on equity of 11.42% and a net margin of 8.40%. The business had revenue of $1 billion for the quarter, compared to analysts’ expectations of $985.87 million. On average, equities research analysts expect that Align Technology, Inc. will post 7.2 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ALGN has been the subject of several recent research reports. StockNews.com began coverage on Align Technology in a research note on Thursday, August 17th. They issued a “buy” rating for the company. Morgan Stanley upped their target price on Align Technology from $383.00 to $415.00 and gave the company an “overweight” rating in a research report on Thursday, July 27th. OTR Global upgraded Align Technology from a “mixed” rating to a “positive” rating in a report on Thursday, September 14th. Jefferies Financial Group raised their price objective on shares of Align Technology from $367.00 to $400.00 in a research report on Thursday, July 27th. Finally, Stifel Nicolaus raised their price target on shares of Align Technology from $390.00 to $430.00 and gave the stock a “buy” rating in a report on Thursday, August 24th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $380.33.

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, China, and internationally. It operates in two segments, Clear Aligner; and Imaging Systems and CAD/CAM Services (Systems and Services).