Avitas Wealth Management LLC Raises Stock Position in Align Technology, Inc. (NASDAQ:ALGN)

Avitas Wealth Management LLC boosted its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 18.9% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 4,640 shares of the medical equipment provider’s stock after buying an additional 738 shares during the period. Avitas Wealth Management LLC’s holdings in Align Technology were worth $1,180,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Cullen Frost Bankers Inc. increased its stake in Align Technology by 854.5% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock worth $25,000 after buying an additional 94 shares in the last quarter. Innealta Capital LLC purchased a new position in shares of Align Technology during the second quarter valued at about $26,000. Rothschild Investment LLC purchased a new position in shares of Align Technology during the second quarter valued at about $26,000. Versant Capital Management Inc grew its position in shares of Align Technology by 547.1% during the second quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock valued at $27,000 after purchasing an additional 93 shares in the last quarter. Finally, LRI Investments LLC purchased a new position in shares of Align Technology during the first quarter valued at about $29,000. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Trading Down 0.9 %

Shares of NASDAQ:ALGN opened at $210.86 on Thursday. The company has a market cap of $15.75 billion, a price-to-earnings ratio of 35.98, a PEG ratio of 5.33 and a beta of 1.64. Align Technology, Inc. has a 12 month low of $178.52 and a 12 month high of $335.40. The company has a 50-day moving average price of $232.03 and a 200 day moving average price of $247.17.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.04. The business had revenue of $977.87 million during the quarter, compared to the consensus estimate of $990.05 million. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The firm’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.62 earnings per share. As a group, equities analysts forecast that Align Technology, Inc. will post 7.61 EPS for the current year.

Insiders Place Their Bets

In other news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was acquired at an average price of $235.33 per share, with a total value of $1,529,645.00. Following the completion of the purchase, the director now directly owns 28,247 shares in the company, valued at approximately $6,647,366.51. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.62% of the stock is owned by insiders.

Wall Street Analyst Weigh In

ALGN has been the subject of a number of research analyst reports. Needham & Company LLC restated a “hold” rating on shares of Align Technology in a research report on Thursday, October 24th. Stifel Nicolaus cut their price objective on Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a research report on Thursday, October 24th. Piper Sandler cut their price objective on Align Technology from $285.00 to $275.00 and set an “overweight” rating for the company in a research report on Thursday, October 24th. StockNews.com upgraded Align Technology from a “hold” rating to a “buy” rating in a research report on Thursday, September 19th. Finally, Morgan Stanley cut their price objective on Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a research report on Thursday, October 24th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $276.38.

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.