884 Shares in Align Technology, Inc. (NASDAQ:ALGN) Purchased by American Trust

American Trust purchased a new position in Align Technology, Inc. (NASDAQ:ALGN) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 884 shares of the medical equipment provider’s stock, valued at approximately $295,000.

A number of other institutional investors also recently bought and sold shares of ALGN. Norges Bank bought a new position in Align Technology in the fourth quarter worth about $150,692,000. Sands Capital Management LLC raised its stake in Align Technology by 14.9% in the fourth quarter. Sands Capital Management LLC now owns 2,660,870 shares of the medical equipment provider’s stock worth $561,177,000 after buying an additional 345,647 shares in the last quarter. Braidwell LP bought a new position in Align Technology in the fourth quarter worth about $46,383,000. Brown Advisory Inc. raised its stake in Align Technology by 22.9% in the fourth quarter. Brown Advisory Inc. now owns 1,145,543 shares of the medical equipment provider’s stock worth $241,595,000 after buying an additional 213,782 shares in the last quarter. Finally, Eagle Asset Management Inc. bought a new position in Align Technology in the first quarter worth about $61,072,000. 87.07% of the stock is owned by institutional investors.

Align Technology Stock Down 0.2 %

NASDAQ:ALGN opened at $332.09 on Friday. The company’s 50 day moving average price is $354.73 and its 200-day moving average price is $331.41. Align Technology, Inc. has a 52 week low of $172.05 and a 52 week high of $413.20. The stock has a market cap of $25.42 billion, a price-to-earnings ratio of 81.59, a PEG ratio of 2.55 and a beta of 1.63.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, July 26th. The medical equipment provider reported $1.73 EPS for the quarter, beating analysts’ consensus estimates of $1.64 by $0.09. Align Technology had a net margin of 8.40% and a return on equity of 11.42%. The firm had revenue of $1 billion for the quarter, compared to analysts’ expectations of $985.87 million. As a group, sell-side analysts anticipate that Align Technology, Inc. will post 7.2 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ALGN. Jefferies Financial Group raised their target price on shares of Align Technology from $367.00 to $400.00 in a research note on Thursday, July 27th. Robert W. Baird raised their target price on shares of Align Technology from $385.00 to $406.00 in a research note on Thursday, July 27th. OTR Global raised shares of Align Technology from a “mixed” rating to a “positive” rating in a research note on Thursday. Piper Sandler raised their target price on shares of Align Technology from $370.00 to $415.00 in a research note on Thursday, July 27th. Finally, Morgan Stanley raised their target price on shares of Align Technology from $383.00 to $415.00 and gave the company an “overweight” rating in a research note on Thursday, July 27th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Align Technology currently has an average rating of “Moderate Buy” and a consensus price target of $380.33.

About Align Technology

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).