Erste Asset Management GmbH Buys Shares of 16,359 Align Technology, Inc. (NASDAQ:ALGN)

Erste Asset Management GmbH acquired a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 16,359 shares of the medical equipment provider's stock, valued at approximately $4,168,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Cullen Frost Bankers Inc. increased its stake in shares of Align Technology by 854.5% in the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider's stock valued at $25,000 after buying an additional 94 shares in the last quarter. Innealta Capital LLC acquired a new stake in shares of Align Technology in the second quarter valued at $26,000. Rothschild Investment LLC acquired a new stake in shares of Align Technology in the second quarter valued at $26,000. Versant Capital Management Inc increased its stake in shares of Align Technology by 547.1% in the second quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider's stock valued at $27,000 after buying an additional 93 shares in the last quarter. Finally, True Wealth Design LLC increased its position in Align Technology by 10,700.0% in the third quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider's stock worth $27,000 after purchasing an additional 107 shares during the period. 88.43% of the stock is owned by institutional investors.

Align Technology Price Performance

Shares of Align Technology stock traded down $0.13 during trading on Tuesday, hitting $234.01. 538,834 shares of the company were exchanged, compared to its average volume of 774,579. The firm has a market capitalization of $17.47 billion, a P/E ratio of 39.93, a price-to-earnings-growth ratio of 6.07 and a beta of 1.66. Align Technology, Inc. has a 1-year low of $196.09 and a 1-year high of $335.40. The firm's fifty day moving average price is $225.75 and its 200 day moving average price is $235.46.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.04. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The business had revenue of $977.87 million for the quarter, compared to analysts' expectations of $990.05 million. During the same quarter in the previous year, the business posted $1.62 EPS. Align Technology's revenue for the quarter was up 1.8% on a year-over-year basis. As a group, equities research analysts anticipate that Align Technology, Inc. will post 7.45 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages recently commented on ALGN. StockNews.com upgraded Align Technology from a "hold" rating to a "buy" rating in a research report on Thursday, September 19th. Evercore ISI lowered their price objective on Align Technology from $270.00 to $250.00 and set an "outperform" rating for the company in a research report on Thursday, October 24th. Morgan Stanley lowered 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. Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a research report on Monday, November 4th. Finally, Piper Sandler lowered 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. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $276.38.

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, 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.