Citigroup Inc. lowered its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 28.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 61,934 shares of the medical equipment provider's stock after selling 24,649 shares during the period. Citigroup Inc. owned 0.08% of Align Technology worth $15,751,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. raised its stake in shares of Align Technology by 2.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 448,028 shares of the medical equipment provider's stock worth $113,942,000 after purchasing an additional 10,887 shares in the last quarter. Landscape Capital Management L.L.C. raised its stake in shares of Align Technology by 11.8% during the 3rd quarter. Landscape Capital Management L.L.C. now owns 8,338 shares of the medical equipment provider's stock worth $2,121,000 after purchasing an additional 878 shares in the last quarter. First Horizon Advisors Inc. raised its stake in shares of Align Technology by 16.2% during the 3rd quarter. First Horizon Advisors Inc. now owns 990 shares of the medical equipment provider's stock worth $252,000 after purchasing an additional 138 shares in the last quarter. Commerce Bank raised its stake in shares of Align Technology by 47.0% during the 3rd quarter. Commerce Bank now owns 3,381 shares of the medical equipment provider's stock worth $860,000 after purchasing an additional 1,081 shares in the last quarter. Finally, Prospera Private Wealth LLC bought a new stake in Align Technology in the 3rd quarter valued at $114,000. Institutional investors own 88.43% of the company's stock.
Wall Street Analyst Weigh In
A number of research firms recently weighed in on ALGN. Evercore ISI dropped their price target on Align Technology from $270.00 to $250.00 and set an "outperform" rating on the stock in a research note on Thursday, October 24th. Morgan Stanley dropped their price target on Align Technology from $310.00 to $280.00 and set an "overweight" rating on the stock in a research note on Thursday, October 24th. Robert W. Baird dropped their price target on Align Technology from $325.00 to $276.00 and set an "outperform" rating on the stock in a research note on Thursday, October 24th. Needham & Company LLC restated a "hold" rating on shares of Align Technology in a research note on Monday, November 4th. Finally, Piper Sandler dropped their price target on Align Technology from $285.00 to $275.00 and set an "overweight" rating on the stock in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $276.38.
Get Our Latest Report on Align Technology
Align Technology Price Performance
NASDAQ ALGN traded up $1.73 on Thursday, reaching $229.66. The stock had a trading volume of 528,847 shares, compared to its average volume of 788,271. The company has a market cap of $17.14 billion, a P/E ratio of 39.19, a price-to-earnings-growth ratio of 6.23 and a beta of 1.65. Align Technology, Inc. has a 1-year low of $196.09 and a 1-year high of $335.40. The firm has a fifty day moving average of $226.83 and a two-hundred day moving average of $236.87.
Align Technology (NASDAQ:ALGN - Get Free Report) last released its earnings results 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 company had revenue of $977.87 million for the quarter, compared to analyst estimates of $990.05 million. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. Align Technology's quarterly revenue was up 1.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.62 EPS. Research analysts predict that Align Technology, Inc. will post 7.45 EPS for the current fiscal year.
Align Technology Profile
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Free Report)
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.
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