Eagle Asset Management Inc. Trims Position in Align Technology, Inc. (NASDAQ:ALGN)

Eagle Asset Management Inc. cut its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 40.2% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 182,083 shares of the medical equipment provider's stock after selling 122,553 shares during the quarter. Eagle Asset Management Inc. owned approximately 0.24% of Align Technology worth $46,307,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Achmea Investment Management B.V. boosted its holdings in shares of Align Technology by 3.4% in the 2nd quarter. Achmea Investment Management B.V. now owns 10,335 shares of the medical equipment provider's stock valued at $2,495,000 after buying an additional 339 shares in the last quarter. Tidal Investments LLC increased its holdings in shares of Align Technology by 122.9% during the first quarter. Tidal Investments LLC now owns 4,408 shares of the medical equipment provider's stock valued at $1,445,000 after acquiring an additional 2,430 shares in the last quarter. Swedbank AB boosted its stake in Align Technology by 2.0% in the 2nd quarter. Swedbank AB now owns 299,115 shares of the medical equipment provider's stock worth $72,215,000 after purchasing an additional 6,005 shares in the last quarter. Baker Avenue Asset Management LP purchased a new stake in shares of Align Technology during the third quarter valued at $4,250,000. Finally, Cetera Investment Advisers raised its stake in Align Technology by 914.2% in the 1st quarter. Cetera Investment Advisers now owns 12,627 shares of the medical equipment provider's stock worth $4,140,000 after acquiring an additional 11,382 shares during the last quarter. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Stifel Nicolaus reduced their price objective on Align Technology from $285.00 to $275.00 and set a "buy" rating for the company in a research note on Thursday, October 24th. Morgan Stanley cut their price objective on shares of Align Technology from $310.00 to $280.00 and set an "overweight" rating on the stock in a research note on Thursday, October 24th. Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a report on Monday, November 4th. StockNews.com upgraded Align Technology from a "hold" rating to a "buy" rating in a research note on Thursday, September 19th. Finally, Piper Sandler decreased their price objective on Align Technology from $285.00 to $275.00 and set an "overweight" rating for the company in a report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Align Technology has an average rating of "Hold" and a consensus price target of $276.38.

Align Technology Stock Performance

Align Technology stock traded down $2.32 during trading on Friday, reaching $225.89. The company had a trading volume of 832,907 shares, compared to its average volume of 824,864. The firm's 50-day simple moving average is $228.54 and its 200 day simple moving average is $238.16. The firm has a market capitalization of $16.86 billion, a PE ratio of 38.55, a price-to-earnings-growth ratio of 5.91 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.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, topping 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 company had revenue of $977.87 million during the quarter, compared to analyst estimates of $990.05 million. During the same period in the previous year, the business earned $1.62 EPS. Align Technology's quarterly revenue was up 1.8% on a year-over-year basis. Analysts anticipate that Align Technology, Inc. will post 7.45 EPS for the current year.

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.