Bank Pictet & Cie Europe AG Purchases Shares of 1,218 Align Technology, Inc. (NASDAQ:ALGN)

Bank Pictet & Cie Europe AG acquired a new position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 1,218 shares of the medical equipment provider's stock, valued at approximately $294,000.

Several other institutional investors have also recently made changes to their positions in the company. Mather Group LLC. acquired a new stake in Align Technology during the first quarter valued at $26,000. Versant Capital Management Inc boosted its stake in shares of Align Technology by 547.1% during the 2nd quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider's stock worth $27,000 after acquiring an additional 93 shares in the last quarter. LRI Investments LLC acquired a new stake in shares of Align Technology during the 1st quarter valued at about $29,000. Blue Trust Inc. increased its stake in shares of Align Technology by 150.9% in the 2nd quarter. Blue Trust Inc. now owns 133 shares of the medical equipment provider's stock valued at $32,000 after purchasing an additional 80 shares in the last quarter. Finally, Trust Co. of Vermont acquired a new position in Align Technology in the 2nd quarter worth about $39,000. 88.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Align Technology

In other news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the business's stock in a transaction that occurred on Thursday, August 15th. The stock was purchased at an average cost of $235.33 per share, for a total transaction of $1,529,645.00. Following the completion of the transaction, the director now owns 28,247 shares in the company, valued at $6,647,366.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.62% of the stock is currently owned by insiders.

Analysts Set New Price Targets

ALGN has been the topic of several research analyst reports. OTR Global reissued a "mixed" rating on shares of Align Technology in a report on Tuesday, June 4th. StockNews.com raised shares of Align Technology from a "hold" rating to a "buy" rating in a research note on Saturday. Stifel Nicolaus reduced their price objective on shares of Align Technology from $400.00 to $350.00 and set a "buy" rating for the company in a research report on Thursday, July 25th. Piper Sandler decreased their price objective on shares of Align Technology from $330.00 to $315.00 and set an "overweight" rating on the stock in a report on Thursday, July 25th. Finally, Robert W. Baird cut their target price on shares of Align Technology from $370.00 to $325.00 and set an "outperform" rating for the company in a research note on Monday, July 22nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $322.78.

Align Technology Price Performance

NASDAQ ALGN traded up $5.28 during trading hours on Friday, hitting $233.97. 549,901 shares of the company's stock traded hands, compared to its average volume of 791,355. The company has a market capitalization of $17.61 billion, a PE ratio of 38.55, a PEG ratio of 5.18 and a beta of 1.66. Align Technology, Inc. has a 52-week low of $176.34 and a 52-week high of $375.68. The firm's 50-day moving average is $235.53 and its 200-day moving average is $274.20.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.32 by $0.09. The business had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.04 billion. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The business's revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the business earned $1.73 earnings per share. Equities research analysts predict that Align Technology, Inc. will post 7.64 earnings per share for the current fiscal 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.

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