Banque Pictet & Cie SA Purchases 10,815 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Banque Pictet & Cie SA raised its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 86.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,269 shares of the medical equipment provider's stock after buying an additional 10,815 shares during the quarter. Banque Pictet & Cie SA's holdings in Align Technology were worth $5,618,000 at the end of the most recent reporting period.

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

Align Technology Stock Performance

Align Technology stock traded up $5.28 during mid-day trading on Friday, hitting $233.97. 549,901 shares of the company traded hands, compared to its average volume of 791,355. Align Technology, Inc. has a one year low of $176.34 and a one year high of $375.68. The stock has a market cap of $17.61 billion, a price-to-earnings ratio of 38.55, a price-to-earnings-growth ratio of 5.18 and a beta of 1.66. The stock has a fifty day moving average price of $235.53 and a 200-day moving average price of $274.13.

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

Insider Transactions at Align Technology

In other news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the firm's stock in a transaction that occurred on Thursday, August 15th. The shares were bought at an average cost of $235.33 per share, with a total value of $1,529,645.00. Following the acquisition, the director now owns 28,247 shares in the company, valued at approximately $6,647,366.51. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.62% of the company's stock.

Wall Street Analyst Weigh In

ALGN has been the topic of a number of analyst reports. Evercore ISI lowered their target price on shares of Align Technology from $370.00 to $300.00 and set an "outperform" rating on the stock in a report on Monday, June 10th. Piper Sandler decreased their price objective on Align Technology from $330.00 to $315.00 and set an "overweight" rating on the stock in a research note on Thursday, July 25th. OTR Global restated a "mixed" rating on shares of Align Technology in a research note on Tuesday, June 4th. StockNews.com raised Align Technology from a "hold" rating to a "buy" rating in a report on Saturday. Finally, Robert W. Baird lowered their price target on shares of Align Technology from $370.00 to $325.00 and set an "outperform" rating on the stock in a report on Monday, July 22nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, Align Technology has an average rating of "Moderate Buy" and an average price target of $322.78.

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.