Align Technology, Inc. (NASDAQ:ALGN) is Laurus Investment Counsel Inc.'s 8th Largest Position

Laurus Investment Counsel Inc. boosted its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 29.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 41,565 shares of the medical equipment provider's stock after purchasing an additional 9,380 shares during the quarter. Align Technology makes up 5.5% of Laurus Investment Counsel Inc.'s portfolio, making the stock its 8th biggest position. Laurus Investment Counsel Inc. owned approximately 0.06% of Align Technology worth $10,571,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Cullen Frost Bankers Inc. increased its position in Align Technology by 854.5% during the 2nd 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. Mather Group LLC. bought a new position in shares of Align Technology during the first quarter valued at $26,000. Innealta Capital LLC purchased a new position in shares of Align Technology in the 2nd quarter worth about $26,000. Rothschild Investment LLC purchased a new position in shares of Align Technology in the 2nd quarter worth about $26,000. Finally, Versant Capital Management Inc boosted its stake in Align Technology by 547.1% in the 2nd 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. Hedge funds and other institutional investors own 88.43% of the company's stock.

Insiders Place Their Bets

In related 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 bought at an average cost of $235.33 per share, for a total transaction of $1,529,645.00. Following the purchase, the director now owns 28,247 shares in the company, valued at $6,647,366.51. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.62% of the company's stock.

Align Technology Price Performance

Shares of ALGN traded up $3.68 during trading hours on Friday, hitting $219.70. The stock had a trading volume of 828,349 shares, compared to its average volume of 768,137. Align Technology, Inc. has a 12 month low of $176.34 and a 12 month high of $335.40. The stock has a fifty day moving average price of $234.57 and a 200 day moving average price of $253.52. The firm has a market capitalization of $16.54 billion, a PE ratio of 36.19, a PEG ratio of 5.33 and a beta of 1.64.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 EPS for the quarter, beating the consensus estimate of $2.32 by $0.09. The firm had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.04 billion. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The business's revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.73 EPS. As a group, analysts anticipate that Align Technology, Inc. will post 7.61 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. StockNews.com upgraded shares of Align Technology from a "hold" rating to a "buy" rating in a research note on Thursday, September 19th. Piper Sandler reduced their price target on shares of Align Technology from $315.00 to $285.00 and set an "overweight" rating for the company in a research report on Thursday. Stifel Nicolaus lowered their price objective on Align Technology from $350.00 to $285.00 and set a "buy" rating on the stock in a research report on Friday, October 11th. Robert W. Baird cut their target price on Align Technology from $370.00 to $325.00 and set an "outperform" rating on the stock in a research note on Monday, July 22nd. Finally, Evercore ISI decreased their price target on Align Technology from $280.00 to $270.00 and set an "outperform" rating for the company in a research note on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $291.25.

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.