Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. lessened its stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 39.7% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 20,074 shares of the medical equipment provider's stock after selling 13,230 shares during the period. Oppenheimer Asset Management Inc.'s holdings in Align Technology were worth $5,105,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ALGN. Victory Capital Management Inc. grew its stake in shares of Align Technology by 17.0% in the 3rd quarter. Victory Capital Management Inc. now owns 134,036 shares of the medical equipment provider's stock valued at $34,088,000 after purchasing an additional 19,518 shares during the last quarter. Meridian Management Co. increased its stake in Align Technology by 3.1% in the 3rd quarter. Meridian Management Co. now owns 15,665 shares of the medical equipment provider's stock valued at $3,984,000 after buying an additional 476 shares during the period. Baker Avenue Asset Management LP purchased a new position in Align Technology during the 3rd quarter worth $4,250,000. Covestor Ltd lifted its stake in shares of Align Technology by 26.6% in the 3rd quarter. Covestor Ltd now owns 362 shares of the medical equipment provider's stock worth $92,000 after acquiring an additional 76 shares during the period. Finally, Capital Performance Advisors LLP purchased a new stake in shares of Align Technology in the third quarter valued at about $79,000. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Stock Up 2.1 %

Shares of ALGN traded up $4.65 during mid-day trading on Friday, hitting $226.29. The company had a trading volume of 659,548 shares, compared to its average volume of 783,566. Align Technology, Inc. has a 1-year low of $196.09 and a 1-year high of $335.40. The business's 50-day simple moving average is $228.80 and its 200-day simple moving average is $240.79. The stock has a market cap of $16.89 billion, a PE ratio of 38.81, a P/E/G ratio of 5.57 and a beta of 1.65.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, topping analysts' consensus estimates of $2.31 by $0.04. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The business had revenue of $977.87 million during the quarter, compared to the consensus estimate of $990.05 million. During the same period in the prior year, the firm posted $1.62 EPS. The business's revenue for the quarter was up 1.8% on a year-over-year basis. On average, sell-side analysts expect that Align Technology, Inc. will post 7.45 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Evercore ISI reduced their price objective on shares of Align Technology from $270.00 to $250.00 and set an "outperform" rating for the company in a research report on Thursday, October 24th. StockNews.com upgraded Align Technology from a "hold" rating to a "buy" rating in a research note on Thursday, September 19th. Morgan Stanley cut their price objective on Align Technology from $310.00 to $280.00 and set an "overweight" rating for the company in a research report on Thursday, October 24th. Piper Sandler decreased their target price on shares of Align Technology from $285.00 to $275.00 and set an "overweight" rating on the stock in a research report on Thursday, October 24th. Finally, Robert W. Baird cut their price target on shares of Align Technology from $325.00 to $276.00 and set an "outperform" rating for the company in a report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, Align Technology has a consensus rating of "Hold" and a consensus target price of $276.38.

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.