Pathstone Holdings LLC Reduces Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Pathstone Holdings LLC reduced its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 22.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,428 shares of the medical equipment provider's stock after selling 3,081 shares during the period. Pathstone Holdings LLC's holdings in Align Technology were worth $2,652,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the company. Cullen Frost Bankers Inc. lifted its position in Align Technology by 854.5% in the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider's stock worth $25,000 after buying an additional 94 shares during the last quarter. Innealta Capital LLC bought a new stake 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 during the 2nd quarter worth about $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 purchasing an additional 93 shares during the period. Finally, LRI Investments LLC purchased a new stake in Align Technology in the 1st quarter worth about $29,000. Institutional investors own 88.43% of the company's stock.

Analyst Upgrades and Downgrades

ALGN has been the subject of several recent analyst reports. Morgan Stanley dropped their target price 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 dropped 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. Stifel Nicolaus reduced their target price on Align Technology from $285.00 to $275.00 and set a "buy" rating on the stock in a research note on Thursday, October 24th. Evercore ISI lowered their target price on shares of Align Technology from $270.00 to $250.00 and set an "outperform" rating for the company in a research note on Thursday, October 24th. Finally, Robert W. Baird reduced their price target on shares of Align Technology from $325.00 to $276.00 and set an "outperform" rating on the stock in a research note on Thursday, October 24th. One equities 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 data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $276.38.

Align Technology Trading Down 5.2 %

Shares of ALGN traded down $12.59 during mid-day trading on Tuesday, hitting $227.93. The company's stock had a trading volume of 1,581,974 shares, compared to its average volume of 787,208. The firm has a market capitalization of $17.01 billion, a price-to-earnings ratio of 41.04, a PEG ratio of 5.85 and a beta of 1.65. The company's 50-day moving average is $228.36 and its 200-day moving average is $237.28. Align Technology, Inc. has a 52-week low of $196.09 and a 52-week high of $335.40.

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

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.