Provident Investment Management Inc. Has $31.74 Million Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Provident Investment Management Inc. lifted its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 2.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 152,215 shares of the medical equipment provider's stock after buying an additional 3,527 shares during the period. Align Technology makes up about 3.0% of Provident Investment Management Inc.'s investment portfolio, making the stock its 15th largest holding. Provident Investment Management Inc. owned about 0.20% of Align Technology worth $31,738,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Neo Ivy Capital Management acquired a new position in Align Technology during the 3rd quarter valued at about $32,000. Picton Mahoney Asset Management increased its stake in shares of Align Technology by 69.9% during the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock valued at $30,000 after acquiring an additional 58 shares during the period. Private Trust Co. NA raised its holdings in Align Technology by 113.4% during the fourth quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider's stock worth $36,000 after purchasing an additional 93 shares in the last quarter. Quarry LP lifted its position in Align Technology by 74.8% in the third quarter. Quarry LP now owns 222 shares of the medical equipment provider's stock worth $56,000 after purchasing an additional 95 shares during the period. Finally, Versant Capital Management Inc boosted its stake in Align Technology by 212.2% during the 4th quarter. Versant Capital Management Inc now owns 231 shares of the medical equipment provider's stock valued at $48,000 after purchasing an additional 157 shares in the last quarter. 88.43% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ALGN. Evercore ISI lifted their target price on Align Technology from $240.00 to $260.00 and gave the stock an "outperform" rating in a report on Thursday, February 6th. Leerink Partnrs upgraded shares of Align Technology from a "hold" rating to a "strong-buy" rating in a report on Monday, January 6th. Mizuho decreased their price target on shares of Align Technology from $295.00 to $250.00 and set an "outperform" rating on the stock in a research report on Tuesday, March 25th. Morgan Stanley cut their price objective on Align Technology from $280.00 to $272.00 and set an "overweight" rating for the company in a research report on Thursday, February 6th. Finally, Piper Sandler restated an "overweight" rating and issued a $235.00 target price (down from $270.00) on shares of Align Technology in a report on Tuesday, March 18th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $262.64.

Align Technology Stock Performance

Shares of Align Technology stock traded up $0.68 during trading on Wednesday, hitting $145.00. 325,176 shares of the stock traded hands, compared to its average volume of 851,351. The stock has a market cap of $10.62 billion, a P/E ratio of 25.65, a PEG ratio of 2.24 and a beta of 1.73. The company has a fifty day moving average price of $181.68 and a two-hundred day moving average price of $209.43. Align Technology, Inc. has a twelve month low of $140.00 and a twelve month high of $331.64.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.43 by ($0.47). Align Technology had a net margin of 10.54% and a return on equity of 13.84%. On average, equities research analysts expect that Align Technology, Inc. will post 7.98 EPS 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.