Align Technology, Inc. (NASDAQ:ALGN) Shares Bought by Beech Hill Advisors Inc.

Beech Hill Advisors Inc. grew its position in Align Technology, Inc. (NASDAQ:ALGN) by 91.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,567 shares of the medical equipment provider’s stock after acquiring an additional 5,523 shares during the period. Beech Hill Advisors Inc.’s holdings in Align Technology were worth $2,942,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. SageView Advisory Group LLC increased its position in Align Technology by 101.9% during the 4th quarter. SageView Advisory Group LLC now owns 1,393 shares of the medical equipment provider’s stock worth $369,000 after purchasing an additional 703 shares during the period. HighPoint Advisor Group LLC acquired a new position in Align Technology during the fourth quarter worth $348,000. Nomura Holdings Inc. acquired a new position in Align Technology during the fourth quarter worth $1,197,000. Moody National Bank Trust Division raised its position in Align Technology by 1.8% in the first quarter. Moody National Bank Trust Division now owns 2,107 shares of the medical equipment provider’s stock worth $691,000 after acquiring an additional 38 shares in the last quarter. Finally, CWM LLC lifted its holdings in Align Technology by 18.2% in the first quarter. CWM LLC now owns 3,803 shares of the medical equipment provider’s stock valued at $1,247,000 after acquiring an additional 585 shares during the period. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ALGN. Piper Sandler reaffirmed an “overweight” rating and set a $315.00 price target on shares of Align Technology in a research note on Friday, September 13th. Robert W. Baird lowered their target price on shares of Align Technology from $370.00 to $325.00 and set an “outperform” rating on the stock in a research report on Monday, July 22nd. StockNews.com raised shares of Align Technology from a “hold” rating to a “buy” rating in a report on Thursday, September 19th. Morgan Stanley decreased their price target on Align Technology from $328.00 to $310.00 and set an “overweight” rating on the stock in a research note on Thursday, July 25th. Finally, Evercore ISI dropped their price objective 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 assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $295.00.

Align Technology Stock Performance

ALGN stock opened at $216.05 on Thursday. The stock’s 50 day moving average price is $234.44 and its 200 day moving average price is $254.48. The firm has a market cap of $16.26 billion, a P/E ratio of 35.59, a PEG ratio of 5.33 and a beta of 1.64. Align Technology, Inc. has a 1 year low of $176.34 and a 1 year high of $335.40.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.32 by $0.09. The business had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.04 billion. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The business’s revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the business earned $1.73 earnings per share. On average, research analysts predict that Align Technology, Inc. will post 7.61 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was acquired at an average price of $235.33 per share, with a total value of $1,529,645.00. Following the completion of the transaction, the director now directly owns 28,247 shares in the company, valued at approximately $6,647,366.51. This represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.62% of the stock is owned by corporate insiders.

Align Technology 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.