ARK Investment Management LLC Has $1.63 Million Stock Position in Align Technology, Inc. (NASDAQ:ALGN)

ARK Investment Management LLC boosted its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 5.3% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,413 shares of the medical equipment provider’s stock after buying an additional 322 shares during the quarter. ARK Investment Management LLC’s holdings in Align Technology were worth $1,631,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Cullen Frost Bankers Inc. boosted its stake in shares of Align Technology by 854.5% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock valued at $25,000 after purchasing an additional 94 shares in the last quarter. Innealta Capital LLC acquired a new stake in Align Technology in the second quarter valued at approximately $26,000. Rothschild Investment LLC bought a new stake in shares of Align Technology during the second quarter worth $26,000. Versant Capital Management Inc increased its holdings in shares of Align Technology by 547.1% during the second quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock worth $27,000 after buying an additional 93 shares in the last quarter. Finally, LRI Investments LLC bought a new position in shares of Align Technology in the 1st quarter valued at $29,000. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Stock Down 0.8 %

ALGN stock opened at $220.51 on Friday. The firm has a market cap of $16.47 billion, a price-to-earnings ratio of 37.63, a PEG ratio of 4.98 and a beta of 1.65. The company’s fifty day simple moving average is $229.43 and its 200 day simple moving average is $243.32. Align Technology, Inc. has a 12-month low of $186.01 and a 12-month high of $335.40.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, beating the consensus estimate of $2.31 by $0.04. The company had revenue of $977.87 million for the quarter, compared to analyst estimates of $990.05 million. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The firm’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.62 EPS. Research analysts expect that Align Technology, Inc. will post 7.45 earnings per share for the current year.

Insider Activity

In related news, Director C Raymond Larkin, Jr. purchased 6,500 shares of Align Technology stock in a transaction on Thursday, August 15th. The stock was acquired at an average cost of $235.33 per share, for a total transaction of $1,529,645.00. Following the completion of the acquisition, the director now owns 28,247 shares of the company’s stock, valued at $6,647,366.51. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.62% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Stifel Nicolaus reduced their price objective on Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a research report on Thursday, October 24th. Evercore ISI lowered their price objective on Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. StockNews.com upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a report on Thursday, September 19th. Piper Sandler reduced their target price on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Finally, Robert W. Baird dropped their price target on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $276.38.

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.