Oppenheimer Asset Management Inc. Has $5.11 Million Position in Align Technology, Inc. (NASDAQ:ALGN)

Oppenheimer Asset Management Inc. cut its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 39.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 20,074 shares of the medical equipment provider’s stock after selling 13,230 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Align Technology were worth $5,105,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Cullen Frost Bankers Inc. boosted 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 valued at $25,000 after buying an additional 94 shares in the last quarter. Innealta Capital LLC bought a new stake in Align Technology during the 2nd quarter worth approximately $26,000. Rothschild Investment LLC acquired a new stake in Align Technology during the 2nd quarter valued at $26,000. Versant Capital Management Inc raised its position in Align Technology by 547.1% in the 2nd quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock valued at $27,000 after purchasing an additional 93 shares during the last quarter. Finally, LRI Investments LLC acquired a new position in Align Technology in the first quarter worth $29,000. Institutional investors and hedge funds own 88.43% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on ALGN shares. Evercore ISI cut their price target on Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. StockNews.com upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a research report on Thursday, September 19th. Piper Sandler lowered their price target on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a report on Monday, November 4th. Finally, Stifel Nicolaus decreased 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. 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. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $276.38.

Align Technology Stock Up 3.1 %

NASDAQ:ALGN opened at $221.64 on Friday. Align Technology, Inc. has a 12-month low of $196.09 and a 12-month high of $335.40. The stock’s fifty day simple moving average is $228.90 and its 200-day simple moving average is $240.92. The firm has a market capitalization of $16.55 billion, a P/E ratio of 36.69, a P/E/G ratio of 5.68 and a beta of 1.65.

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