Eagle Asset Management Inc. Sells 122,553 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Eagle Asset Management Inc. lessened its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 40.2% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 182,083 shares of the medical equipment provider’s stock after selling 122,553 shares during the quarter. Eagle Asset Management Inc. owned approximately 0.24% of Align Technology worth $46,307,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ALGN. Cullen Frost Bankers Inc. lifted its holdings in shares of Align Technology by 854.5% during the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock worth $25,000 after purchasing an additional 94 shares during the period. Innealta Capital LLC acquired a new position in shares of Align Technology during the second quarter worth $26,000. Rothschild Investment LLC acquired a new position in shares of Align Technology during the second quarter worth $26,000. Versant Capital Management Inc lifted 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 purchasing an additional 93 shares during the period. Finally, LRI Investments LLC acquired a new position in shares of Align Technology during the first quarter worth $29,000. Institutional investors own 88.43% of the company’s stock.

Align Technology Trading Down 1.0 %

Shares of NASDAQ ALGN opened at $225.89 on Friday. The firm’s 50-day moving average price is $228.54 and its 200-day moving average price is $238.16. Align Technology, Inc. has a 1-year low of $196.09 and a 1-year high of $335.40. The firm has a market capitalization of $16.86 billion, a P/E ratio of 38.55, a P/E/G ratio of 5.77 and a beta of 1.65.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. StockNews.com upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a report on Thursday, September 19th. Morgan Stanley cut their price target on shares of Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Piper Sandler dropped 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. Stifel Nicolaus dropped their target price on shares of Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a report on Thursday, October 24th. Finally, Evercore ISI dropped their target price on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Align Technology presently has an average rating of “Hold” and an average target price of $276.38.

Align Technology Company 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.