Posted by Defense World Staff on Jun 16th, 2024 
Scarborough Advisors LLC purchased a new stake in Align Technology, Inc. (NASDAQ:ALGN – Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 314 shares of the medical equipment provider’s stock, valued at approximately $86,000.
Several other institutional investors have also added to or reduced their stakes in the company. Parnassus Investments LLC raised its holdings in Align Technology by 11.3% in the 4th quarter. Parnassus Investments LLC now owns 396,603 shares of the medical equipment provider’s stock valued at $108,669,000 after acquiring an additional 40,406 shares in the last quarter. Deepwater Asset Management LLC raised its holdings in Align Technology by 46.8% in the 4th quarter. Deepwater Asset Management LLC now owns 48,981 shares of the medical equipment provider’s stock valued at $13,421,000 after acquiring an additional 15,608 shares in the last quarter. London & Capital Asset Management Ltd raised its holdings in Align Technology by 7.1% in the 4th quarter. London & Capital Asset Management Ltd now owns 58,025 shares of the medical equipment provider’s stock valued at $15,899,000 after acquiring an additional 3,843 shares in the last quarter. Morgan Stanley raised its holdings in Align Technology by 9.8% in the 3rd quarter. Morgan Stanley now owns 1,018,161 shares of the medical equipment provider’s stock valued at $310,866,000 after acquiring an additional 90,581 shares in the last quarter. Finally, Truist Financial Corp raised its holdings in Align Technology by 24.8% in the 4th quarter. Truist Financial Corp now owns 11,165 shares of the medical equipment provider’s stock valued at $3,059,000 after acquiring an additional 2,220 shares in the last quarter. 88.43% of the stock is currently owned by institutional investors.
Shares of ALGN opened at $256.01 on Friday. Align Technology, Inc. has a 12-month low of $176.34 and a 12-month high of $413.20. The business has a 50-day simple moving average of $280.95 and a two-hundred day simple moving average of $282.03. The stock has a market cap of $19.27 billion, a PE ratio of 42.18, a PEG ratio of 5.02 and a beta of 1.62.
Align Technology (NASDAQ:ALGN – Get Free Report) last issued its earnings results on Wednesday, April 24th. The medical equipment provider reported $1.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.08. Align Technology had a return on equity of 14.15% and a net margin of 11.80%. The business had revenue of $997.43 million during the quarter, compared to analysts’ expectations of $971.97 million. On average, equities research analysts expect that Align Technology, Inc. will post 7.86 EPS for the current year.
Several equities analysts have weighed in on ALGN shares. UBS Group lifted their price objective on Align Technology from $280.00 to $320.00 and gave the company a “neutral” rating in a report on Monday, April 15th. Morgan Stanley boosted their price target on Align Technology from $344.00 to $360.00 and gave the stock an “overweight” rating in a report on Thursday, April 25th. OTR Global reissued a “mixed” rating on shares of Align Technology in a report on Tuesday, June 4th. Piper Sandler reissued an “overweight” rating and set a $375.00 price target (up previously from $355.00) on shares of Align Technology in a report on Thursday, April 25th. Finally, SVB Leerink initiated coverage on Align Technology in a report on Monday, February 26th. They set a “market perform” rating and a $310.00 price target for the company. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Align Technology has an average rating of “Moderate Buy” and an average target price of $351.00.
Check Out Our Latest Report on Align Technology
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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.
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