Align Technology, Inc. $ALGN Shares Acquired by Manchester Capital Management LLC

Manchester Capital Management LLC boosted its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 12,957.1% in the third quarter, Holdings Channel reports. The firm owned 9,140 shares of the medical equipment provider’s stock after purchasing an additional 9,070 shares during the period. Manchester Capital Management LLC’s holdings in Align Technology were worth $1,210,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of ALGN. K.J. Harrison & Partners Inc acquired a new position in shares of Align Technology in the 2nd quarter valued at $1,872,000. Maridea Wealth Management LLC acquired a new stake in Align Technology during the 2nd quarter worth $1,659,000. Pallas Capital Advisors LLC bought a new position in Align Technology during the second quarter worth about $1,128,000. NewEdge Wealth LLC bought a new position in Align Technology during the second quarter worth about $1,658,000. Finally, Nykredit A S acquired a new position in Align Technology in the second quarter valued at about $74,077,000. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Align Technology Price Performance

ALGN stock opened at $154.51 on Friday. The stock has a market capitalization of $11.07 billion, a P/E ratio of 26.87, a P/E/G ratio of 1.66 and a beta of 1.67. Align Technology, Inc. has a fifty-two week low of $130.23 and a fifty-two week high of $200.43. The business has a 50-day moving average of $151.62 and a 200-day moving average of $166.55.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.62 by $0.02. The business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.05 billion. Align Technology had a return on equity of 15.86% and a net margin of 9.99%. Align Technology’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter last year, the firm earned $2.49 EPS. Equities analysts expect that Align Technology, Inc. will post 9.34 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Evercore downgraded Align Technology from an “outperform” rating to an “in-line” rating and set a $155.00 price target for the company. in a report on Monday, October 5th. BMO Capital Markets initiated coverage on Align Technology in a report on Wednesday, July 8th. They set an “outperform” rating and a $209.00 price objective on the stock. Piper Sandler decreased their price objective on Align Technology from $235.00 to $205.00 and set an “overweight” rating for the company in a research report on Wednesday. Robert W. Baird reissued a “neutral” rating and set a $162.00 target price (down from $218.00) on shares of Align Technology in a research note on Thursday, October 15th. Finally, Leerink Partners cut their price target on shares of Align Technology from $235.00 to $215.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 14th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Align Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $190.93.

About Align Technology

Align Technology, Inc is a global medical device company focused on digital orthodontics and restorative dentistry. Founded in 1997, the company is best known for the Invisalign system, a series of clear, removable aligners designed to gradually move teeth and treat a range of orthodontic conditions.

Align’s products and services also include digital scanning and dental practice solutions. Its iTero intraoral scanners create digital impressions for orthodontic and restorative procedures, while its exocad business develops computer-aided design and computer-aided manufacturing software used by dental laboratories, clinicians and other dental professionals.

The company serves orthodontists, dentists, dental laboratories and patients in numerous markets worldwide.