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

Key Points

• Manchester Capital Management increased its Align Technology holdings by 12,957.1% in the third quarter, ending with 9,140 shares valued at approximately $1.21 million. Institutional investors collectively own 88.43% of the stock.
• Align Technology reported quarterly revenue of $1.06 billion and earnings of $2.64 per share, slightly exceeding analyst expectations; revenue rose 4.3% year over year.
• ALGN shares opened at $154.51, while analysts maintain a consensus “Moderate Buy” rating and an average price target of $190.93, despite several recent target-price cuts and rating downgrades.

Manchester Capital Management LLC boosted its holdings in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 12,957.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,140 shares of the medical equipment provider's stock after acquiring an additional 9,070 shares during the quarter. Manchester Capital Management LLC's holdings in Align Technology were worth $1,210,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bessemer Group Inc. boosted its position in Align Technology by 37.2% in the first quarter. Bessemer Group Inc. now owns 247 shares of the medical equipment provider's stock valued at $43,000 after buying an additional 67 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of Align Technology by 77.5% in the first quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider's stock valued at $27,000 after buying an additional 69 shares during the last quarter. Empirical Finance LLC lifted its position in Align Technology by 2.9% during the 2nd quarter. Empirical Finance LLC now owns 2,570 shares of the medical equipment provider's stock worth $433,000 after buying an additional 73 shares in the last quarter. First Bank & Trust lifted its position in Align Technology by 5.0% during the 2nd quarter. First Bank & Trust now owns 1,599 shares of the medical equipment provider's stock worth $270,000 after buying an additional 76 shares in the last quarter. Finally, M.E. Allison & CO. Inc. grew its holdings in Align Technology by 1.9% during the 2nd quarter. M.E. Allison & CO. Inc. now owns 4,235 shares of the medical equipment provider's stock worth $714,000 after acquiring an additional 80 shares during the last quarter. 88.43% of the stock is owned by institutional investors.

Align Technology Stock Performance

Shares of ALGN stock opened at $154.51 on Friday. Align Technology, Inc. has a 52-week low of $130.23 and a 52-week high of $200.43. The stock has a market cap of $11.07 billion, a PE ratio of 26.87, a PEG ratio of 1.66 and a beta of 1.67. The firm's 50 day moving average price is $151.62 and its two-hundred day moving average price is $166.55.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 EPS for the quarter, topping analysts' consensus estimates of $2.62 by $0.02. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. The firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.05 billion. During the same quarter in the previous year, the business earned $2.49 EPS. The business's quarterly revenue was up 4.3% compared to the same quarter last year. As a group, sell-side analysts predict that Align Technology, Inc. will post 9.34 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ALGN. Mizuho dropped their target price on shares of Align Technology from $220.00 to $200.00 and set an "outperform" rating for the company in a research note on Thursday. Robert W. Baird reissued a "neutral" rating and issued a $162.00 price target (down from $218.00) on shares of Align Technology in a report on Thursday, October 15th. Wall Street Zen cut shares of Align Technology from a "buy" rating to a "hold" rating in a research report on Saturday. Raymond James Financial reiterated a "buy" rating on shares of Align Technology in a research report on Monday, October 5th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a research note on Thursday, July 30th. 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's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $190.93.

Align Technology Company Profile

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.

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