Align Technology, Inc. $ALGN Stock Bought by NorthCrest Asset Manangement LLC

Key Points

• NorthCrest Asset Management increased its Align Technology stake by 1,973.3% in the third quarter, purchasing 66,026 additional shares and bringing its holdings to 69,372 shares worth approximately $9.6 million.
• Institutional investors own 88.43% of Align Technology. The stock opened at $140.42, well below its 52-week high of $200.43, with a market capitalization of about $10.06 billion.
• Align recently exceeded quarterly earnings and revenue expectations, while analysts maintain a consensus “Moderate Buy” rating with an average price target of $199.21.

NorthCrest Asset Manangement LLC increased its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 1,973.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 69,372 shares of the medical equipment provider's stock after buying an additional 66,026 shares during the quarter. NorthCrest Asset Manangement LLC owned 0.10% of Align Technology worth $9,635,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Blue Trust Inc. boosted its holdings in Align Technology by 77.5% during the 1st quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider's stock worth $27,000 after acquiring an additional 69 shares during the last quarter. Tobam bought a new stake in shares of Align Technology in the 4th quarter worth $30,000. Hollencrest Capital Management purchased a new stake in shares of Align Technology in the first quarter valued at about $34,000. Osterweis Capital Management Inc. bought a new position in shares of Align Technology during the second quarter valued at about $36,000. Finally, Global Retirement Partners LLC bought a new position in shares of Align Technology during the second quarter valued at about $38,000. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Stock Performance

ALGN opened at $140.42 on Tuesday. The firm has a market cap of $10.06 billion, a P/E ratio of 24.42, a PEG ratio of 1.52 and a beta of 1.67. The firm has a 50-day moving average of $156.14 and a 200 day moving average of $167.93. Align Technology, Inc. has a fifty-two week low of $126.26 and a fifty-two week high of $200.43.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The medical equipment provider reported $2.64 EPS for the quarter, topping the consensus estimate 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 net margin of 9.99% and a return on equity of 15.86%. The company's revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.49 earnings per share. Equities research analysts predict that Align Technology, Inc. will post 9.36 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. BMO Capital Markets initiated coverage on Align Technology in a research note on Wednesday, July 8th. They issued an "outperform" rating and a $209.00 target price on the stock. Zacks Research downgraded Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 16th. Stifel Nicolaus decreased their price target on Align Technology from $210.00 to $175.00 and set a "buy" rating for the company in a research report on Friday. Weiss Ratings upgraded Align Technology from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday. Finally, Raymond James Financial reissued a "buy" rating on shares of Align Technology in a research report on Monday, October 5th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $199.21.

Align Technology Company Profile

Align Technology, Inc is a medical device and digital technology company that designs, manufactures and markets products used in orthodontics and restorative dentistry. The company is best known for Invisalign clear aligners, which are custom-made orthodontic devices intended to gradually move patients' teeth under the supervision of dental professionals.

Align also develops the iTero family of intraoral scanners and related digital imaging systems, which help dental professionals create digital impressions and treatment plans.

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