Align Technology, Inc. $ALGN Stock Purchased by Apollon Wealth Management LLC

Key Points

• Apollon Wealth Management increased its Align Technology position by 2,050.4% in the third quarter, acquiring 34,672 additional shares for a total holding of 36,363 shares valued at approximately $4.83 million.
• Institutional investors own 88.43% of Align Technology. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $190.93, although several firms recently lowered their targets.
• Align Technology’s stock opened at $151.95, while its latest quarterly results slightly exceeded expectations with $2.64 in earnings per share and $1.06 billion in revenue, up 4.3% year over year.

Apollon Wealth Management LLC raised its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 2,050.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,363 shares of the medical equipment provider's stock after acquiring an additional 34,672 shares during the period. Apollon Wealth Management LLC owned approximately 0.05% of Align Technology worth $4,833,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the business. Blue Trust Inc. grew 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 worth $27,000 after purchasing an additional 69 shares during the last quarter. Hollencrest Capital Management purchased a new position in Align Technology during the first quarter valued at approximately $34,000. Osterweis Capital Management Inc. bought a new position in Align Technology in the second quarter worth approximately $36,000. Global Retirement Partners LLC bought a new position in Align Technology in the second quarter worth approximately $38,000. Finally, Bessemer Group Inc. raised its stake in Align Technology by 37.2% in the first quarter. Bessemer Group Inc. now owns 247 shares of the medical equipment provider's stock worth $43,000 after buying an additional 67 shares in the last quarter. Institutional investors own 88.43% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on ALGN shares. UBS Group reaffirmed a "neutral" rating and set a $189.00 target price on shares of Align Technology in a research report on Thursday, July 23rd. Robert W. Baird reiterated 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. Raymond James Financial reissued a "buy" rating on shares of Align Technology in a research report on Monday, October 5th. 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 note on Wednesday, October 21st. Finally, Wall Street Zen downgraded Align Technology from a "buy" rating to a "hold" rating in a research report on Saturday. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $190.93.

Align Technology Stock Down 0.2%

NASDAQ:ALGN opened at $151.95 on Wednesday. Align Technology, Inc. has a 52 week low of $130.23 and a 52 week high of $200.43. The firm has a 50 day moving average of $151.11 and a 200 day moving average of $169.05. The stock has a market capitalization of $10.88 billion, a price-to-earnings ratio of 26.43 and a beta of 1.67.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share for the quarter, beating the consensus estimate of $2.62 by $0.02. The firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.05 billion. Align Technology's revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the business earned $2.49 earnings per share. As a group, analysts expect that Align Technology, Inc. will post 9.27 EPS for the current year.

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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