Align Technology, Inc. $ALGN Stock Purchased by IFP Advisors Inc

Key Points

• IFP Advisors increased its Align Technology stake by 8,055% in the third quarter, acquiring 56,385 additional shares for a total holding of 57,085 shares valued at approximately $7.56 million. Institutional investors collectively own 88.43% of the company.
• Align Technology shares opened at $147.31, below their 50-day average of $154.01 and 200-day average of $167.19, with a 52-week range of $128.67 to $200.43.
• The company recently beat quarterly earnings estimates, reporting $2.64 EPS and $1.06 billion in revenue, while analysts maintain a “Moderate Buy” consensus rating with an average price target of $194.14.

IFP Advisors Inc raised its holdings in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 8,055.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 57,085 shares of the medical equipment provider's stock after acquiring an additional 56,385 shares during the period. IFP Advisors Inc owned about 0.08% of Align Technology worth $7,561,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the business. Bessemer Group Inc. increased its stake in shares of 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 purchasing an additional 67 shares in the last quarter. Blue Trust Inc. boosted its holdings in Align Technology by 77.5% in the 1st quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider's stock worth $27,000 after buying an additional 69 shares during the period. Empirical Finance LLC boosted its holdings in Align Technology by 2.9% in 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 during the period. First Bank & Trust grew its stake in Align Technology by 5.0% in the 2nd quarter. First Bank & Trust now owns 1,599 shares of the medical equipment provider's stock valued at $270,000 after buying an additional 76 shares in the last quarter. Finally, M.E. Allison & CO. Inc. grew its stake in Align Technology by 1.9% in the 2nd quarter. M.E. Allison & CO. Inc. now owns 4,235 shares of the medical equipment provider's stock valued at $714,000 after buying an additional 80 shares in the last quarter. 88.43% of the stock is currently owned by institutional investors.

Align Technology Price Performance

Shares of ALGN opened at $147.31 on Monday. The firm's 50 day simple moving average is $154.01 and its 200 day simple moving average is $167.19. The company has a market capitalization of $10.55 billion, a P/E ratio of 25.62, a P/E/G ratio of 1.57 and a beta of 1.67. Align Technology, Inc. has a 1-year low of $128.67 and a 1-year high of $200.43.

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 (EPS) for the quarter, beating the consensus estimate of $2.62 by $0.02. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. The business had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.05 billion. During the same period in the previous year, the business posted $2.49 earnings per share. Align Technology's revenue for the quarter was up 4.3% on a year-over-year basis. On average, equities analysts anticipate that Align Technology, Inc. will post 9.36 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on ALGN shares. Zacks Research cut shares of Align Technology from a "hold" rating to a "strong sell" rating in a report on Thursday. UBS Group reaffirmed a "neutral" rating and issued a $189.00 price target on shares of Align Technology in a report on Thursday, July 23rd. Weiss Ratings raised Align Technology from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, October 9th. Stifel Nicolaus reduced 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, October 9th. Finally, BMO Capital Markets began coverage on Align Technology in a research note on Wednesday, July 8th. They set an "outperform" rating and a $209.00 price objective on the stock. One investment 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's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $194.14.

About Align Technology

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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