Cornercap Investment Counsel Inc. Purchases Shares of 9,904 Align Technology, Inc. (NASDAQ:ALGN)

Cornercap Investment Counsel Inc. purchased a new position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 9,904 shares of the medical equipment provider's stock, valued at approximately $2,714,000. Align Technology accounts for 0.4% of Cornercap Investment Counsel Inc.'s portfolio, making the stock its 26th biggest holding.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Metropolitan Life Insurance Co NY increased its stake in shares of Align Technology by 0.7% during the fourth quarter. Metropolitan Life Insurance Co NY now owns 4,202 shares of the medical equipment provider's stock worth $886,000 after acquiring an additional 31 shares during the period. Dfpg Investments LLC grew its position in Align Technology by 3.3% during the fourth quarter. Dfpg Investments LLC now owns 1,327 shares of the medical equipment provider's stock worth $340,000 after buying an additional 42 shares during the period. EFG Asset Management Americas Corp. grew its position in Align Technology by 3.8% during the second quarter. EFG Asset Management Americas Corp. now owns 1,174 shares of the medical equipment provider's stock worth $415,000 after buying an additional 43 shares during the period. Flagship Harbor Advisors LLC grew its position in Align Technology by 2.7% during the third quarter. Flagship Harbor Advisors LLC now owns 1,694 shares of the medical equipment provider's stock worth $517,000 after buying an additional 44 shares during the period. Finally, Richard W. Paul & Associates LLC grew its position in Align Technology by 2.8% during the fourth quarter. Richard W. Paul & Associates LLC now owns 1,669 shares of the medical equipment provider's stock worth $457,000 after buying an additional 45 shares during the period. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Align Technology

In other Align Technology news, EVP Emory Wright sold 2,524 shares of Align Technology stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $287.45, for a total value of $725,523.80. Following the transaction, the executive vice president now owns 709 shares in the company, valued at approximately $203,802.05. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, EVP Emory Wright sold 2,524 shares of Align Technology stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $287.45, for a total transaction of $725,523.80. Following the transaction, the executive vice president now owns 709 shares in the company, valued at approximately $203,802.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joseph Lacob sold 15,000 shares of Align Technology stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $303.22, for a total transaction of $4,548,300.00. Following the transaction, the director now owns 131,994 shares in the company, valued at approximately $40,023,220.68. The disclosure for this sale can be found here. Insiders have sold a total of 27,524 shares of company stock worth $8,403,924 in the last quarter. 0.64% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. The Goldman Sachs Group upped their target price on shares of Align Technology from $197.00 to $225.00 and gave the stock a "sell" rating in a research report on Friday, February 2nd. Leerink Partnrs reiterated a "market perform" rating on shares of Align Technology in a research report on Monday, February 26th. Stifel Nicolaus increased their price target on shares of Align Technology from $340.00 to $350.00 and gave the company a "buy" rating in a research report on Friday, March 15th. Piper Sandler increased their price target on shares of Align Technology from $335.00 to $355.00 and gave the company an "overweight" rating in a research report on Thursday, March 14th. Finally, UBS Group increased their price target on shares of Align Technology from $200.00 to $260.00 and gave the company a "neutral" rating in a research report on Tuesday, January 30th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $334.45.

Align Technology Trading Down 3.1 %

Shares of ALGN traded down $9.93 during mid-day trading on Friday, reaching $314.97. The company had a trading volume of 631,737 shares, compared to its average volume of 520,091. The stock has a market cap of $23.70 billion, a price-to-earnings ratio of 54.12, a price-to-earnings-growth ratio of 5.67 and a beta of 1.65. The firm has a fifty day simple moving average of $311.38 and a 200-day simple moving average of $269.77. Align Technology, Inc. has a fifty-two week low of $176.34 and a fifty-two week high of $413.20.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its quarterly earnings results on Wednesday, January 31st. The medical equipment provider reported $1.91 earnings per share for the quarter, beating analysts' consensus estimates of $1.78 by $0.13. The company had revenue of $956.73 million for the quarter, compared to analyst estimates of $928.57 million. Align Technology had a net margin of 11.52% and a return on equity of 13.88%. As a group, equities analysts predict that Align Technology, Inc. will post 7.65 EPS for the current fiscal year.

About Align Technology

Align Technology, Inc designs, manufactures, and markets Invisalign clear aligners, and iTero intraoral scanners and services for orthodontists and general practitioner dentists in the United States, Switzerland, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.