First Bank & Trust Sells 1,507 Shares of Align Technology, Inc. (NASDAQ:ALGN)

First Bank & Trust cut its stake in Align Technology, Inc. (NASDAQ:ALGN) by 24.4% in the third quarter, HoldingsChannel.com reports. The fund owned 4,677 shares of the medical equipment provider’s stock after selling 1,507 shares during the period. First Bank & Trust’s holdings in Align Technology were worth $1,189,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of ALGN. Wealth Enhancement Advisory Services LLC increased its stake in shares of Align Technology by 12.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 6,294 shares of the medical equipment provider’s stock valued at $2,064,000 after acquiring an additional 697 shares during the last quarter. SteelPeak Wealth LLC bought a new stake in shares of Align Technology in the 1st quarter valued at about $306,000. Azzad Asset Management Inc. ADV increased its stake in shares of Align Technology by 9.2% in the 1st quarter. Azzad Asset Management Inc. ADV now owns 13,622 shares of the medical equipment provider’s stock valued at $4,467,000 after acquiring an additional 1,149 shares during the last quarter. Norden Group LLC increased its stake in shares of Align Technology by 3,647.7% in the 1st quarter. Norden Group LLC now owns 36,540 shares of the medical equipment provider’s stock valued at $11,982,000 after acquiring an additional 35,565 shares during the last quarter. Finally, First Trust Direct Indexing L.P. increased its stake in shares of Align Technology by 43.4% in the 1st quarter. First Trust Direct Indexing L.P. now owns 2,010 shares of the medical equipment provider’s stock valued at $659,000 after acquiring an additional 608 shares during the last quarter. 88.43% of the stock is owned by institutional investors.

Insider Activity

In related news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was bought at an average price of $235.33 per share, with a total value of $1,529,645.00. Following the acquisition, the director now owns 28,247 shares in the company, valued at $6,647,366.51. This represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.62% of the stock is currently owned by insiders.

Align Technology Price Performance

NASDAQ:ALGN traded up $2.88 during trading hours on Friday, reaching $219.30. 1,145,141 shares of the stock were exchanged, compared to its average volume of 780,594. The stock has a market cap of $16.51 billion, a PE ratio of 36.13, a PEG ratio of 5.33 and a beta of 1.64. Align Technology, Inc. has a twelve month low of $176.34 and a twelve month high of $335.40. The firm has a 50 day moving average of $233.41 and a 200 day moving average of $250.02.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, beating the consensus estimate of $2.31 by $0.04. The company had revenue of $977.87 million during the quarter, compared to the consensus estimate of $990.05 million. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The firm’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.62 EPS. Equities research analysts anticipate that Align Technology, Inc. will post 7.61 earnings per share for the current year.

Analysts Set New Price Targets

ALGN has been the subject of several research analyst reports. Stifel Nicolaus decreased their price objective on Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a research report on Thursday. Robert W. Baird decreased their price objective on Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a research report on Thursday. Piper Sandler decreased their price objective on Align Technology from $285.00 to $275.00 and set an “overweight” rating for the company in a research report on Thursday. Evercore ISI decreased their price objective on Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a research report on Thursday. Finally, Morgan Stanley decreased their price objective on Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $276.38.

Align Technology Company Profile

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.