Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by Integrated Wealth Concepts LLC

Integrated Wealth Concepts LLC trimmed its position in Align Technology, Inc. (NASDAQ:ALGN) by 1.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,680 shares of the medical equipment provider’s stock after selling 66 shares during the period. Integrated Wealth Concepts LLC’s holdings in Align Technology were worth $937,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. boosted its stake in shares of Align Technology by 854.5% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock worth $25,000 after acquiring an additional 94 shares in the last quarter. Innealta Capital LLC purchased a new position in Align Technology in the 2nd quarter worth about $26,000. Rothschild Investment LLC acquired a new stake in Align Technology during the 2nd quarter worth about $26,000. True Wealth Design LLC raised its holdings in Align Technology by 10,700.0% during the 3rd quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider’s stock worth $27,000 after buying an additional 107 shares during the period. Finally, University of Texas Texas AM Investment Management Co. purchased a new stake in Align Technology during the second quarter valued at about $31,000. 88.43% of the stock is owned by institutional investors.

Align Technology Price Performance

Shares of Align Technology stock opened at $237.57 on Tuesday. The stock has a 50-day simple moving average of $224.39 and a 200-day simple moving average of $234.67. Align Technology, Inc. has a 52-week low of $196.09 and a 52-week high of $335.40. The firm has a market cap of $17.74 billion, a price-to-earnings ratio of 40.54, a P/E/G ratio of 6.02 and a beta of 1.66.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, topping the consensus estimate of $2.31 by $0.04. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. The company had revenue of $977.87 million during the quarter, compared to the consensus estimate of $990.05 million. During the same period in the previous year, the firm posted $1.62 earnings per share. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. As a group, equities research analysts predict that Align Technology, Inc. will post 7.45 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on ALGN shares. Mizuho initiated coverage on shares of Align Technology in a report on Wednesday, December 4th. They set an “outperform” rating and a $295.00 price target on the stock. Stifel Nicolaus reduced their target price on Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a report on Thursday, October 24th. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a research report on Monday, November 4th. Evercore ISI dropped their price target on Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Finally, 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, October 24th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Align Technology has a consensus rating of “Moderate Buy” and an average price target of $278.44.

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.