Merit Financial Group LLC Has $1.28 Million Stake in Align Technology, Inc. $ALGN

Merit Financial Group LLC boosted its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 197.3% in the fourth quarter, Holdings Channel reports. The fund owned 8,167 shares of the medical equipment provider’s stock after acquiring an additional 5,420 shares during the period. Merit Financial Group LLC’s holdings in Align Technology were worth $1,275,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of ALGN. Independence Bank of Kentucky raised its position in shares of Align Technology by 77.7% during the fourth quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider’s stock valued at $29,000 after buying an additional 80 shares during the last quarter. Sentry Investment Management LLC raised its position in shares of Align Technology by 73.1% during the third quarter. Sentry Investment Management LLC now owns 187 shares of the medical equipment provider’s stock valued at $25,000 after buying an additional 79 shares during the last quarter. CYBER HORNET ETFs LLC acquired a new position in shares of Align Technology during the second quarter valued at about $36,000. Miller Global Investments LLC acquired a new position in shares of Align Technology during the fourth quarter valued at about $31,000. Finally, MUFG Securities EMEA plc acquired a new position in shares of Align Technology during the second quarter valued at about $38,000. Institutional investors and hedge funds own 88.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on ALGN. UBS Group upped their price objective on shares of Align Technology from $175.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, February 5th. Barclays raised shares of Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 price objective for the company in a research report on Tuesday, March 17th. Leerink Partners upped their price objective on shares of Align Technology from $210.00 to $225.00 and gave the company an “outperform” rating in a research report on Thursday, February 5th. Robert W. Baird set a $218.00 price objective on shares of Align Technology in a research report on Thursday, February 5th. Finally, Wells Fargo & Company upped their price objective on shares of Align Technology from $181.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, February 5th. Eight research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $202.46.

Insiders Place Their Bets

In related news, EVP John Morici sold 7,969 shares of the company’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $189.31, for a total value of $1,508,611.39. Following the sale, the executive vice president owned 8,237 shares of the company’s stock, valued at $1,559,346.47. The trade was a 49.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.75% of the stock is currently owned by insiders.

Align Technology Stock Down 2.7%

NASDAQ ALGN opened at $190.67 on Friday. The stock has a market cap of $13.66 billion, a P/E ratio of 33.69, a PEG ratio of 2.13 and a beta of 1.81. The company’s 50-day simple moving average is $179.72 and its 200 day simple moving average is $162.24. Align Technology, Inc. has a twelve month low of $122.00 and a twelve month high of $208.30.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, February 4th. The medical equipment provider reported $3.29 earnings per share for the quarter, beating analysts’ consensus estimates of $2.99 by $0.30. The business had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.03 billion. Align Technology had a net margin of 10.17% and a return on equity of 15.16%. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.44 earnings per share. Research analysts anticipate that Align Technology, Inc. will post 9.15 earnings per share for the current year.

About Align Technology

Align Technology, Inc (NASDAQ: ALGN) pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company’s signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.