SteelPeak Wealth LLC Has $241,000 Holdings in Align Technology, Inc. (NASDAQ:ALGN)

SteelPeak Wealth LLC cut its position in Align Technology, Inc. (NASDAQ:ALGN) by 53.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 946 shares of the medical equipment provider’s stock after selling 1,079 shares during the quarter. SteelPeak Wealth LLC’s holdings in Align Technology were worth $241,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. LRI Investments LLC acquired a new position in Align Technology in the 1st quarter valued at $29,000. Cullen Frost Bankers Inc. grew its stake in Align Technology by 854.5% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock valued at $25,000 after buying an additional 94 shares during the last quarter. Rothschild Investment LLC acquired a new position in Align Technology in the 2nd quarter valued at $26,000. Innealta Capital LLC acquired a new position in Align Technology in the 2nd quarter valued at $26,000. Finally, Versant Capital Management Inc grew its stake in Align Technology by 547.1% in the 2nd quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock valued at $27,000 after buying an additional 93 shares during the last quarter. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ALGN has been the subject of a number of research reports. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a report on Thursday, October 24th. Morgan Stanley reduced their price target on shares of Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. Evercore ISI reduced their price target on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Piper Sandler reduced their price target on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. Finally, StockNews.com raised shares of Align Technology from a “hold” rating to a “buy” rating in a report on Thursday, September 19th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Align Technology has an average rating of “Hold” and an average price target of $276.38.

Align Technology Stock Performance

NASDAQ:ALGN opened at $208.58 on Friday. The company has a 50-day moving average of $231.05 and a 200-day moving average of $246.21. The company has a market capitalization of $15.58 billion, a price-to-earnings ratio of 35.59, a PEG ratio of 4.98 and a beta of 1.64. Align Technology, Inc. has a 52 week low of $184.89 and a 52 week high of $335.40.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. The business had revenue of $977.87 million during the quarter, compared to analysts’ expectations of $990.05 million. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. The firm’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter last year, the company posted $1.62 EPS. Sell-side analysts forecast that Align Technology, Inc. will post 7.45 EPS for the current year.

Insider Buying and Selling

In other news, Director C Raymond Larkin, Jr. bought 6,500 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was acquired at an average price of $235.33 per share, for a total transaction of $1,529,645.00. Following the transaction, the director now directly owns 28,247 shares of the company’s stock, valued at $6,647,366.51. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.62% of the stock is currently owned by corporate insiders.

Align Technology 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.