Pictet Asset Management Ltd. raised its stake in Align Technology, Inc. (NASDAQ:ALGN) by 2.8% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 245,270 shares of the medical equipment provider’s stock after buying an additional 6,636 shares during the period. Pictet Asset Management Ltd.’s holdings in Align Technology were worth $35,613,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. UBS Asset Management Americas Inc. boosted its stake in shares of Align Technology by 136.3% in the fourth quarter. UBS Asset Management Americas Inc. now owns 129,994 shares of the medical equipment provider’s stock valued at $12,497,000 after buying an additional 74,974 shares during the period. Creative Planning boosted its stake in shares of Align Technology by 199.1% in the first quarter. Creative Planning now owns 16,542 shares of the medical equipment provider’s stock valued at $1,898,000 after buying an additional 11,011 shares during the period. Carroll Financial Associates Inc. boosted its stake in shares of Align Technology by 14.0% in the first quarter. Carroll Financial Associates Inc. now owns 1,550 shares of the medical equipment provider’s stock valued at $177,000 after buying an additional 190 shares during the period. Pennsylvania Trust Co boosted its stake in shares of Align Technology by 227.0% in the first quarter. Pennsylvania Trust Co now owns 8,125 shares of the medical equipment provider’s stock valued at $932,000 after buying an additional 5,640 shares during the period. Finally, Capstone Asset Management Co. boosted its stake in shares of Align Technology by 3.6% in the first quarter. Capstone Asset Management Co. now owns 10,346 shares of the medical equipment provider’s stock valued at $1,187,000 after buying an additional 360 shares during the period. Institutional investors and hedge funds own 87.13% of the company’s stock.

Align Technology, Inc. (ALGN) opened at 175.77 on Thursday. The stock has a 50 day moving average of $158.19 and a 200 day moving average of $128.81. Align Technology, Inc. has a 12 month low of $83.27 and a 12 month high of $176.84. The firm has a market capitalization of $14.09 billion, a PE ratio of 60.20 and a beta of 1.55.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Thursday, July 27th. The medical equipment provider reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.12. Align Technology had a net margin of 19.18% and a return on equity of 23.87%. The firm had revenue of $356.50 million for the quarter, compared to the consensus estimate of $343.43 million. During the same period in the prior year, the firm posted $0.62 earnings per share. The company’s revenue for the quarter was up 32.3% on a year-over-year basis. On average, equities analysts predict that Align Technology, Inc. will post $3.40 earnings per share for the current fiscal year.

ILLEGAL ACTIVITY NOTICE: This news story was originally posted by Daily Political and is the property of of Daily Political. If you are viewing this news story on another publication, it was stolen and republished in violation of United States and international copyright laws. The correct version of this news story can be viewed at https://www.dailypolitical.com/2017/08/10/pictet-asset-management-ltd-has-35-61-million-stake-in-align-technology-inc-nasdaqalgn.html.

ALGN has been the subject of several analyst reports. Robert W. Baird upgraded shares of Align Technology from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $105.00 to $155.00 in a research note on Friday, April 28th. Jefferies Group LLC reiterated a “buy” rating and issued a $150.00 price objective (up previously from $110.00) on shares of Align Technology in a research note on Saturday, April 29th. Leerink Swann reiterated an “outperform” rating and issued a $149.00 price objective (up previously from $118.00) on shares of Align Technology in a research note on Saturday, April 29th. Morgan Stanley reiterated an “overweight” rating and issued a $175.00 price objective on shares of Align Technology in a research note on Monday, June 19th. They noted that the move was a valuation call. Finally, Northcoast Research reiterated a “buy” rating and issued a $186.00 price objective (up previously from $164.00) on shares of Align Technology in a research note on Wednesday, June 21st. Ten investment analysts have rated the stock with a buy rating, The stock has an average rating of “Buy” and a consensus price target of $174.40.

In other news, Director Joseph Lacob sold 50,000 shares of the stock in a transaction dated Wednesday, May 31st. The shares were sold at an average price of $144.98, for a total value of $7,249,000.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Sreelakshmi Kolli sold 1,000 shares of the stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $144.00, for a total transaction of $144,000.00. Following the completion of the sale, the vice president now directly owns 23,785 shares in the company, valued at $3,425,040. The disclosure for this sale can be found here. Over the last three months, insiders sold 54,874 shares of company stock worth $7,950,701. Insiders own 2.00% of the company’s stock.

About Align Technology

Align Technology, Inc designs, manufactures and markets a system of clear aligner therapy, intra-oral scanners and computer-aided design/computer-aided manufacturing (CAD/CAM) digital services used in dentistry, orthodontics and dental records storage. The Company operates through two segments: Clear Aligner segment and Scanner and Services (Scanner) segment.

Want to see what other hedge funds are holding ALGN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Align Technology, Inc. (NASDAQ:ALGN).

Institutional Ownership by Quarter for Align Technology (NASDAQ:ALGN)

Receive News & Ratings for Align Technology Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Align Technology Inc. and related companies with MarketBeat.com's FREE daily email newsletter.