Align Technology, Inc. $ALGN Shares Sold by Provident Investment Management Inc.

Provident Investment Management Inc. decreased its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 96.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,195 shares of the medical equipment provider’s stock after selling 157,118 shares during the quarter. Provident Investment Management Inc.’s holdings in Align Technology were worth $651,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ALGN. Capital International Investors raised its stake in Align Technology by 88.6% in the third quarter. Capital International Investors now owns 3,050,373 shares of the medical equipment provider’s stock valued at $381,968,000 after buying an additional 1,433,393 shares during the last quarter. Holocene Advisors LP purchased a new stake in shares of Align Technology during the third quarter worth about $179,035,000. Norges Bank acquired a new position in shares of Align Technology during the second quarter valued at about $155,297,000. Bank of America Corp DE raised its position in shares of Align Technology by 72.0% in the 3rd quarter. Bank of America Corp DE now owns 1,353,125 shares of the medical equipment provider’s stock valued at $169,438,000 after purchasing an additional 566,488 shares during the last quarter. Finally, Invesco Ltd. raised its position in shares of Align Technology by 37.4% in the 3rd quarter. Invesco Ltd. now owns 1,497,535 shares of the medical equipment provider’s stock valued at $187,521,000 after purchasing an additional 407,559 shares during the last quarter. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Align Technology Trading Up 3.9%

ALGN opened at $176.12 on Wednesday. Align Technology, Inc. has a 12-month low of $122.00 and a 12-month high of $208.30. The firm has a 50 day moving average of $176.32 and a two-hundred day moving average of $153.77. The firm has a market capitalization of $12.55 billion, a PE ratio of 31.12, a P/E/G ratio of 1.85 and a beta of 1.79.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, February 4th. The medical equipment provider reported $3.29 earnings per share for the quarter, topping analysts’ consensus estimates of $2.99 by $0.30. Align Technology had a net margin of 10.17% and a return on equity of 15.16%. The firm had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the prior year, the business earned $2.44 earnings per share. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. As a group, analysts predict that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Analyst Ratings Changes

ALGN has been the topic of several research analyst reports. Wells Fargo & Company boosted their target price on shares of Align Technology from $181.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, February 5th. Leerink Partners raised their price target on shares of Align Technology from $210.00 to $225.00 and gave the stock an “outperform” rating in a report on Thursday, February 5th. Weiss Ratings upgraded shares of Align Technology from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, January 16th. Piper Sandler boosted their price objective on shares of Align Technology from $200.00 to $220.00 and gave the company an “overweight” rating in a report on Thursday, February 5th. Finally, Barclays raised Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 target price on the stock in a research report on Tuesday. Seven research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $198.08.

Insiders Place Their Bets

In other Align Technology news, EVP John Morici sold 7,969 shares of the stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $189.31, for a total transaction of $1,508,611.39. Following the sale, the executive vice president directly owned 8,237 shares of the company’s stock, valued at approximately $1,559,346.47. This trade represents a 49.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.66% of the company’s stock.

Align Technology Company Profile

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.