Icon Wealth Advisors LLC Sells 380 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Icon Wealth Advisors LLC lessened its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 26.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,058 shares of the medical equipment provider’s stock after selling 380 shares during the quarter. Icon Wealth Advisors LLC’s holdings in Align Technology were worth $269,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Achmea Investment Management B.V. boosted its holdings in Align Technology by 3.4% in the second quarter. Achmea Investment Management B.V. now owns 10,335 shares of the medical equipment provider’s stock worth $2,495,000 after purchasing an additional 339 shares during the last quarter. Tidal Investments LLC boosted its stake in shares of Align Technology by 122.9% in the 1st quarter. Tidal Investments LLC now owns 4,408 shares of the medical equipment provider’s stock worth $1,445,000 after buying an additional 2,430 shares during the last quarter. Swedbank AB grew its holdings in shares of Align Technology by 2.0% in the second quarter. Swedbank AB now owns 299,115 shares of the medical equipment provider’s stock worth $72,215,000 after acquiring an additional 6,005 shares during the period. Baker Avenue Asset Management LP purchased a new stake in Align Technology during the third quarter valued at $4,250,000. Finally, Cetera Investment Advisers lifted its holdings in Align Technology by 914.2% in the first quarter. Cetera Investment Advisers now owns 12,627 shares of the medical equipment provider’s stock valued at $4,140,000 after acquiring an additional 11,382 shares during the period. 88.43% of the stock is currently owned by institutional investors.

Align Technology Stock Up 1.4 %

Shares of Align Technology stock opened at $232.77 on Friday. The company has a market capitalization of $17.38 billion, a price-to-earnings ratio of 39.72, a PEG ratio of 5.95 and a beta of 1.65. The stock’s 50-day simple moving average is $226.43 and its 200-day simple moving average is $236.31. Align Technology, Inc. has a 52 week low of $196.09 and a 52 week high of $335.40.

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

Analysts Set New Price Targets

A number of research firms have issued reports on ALGN. Stifel Nicolaus cut their price target on Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a research note on Thursday, October 24th. Morgan Stanley reduced their target price 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. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research note on Monday, November 4th. Robert W. Baird cut their price objective on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. Finally, Piper Sandler decreased their target price on Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $276.38.

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.