Unique Wealth Strategies LLC Buys Shares of 2,950 Align Technology, Inc. (NASDAQ:ALGN)

Unique Wealth Strategies LLC bought a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN) in the fourth quarter, Holdings Channel reports. The fund bought 2,950 shares of the medical equipment provider’s stock, valued at approximately $808,000.

Other hedge funds have also made changes to their positions in the company. Bank of New York Mellon Corp increased its holdings in shares of Align Technology by 2.5% in the third quarter. Bank of New York Mellon Corp now owns 1,228,875 shares of the medical equipment provider’s stock valued at $375,200,000 after purchasing an additional 29,497 shares during the last quarter. Morgan Stanley increased its holdings in shares of Align Technology by 9.8% in the third quarter. Morgan Stanley now owns 1,018,161 shares of the medical equipment provider’s stock valued at $310,866,000 after purchasing an additional 90,581 shares during the last quarter. Rhenman & Partners Asset Management AB acquired a new stake in shares of Align Technology in the third quarter valued at approximately $305,000. Invesco Ltd. increased its holdings in shares of Align Technology by 15.4% in the third quarter. Invesco Ltd. now owns 960,271 shares of the medical equipment provider’s stock valued at $293,190,000 after purchasing an additional 128,273 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in shares of Align Technology by 2.7% in the third quarter. Northern Trust Corp now owns 831,469 shares of the medical equipment provider’s stock valued at $253,864,000 after purchasing an additional 21,490 shares during the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Stock Performance

Shares of ALGN traded down $1.48 during midday trading on Friday, hitting $309.02. 737,294 shares of the stock were exchanged, compared to its average volume of 636,306. Align Technology, Inc. has a 52-week low of $176.34 and a 52-week high of $413.20. The stock has a fifty day simple moving average of $313.38 and a 200 day simple moving average of $270.98. The firm has a market cap of $23.25 billion, a P/E ratio of 50.91, a P/E/G ratio of 5.56 and a beta of 1.65.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, January 31st. The medical equipment provider reported $1.91 EPS for the quarter, topping the consensus estimate of $1.78 by $0.13. Align Technology had a return on equity of 14.15% and a net margin of 11.80%. The business had revenue of $956.73 million during the quarter, compared to analyst estimates of $928.57 million. As a group, equities research analysts forecast that Align Technology, Inc. will post 7.69 EPS for the current fiscal year.

Insider Transactions at Align Technology

In related news, Director Joseph Lacob sold 15,000 shares of the business’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $303.22, for a total transaction of $4,548,300.00. Following the completion of the transaction, the director now directly owns 131,994 shares of the company’s stock, valued at approximately $40,023,220.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Joseph Lacob sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $303.22, for a total transaction of $4,548,300.00. Following the sale, the director now directly owns 131,994 shares in the company, valued at $40,023,220.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Emory Wright sold 2,524 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $287.45, for a total transaction of $725,523.80. Following the sale, the executive vice president now owns 709 shares in the company, valued at $203,802.05. The disclosure for this sale can be found here. Insiders sold a total of 27,524 shares of company stock worth $8,403,924 over the last ninety days. Company insiders own 0.64% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on ALGN shares. The Goldman Sachs Group increased their price target on Align Technology from $197.00 to $225.00 and gave the company a “sell” rating in a report on Friday, February 2nd. Piper Sandler reaffirmed an “overweight” rating and issued a $375.00 price target (up previously from $355.00) on shares of Align Technology in a report on Thursday. Morgan Stanley increased their price objective on Align Technology from $344.00 to $360.00 and gave the stock an “overweight” rating in a research report on Thursday. Stifel Nicolaus increased their price objective on Align Technology from $350.00 to $400.00 and gave the stock a “buy” rating in a research report on Thursday, April 18th. Finally, Robert W. Baird increased their price objective on Align Technology from $333.00 to $370.00 and gave the stock an “outperform” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $341.36.

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.