Provident Investment Management Inc. Lowers Position in Align Technology, Inc. $ALGN

Provident Investment Management Inc. decreased its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 96.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm 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 have also recently made changes to their positions in ALGN. Sentry Investment Management LLC boosted its holdings in Align Technology by 73.1% during the third quarter. Sentry Investment Management LLC now owns 187 shares of the medical equipment provider’s stock worth $25,000 after buying an additional 79 shares in the last quarter. Steigerwald Gordon & Koch Inc. purchased a new position in Align Technology in the third quarter valued at $26,000. Rothschild Investment LLC raised its position in shares of Align Technology by 140.3% in the second quarter. Rothschild Investment LLC now owns 149 shares of the medical equipment provider’s stock worth $28,000 after acquiring an additional 87 shares during the period. Quent Capital LLC acquired a new position in shares of Align Technology in the third quarter worth about $30,000. Finally, TD Private Client Wealth LLC boosted its stake in shares of Align Technology by 135.6% during the 3rd quarter. TD Private Client Wealth LLC now owns 238 shares of the medical equipment provider’s stock worth $30,000 after acquiring an additional 137 shares in the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP John Morici sold 7,969 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the executive vice president directly owned 8,237 shares in the company, valued at approximately $1,559,346.47. The trade was a 49.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.66% of the stock is owned by corporate insiders.

Align Technology Trading Up 3.9%

Shares of Align Technology stock opened at $176.12 on Wednesday. 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, Inc. has a twelve month low of $122.00 and a twelve month high of $208.30. The firm’s 50-day moving average price is $176.32 and its 200 day moving average price is $153.77.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, February 4th. The medical equipment provider reported $3.29 EPS for the quarter, topping the consensus estimate of $2.99 by $0.30. Align Technology had a return on equity of 15.16% and a net margin of 10.17%.The company had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same period in the previous year, the business earned $2.44 EPS. Align Technology’s quarterly revenue was up 5.3% on a year-over-year basis. On average, sell-side analysts predict that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

ALGN has been the topic of a number of analyst reports. Robert W. Baird set a $218.00 target price on Align Technology in a research report on Thursday, February 5th. Piper Sandler increased their price target on Align Technology from $200.00 to $220.00 and gave the stock an “overweight” rating in a research report on Thursday, February 5th. Wall Street Zen raised Align Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 7th. Stifel Nicolaus boosted their price objective on Align Technology from $200.00 to $210.00 and gave the company a “buy” rating in a research report on Thursday, February 5th. Finally, Weiss Ratings upgraded Align Technology from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, January 16th. Seven equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, Align Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $198.08.

About Align Technology

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.