Progressive Investment Management Corp Trims Stake in Align Technology, Inc. (NASDAQ:ALGN)

Progressive Investment Management Corp decreased its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 4.1% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 10,997 shares of the medical equipment provider’s stock after selling 468 shares during the period. Progressive Investment Management Corp’s holdings in Align Technology were worth $2,293,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. True Wealth Design LLC boosted its stake in shares of Align Technology by 10,700.0% during the third quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider’s stock valued at $27,000 after acquiring an additional 107 shares during the last quarter. Neo Ivy Capital Management acquired a new stake in shares of Align Technology during the 3rd quarter worth about $32,000. Picton Mahoney Asset Management grew its holdings in shares of Align Technology by 69.9% during the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider’s stock worth $30,000 after buying an additional 58 shares in the last quarter. Private Trust Co. NA raised its position in shares of Align Technology by 113.4% in the fourth quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider’s stock valued at $36,000 after buying an additional 93 shares during the last quarter. Finally, Quarry LP lifted its stake in shares of Align Technology by 74.8% during the third quarter. Quarry LP now owns 222 shares of the medical equipment provider’s stock valued at $56,000 after buying an additional 95 shares during the period. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Stock Down 3.1 %

Align Technology stock opened at $159.21 on Friday. The firm has a fifty day moving average of $193.72 and a 200-day moving average of $214.64. Align Technology, Inc. has a 52-week low of $157.57 and a 52-week high of $331.64. The firm has a market capitalization of $11.72 billion, a P/E ratio of 28.38, a PEG ratio of 2.24 and a beta of 1.69.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, February 5th. The medical equipment provider reported $1.96 EPS for the quarter, missing the consensus estimate of $2.43 by ($0.47). Align Technology had a net margin of 10.54% and a return on equity of 13.84%. On average, research analysts expect that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a research note on Thursday, February 6th. Piper Sandler reaffirmed an “overweight” rating and issued a $235.00 price objective (down previously from $270.00) on shares of Align Technology in a research report on Tuesday, March 18th. Wells Fargo & Company started coverage on Align Technology in a research report on Friday, February 14th. They set an “overweight” rating and a $255.00 target price on the stock. Evercore ISI lifted their price target on Align Technology from $240.00 to $260.00 and gave the company an “outperform” rating in a report on Thursday, February 6th. Finally, Mizuho dropped their price objective on shares of Align Technology from $295.00 to $250.00 and set an “outperform” rating for the company in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, two have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Align Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $262.64.

Align Technology Company Profile

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.