Amalgamated Bank Has $3.73 Million Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Amalgamated Bank reduced its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 3.0% in the 3rd quarter, Holdings Channel.com reports. The firm owned 14,659 shares of the medical equipment provider’s stock after selling 451 shares during the quarter. Amalgamated Bank’s holdings in Align Technology were worth $3,728,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of the stock. Impax Asset Management Group plc raised its stake in Align Technology by 26.8% during the 3rd quarter. Impax Asset Management Group plc now owns 114,057 shares of the medical equipment provider’s stock valued at $29,007,000 after purchasing an additional 24,115 shares during the last quarter. Arcadia Investment Management Corp MI acquired a new position in Align Technology during the 3rd quarter valued at $356,000. Avitas Wealth Management LLC increased its holdings in Align Technology by 18.9% in the 3rd quarter. Avitas Wealth Management LLC now owns 4,640 shares of the medical equipment provider’s stock valued at $1,180,000 after buying an additional 738 shares during the period. abrdn plc increased its holdings in Align Technology by 2.9% in the 3rd quarter. abrdn plc now owns 28,688 shares of the medical equipment provider’s stock valued at $7,272,000 after buying an additional 806 shares during the period. Finally, Custom Index Systems LLC increased its holdings in Align Technology by 13.3% in the 3rd quarter. Custom Index Systems LLC now owns 1,754 shares of the medical equipment provider’s stock valued at $446,000 after buying an additional 206 shares during the period. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ALGN has been the topic of several analyst reports. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a report on Monday, November 4th. Evercore ISI lowered their price target on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Piper Sandler lowered their price target on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Stifel Nicolaus lowered their price target on shares of Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a report on Thursday, October 24th. Finally, Robert W. Baird lowered their price target on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $276.38.

Align Technology Stock Performance

ALGN opened at $220.51 on Friday. The firm’s 50-day simple moving average is $229.43 and its 200-day simple moving average is $243.32. Align Technology, Inc. has a twelve month low of $186.01 and a twelve month high of $335.40. The firm has a market cap of $16.46 billion, a price-to-earnings ratio of 37.63, a PEG ratio of 5.82 and a beta of 1.65.

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

Insider Buying and Selling

In related news, Director C Raymond Larkin, Jr. purchased 6,500 shares of Align Technology stock in a transaction that occurred on Thursday, August 15th. The shares were acquired at an average price of $235.33 per share, for a total transaction of $1,529,645.00. Following the transaction, the director now directly owns 28,247 shares in the company, valued at approximately $6,647,366.51. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.62% of the stock is owned by corporate insiders.

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.