Parkside Financial Bank & Trust Has $224,000 Stock Position in Align Technology, Inc. (NASDAQ:ALGN)

Parkside Financial Bank & Trust increased its stake in Align Technology, Inc. (NASDAQ:ALGN) by 12.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 816 shares of the medical equipment provider’s stock after acquiring an additional 90 shares during the quarter. Parkside Financial Bank & Trust’s holdings in Align Technology were worth $224,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Deepwater Asset Management LLC increased its holdings in Align Technology by 46.8% in the fourth quarter. Deepwater Asset Management LLC now owns 48,981 shares of the medical equipment provider’s stock worth $13,421,000 after purchasing an additional 15,608 shares in the last quarter. London & Capital Asset Management Ltd increased its holdings in shares of Align Technology by 7.1% during the fourth quarter. London & Capital Asset Management Ltd now owns 58,025 shares of the medical equipment provider’s stock valued at $15,899,000 after acquiring an additional 3,843 shares in the last quarter. Morgan Stanley increased its holdings in shares of Align Technology by 9.8% during the third quarter. Morgan Stanley now owns 1,018,161 shares of the medical equipment provider’s stock valued at $310,866,000 after acquiring an additional 90,581 shares in the last quarter. Country Trust Bank increased its holdings in shares of Align Technology by 27.7% during the fourth quarter. Country Trust Bank now owns 80,830 shares of the medical equipment provider’s stock valued at $22,147,000 after acquiring an additional 17,515 shares in the last quarter. Finally, Factory Mutual Insurance Co. increased its holdings in shares of Align Technology by 26.3% during the fourth quarter. Factory Mutual Insurance Co. now owns 143,293 shares of the medical equipment provider’s stock valued at $39,262,000 after acquiring an additional 29,800 shares in the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Joseph Lacob sold 10,000 shares of the stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $313.01, for a total transaction of $3,130,100.00. Following the transaction, the director now directly owns 146,994 shares in the company, valued at approximately $46,010,591.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Joseph Lacob sold 10,000 shares of the stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $313.01, for a total transaction of $3,130,100.00. Following the completion of the sale, the director now directly owns 146,994 shares in the company, valued at approximately $46,010,591.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Emory Wright sold 2,524 shares of the stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $287.45, for a total value of $725,523.80. Following the sale, the executive vice president now owns 709 shares of the company’s stock, valued at $203,802.05. The disclosure for this sale can be found here. In the last three months, insiders have sold 27,524 shares of company stock worth $8,403,924. 0.72% of the stock is currently owned by insiders.

Align Technology Price Performance

Shares of NASDAQ ALGN traded down $3.48 during trading on Wednesday, reaching $308.40. 351,701 shares of the stock traded hands, compared to its average volume of 735,066. Align Technology, Inc. has a 52-week low of $176.34 and a 52-week high of $413.20. The company has a 50-day moving average of $313.14 and a 200-day moving average of $270.22. The stock has a market capitalization of $23.21 billion, a P/E ratio of 53.59, a price-to-earnings-growth ratio of 5.39 and a beta of 1.65.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, January 31st. The medical equipment provider reported $1.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.78 by $0.13. The company had revenue of $956.73 million for the quarter, compared to analyst estimates of $928.57 million. Align Technology had a return on equity of 13.88% and a net margin of 11.52%. Analysts expect that Align Technology, Inc. will post 7.69 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on ALGN shares. UBS Group boosted their price objective on Align Technology from $280.00 to $320.00 and gave the company a “neutral” rating in a report on Monday, April 15th. SVB Leerink began coverage on Align Technology in a report on Monday, February 26th. They set a “market perform” rating and a $310.00 price target for the company. The Goldman Sachs Group upped their price target on Align Technology from $197.00 to $225.00 and gave the stock a “sell” rating in a report on Friday, February 2nd. Stifel Nicolaus upped their price target on Align Technology from $350.00 to $400.00 and gave the stock a “buy” rating in a report on Thursday, April 18th. Finally, Piper Sandler upped their price target on Align Technology from $335.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, March 14th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $344.45.

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.