Align Technology, Inc. $ALGN Shares Purchased by Riverbridge Partners LLC

Riverbridge Partners LLC grew its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 29.9% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 53,950 shares of the medical equipment provider’s stock after buying an additional 12,413 shares during the period. Riverbridge Partners LLC owned approximately 0.08% of Align Technology worth $7,543,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. BlackRock Inc. acquired a new position in shares of Align Technology during the 2nd quarter valued at $745,370,000. Assenagon Asset Management S.A. boosted its stake in Align Technology by 638.7% during the third quarter. Assenagon Asset Management S.A. now owns 4,662,437 shares of the medical equipment provider’s stock worth $629,469,000 after acquiring an additional 4,031,284 shares in the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its stake in Align Technology by 3,162.7% during the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 2,097,745 shares of the medical equipment provider’s stock worth $278,342,000 after acquiring an additional 2,033,451 shares in the last quarter. Vontobel Holding Ltd. grew its holdings in Align Technology by 69,628.9% in the third quarter. Vontobel Holding Ltd. now owns 1,385,513 shares of the medical equipment provider’s stock worth $183,335,000 after purchasing an additional 1,383,526 shares during the period. Finally, Retirement Systems of Alabama grew its holdings in Align Technology by 4,748.6% in the third quarter. Retirement Systems of Alabama now owns 678,422 shares of the medical equipment provider’s stock worth $89,943,000 after purchasing an additional 664,430 shares during the period. 88.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on ALGN shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a research note on Thursday, October 29th. Weiss Ratings raised shares of Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, October 9th. Raymond James Financial reissued a “buy” rating on shares of Align Technology in a research report on Monday, October 5th. Piper Sandler reduced their target price on Align Technology from $235.00 to $205.00 and set an “overweight” rating for the company in a research note on Wednesday, October 21st. Finally, UBS Group reaffirmed a “neutral” rating and issued a $189.00 target price on shares of Align Technology in a research report on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Align Technology currently has an average rating of “Moderate Buy” and an average target price of $193.08.

Align Technology Price Performance

Shares of NASDAQ:ALGN opened at $174.26 on Wednesday. Align Technology, Inc. has a twelve month low of $130.23 and a twelve month high of $200.43. The stock’s 50 day moving average is $151.00 and its 200-day moving average is $168.55. The firm has a market capitalization of $12.28 billion, a price-to-earnings ratio of 25.37, a PEG ratio of 1.89 and a beta of 1.74.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, October 28th. The medical equipment provider reported $2.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.77 by $0.03. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. Align Technology had a net margin of 11.83% and a return on equity of 15.96%. Align Technology’s revenue was up 1.9% compared to the same quarter last year. During the same quarter last year, the firm posted $2.61 EPS. Equities research analysts anticipate that Align Technology, Inc. will post 9.21 earnings per share for the current fiscal year.

About Align Technology

Align Technology, Inc. develops, manufactures and markets digital orthodontic and restorative dentistry products. Its best-known offering is the Invisalign system, which uses a series of custom-made clear aligners to straighten teeth. The company also sells Vivera retainers and iTero intraoral scanners, which support digital dental imaging and treatment planning. Founded in 1997, Align helped popularize clear-aligner orthodontic treatment as an alternative to traditional braces. Its digital dentistry portfolio also includes exocad software, used by dental professionals and laboratories to design dental restorations.