Capital World Investors Raises Holdings in Align Technology, Inc. $ALGN

Capital World Investors increased its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 1.5% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,316,862 shares of the medical equipment provider’s stock after buying an additional 19,952 shares during the period. Capital World Investors’ holdings in Align Technology were worth $164,897,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC raised its position in shares of Align Technology by 38.9% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 15,551 shares of the medical equipment provider’s stock valued at $2,029,000 after purchasing an additional 4,359 shares during the last quarter. AE Wealth Management LLC purchased a new stake in Align Technology during the 3rd quarter worth approximately $650,000. Dana Investment Advisors Inc. acquired a new position in Align Technology during the 3rd quarter valued at approximately $9,991,000. Hussman Strategic Advisors Inc. acquired a new position in Align Technology during the 3rd quarter valued at approximately $3,156,000. Finally, M&G PLC purchased a new position in shares of Align Technology in the third quarter worth $10,904,000. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Insider Activity at Align Technology

In related news, EVP John Morici sold 7,969 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president directly owned 8,237 shares of the company’s stock, valued at $1,559,346.47. This trade represents a 49.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.66% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Piper Sandler boosted their price objective on shares of Align Technology from $200.00 to $220.00 and gave the company an “overweight” rating in a report on Thursday, February 5th. Wells Fargo & Company raised their target price on Align Technology from $181.00 to $200.00 and gave the stock an “overweight” rating in a research note on Thursday, February 5th. Jefferies Financial Group lifted their price target on Align Technology from $155.00 to $185.00 and gave the stock a “hold” rating in a research report on Thursday, February 5th. Mizuho boosted their price target on Align Technology from $200.00 to $215.00 and gave the company an “outperform” rating in a research note on Thursday, February 5th. Finally, Robert W. Baird set a $218.00 price objective on Align Technology in a report on Thursday, February 5th. Six analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat, Align Technology presently has an average rating of “Hold” and a consensus target price of $198.08.

Align Technology Price Performance

Shares of Align Technology stock opened at $174.81 on Thursday. The stock has a market cap of $12.46 billion, a PE ratio of 30.89, a price-to-earnings-growth ratio of 1.85 and a beta of 1.79. The firm has a fifty day moving average price of $175.58 and a 200 day moving average price of $152.94. Align Technology, Inc. has a 1 year low of $122.00 and a 1 year high of $208.30.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, February 4th. The medical equipment provider reported $3.29 earnings per share for the quarter, topping the consensus estimate of $2.99 by $0.30. The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. Align Technology had a return on equity of 15.16% and a net margin of 10.17%.The firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period last year, the firm earned $2.44 EPS. As a group, equities analysts expect that Align Technology, Inc. will post 7.98 EPS for the current year.

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.