Ninety One North America Inc. Raises Stake in Align Technology, Inc. $ALGN

Ninety One North America Inc. lifted its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 1.8% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 169,028 shares of the medical equipment provider’s stock after buying an additional 2,992 shares during the quarter. Ninety One North America Inc.’s holdings in Align Technology were worth $26,394,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Align Technology by 38.9% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 15,551 shares of the medical equipment provider’s stock worth $2,029,000 after buying an additional 4,359 shares in the last quarter. AE Wealth Management LLC purchased a new stake in shares of Align Technology during the third quarter worth about $650,000. Dana Investment Advisors Inc. purchased a new stake in shares of Align Technology during the third quarter worth about $9,991,000. AIA Group Ltd purchased a new stake in shares of Align Technology during the third quarter worth about $2,507,000. Finally, Hussman Strategic Advisors Inc. purchased a new stake in Align Technology in the third quarter valued at approximately $3,156,000. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on ALGN shares. Stifel Nicolaus boosted their target price on shares of Align Technology from $200.00 to $210.00 and gave the company a “buy” rating in a report on Thursday, February 5th. Wall Street Zen upgraded shares of Align Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 7th. Leerink Partners boosted their target price on shares of Align Technology from $210.00 to $225.00 and gave the company an “outperform” rating in a report on Thursday, February 5th. Robert W. Baird set a $218.00 target price on shares of Align Technology in a report on Thursday, February 5th. Finally, Morgan Stanley boosted their target price on shares of Align Technology from $154.00 to $169.00 and gave the company an “equal weight” rating in a report on Thursday, February 5th. Eight investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $201.31.

Align Technology Stock Performance

Align Technology stock opened at $190.07 on Friday. The company has a market cap of $13.61 billion, a price-to-earnings ratio of 33.58, a PEG ratio of 2.02 and a beta of 1.81. Align Technology, Inc. has a 1 year low of $122.00 and a 1 year high of $208.30. The firm has a 50 day moving average price of $179.65 and a 200 day moving average price of $160.44.

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, beating analysts’ consensus estimates of $2.99 by $0.30. The firm had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.03 billion. Align Technology had a net margin of 10.17% and a return on equity of 15.16%. Align Technology’s revenue was up 5.3% compared to the same quarter last year. During the same period in the previous year, the company posted $2.44 earnings per share. Sell-side analysts predict that Align Technology, Inc. will post 7.98 EPS for the current year.

Insiders Place Their Bets

In other Align Technology news, EVP John Morici sold 7,969 shares of Align Technology stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $189.31, for a total transaction of $1,508,611.39. Following the transaction, the executive vice president directly owned 8,237 shares of the company’s stock, valued at $1,559,346.47. The trade was a 49.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.66% of the stock is currently owned by company insiders.

Align Technology Profile

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.