Align Technology, Inc. $ALGN Stock: Alps Advisors Inc. Boosts Holdings

Alps Advisors Inc. increased its position in Align Technology, Inc. (NASDAQ:ALGN) by 2,344.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 184,781 shares of the medical equipment provider’s stock after purchasing an additional 177,221 shares during the quarter. Alps Advisors Inc. owned approximately 0.26% of Align Technology worth $24,510,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Heritage Family Offices LLP acquired a new stake in Align Technology in the third quarter valued at $249,000. Commonwealth Equity Services LLC grew its position in Align Technology by 8,410.3% during the 3rd quarter. Commonwealth Equity Services LLC now owns 347,391 shares of the medical equipment provider’s stock worth $46,011,000 after acquiring an additional 343,309 shares during the last quarter. Covestor Ltd increased its position in shares of Align Technology by 43.9% during the 3rd quarter. Covestor Ltd now owns 423 shares of the medical equipment provider’s stock valued at $62,000 after purchasing an additional 129 shares during the last quarter. GRIMES & Co WEALTH MANAGEMENT LLC grew its stake in shares of Align Technology by 10.5% in the third quarter. GRIMES & Co WEALTH MANAGEMENT LLC now owns 36,696 shares of the medical equipment provider’s stock worth $5,334,000 after purchasing an additional 3,488 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Align Technology during the 3rd quarter valued at $2,482,000. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Stock Performance

Shares of NASDAQ ALGN opened at $166.00 on Friday. Align Technology, Inc. has a one year low of $130.23 and a one year high of $200.43. The firm has a fifty day moving average of $150.38 and a 200 day moving average of $168.50. The firm has a market cap of $11.89 billion, a PE ratio of 16.52, a PEG ratio of 1.67 and a beta of 1.74.

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

Analyst Ratings Changes

ALGN has been the subject of several recent analyst reports. Raymond James Financial restated a “buy” rating on shares of Align Technology in a 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. 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. Zacks Research lowered shares of Align Technology from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 15th. Finally, Leerink Partners lowered their price objective on Align Technology from $235.00 to $215.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 14th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Align Technology currently has a consensus rating of “Moderate Buy” and an average target price of $193.08.

Align Technology Company Profile

Align Technology, Inc is a global medical device company focused on digital orthodontics and restorative dentistry. Founded in 1997, the company is best known for the Invisalign system, a series of clear, removable aligners designed to gradually move teeth and treat a range of orthodontic conditions.

Align’s products and services also include digital scanning and dental practice solutions. Its iTero intraoral scanners create digital impressions for orthodontic and restorative procedures, while its exocad business develops computer-aided design and computer-aided manufacturing software used by dental laboratories, clinicians and other dental professionals.

The company serves orthodontists, dentists, dental laboratories and patients in numerous markets worldwide.