365,227 Align Technology, Inc. $ALGN Shares Bought by Nisa Investment Advisors LLC

Key Points

• Nisa Investment Advisors increased its Align Technology stake by 3,092.5%, buying 365,227 additional shares to own 377,037 shares worth approximately $50.0 million, or 0.53% of the company.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $194.14, although one firm downgraded the stock to “Strong Sell.”
• Align Technology shares opened at $150.49, while the company’s latest quarterly results slightly exceeded expectations: earnings were $2.64 per share and revenue reached $1.06 billion, up 4.3% year over year.

Nisa Investment Advisors LLC lifted its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 3,092.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 377,037 shares of the medical equipment provider's stock after purchasing an additional 365,227 shares during the period. Nisa Investment Advisors LLC owned 0.53% of Align Technology worth $50,034,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Blue Trust Inc. lifted its stake in Align Technology by 77.5% in the 1st quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider's stock valued at $27,000 after purchasing an additional 69 shares during the last quarter. Hollencrest Capital Management bought a new position in Align Technology during the first quarter worth about $34,000. Osterweis Capital Management Inc. acquired a new position in Align Technology during the second quarter worth approximately $36,000. Global Retirement Partners LLC acquired a new position in Align Technology during the second quarter worth approximately $38,000. Finally, Bessemer Group Inc. increased its position in Align Technology by 37.2% during the first quarter. Bessemer Group Inc. now owns 247 shares of the medical equipment provider's stock worth $43,000 after buying an additional 67 shares during the last quarter. 88.43% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on the company. BMO Capital Markets began coverage on Align Technology in a research note on Wednesday, July 8th. They issued an "outperform" rating and a $209.00 price objective on the stock. Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a research note on Thursday, July 30th. UBS Group reissued a "neutral" rating and set a $189.00 target price on shares of Align Technology in a report on Thursday, July 23rd. Leerink Partners decreased their target price on Align Technology from $235.00 to $215.00 and set an "outperform" rating on the stock in a report on Wednesday, October 14th. Finally, Zacks Research cut Align Technology from a "hold" rating to a "strong sell" rating in a research note on Thursday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Align Technology currently has a consensus rating of "Moderate Buy" and an average target price of $194.14.

Align Technology Price Performance

Shares of NASDAQ ALGN opened at $150.49 on Wednesday. The stock's fifty day moving average price is $153.02 and its two-hundred day moving average price is $166.88. Align Technology, Inc. has a one year low of $130.23 and a one year high of $200.43. The firm has a market cap of $10.78 billion, a price-to-earnings ratio of 26.17, a P/E/G ratio of 1.59 and a beta of 1.67.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share for the quarter, topping the consensus estimate of $2.62 by $0.02. Align Technology had a return on equity of 15.86% and a net margin of 9.99%. The firm had revenue of $1.06 billion for the quarter, compared to analysts' expectations of $1.05 billion. During the same quarter last year, the business earned $2.49 EPS. The company's quarterly revenue was up 4.3% compared to the same quarter last year. On average, equities analysts anticipate that Align Technology, Inc. will post 9.36 earnings per share for the current fiscal year.

Align Technology 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.

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