Align Technology, Inc. $ALGN Position Trimmed by Factory Mutual Insurance Co.

Key Points

• Factory Mutual Insurance trimmed its Align Technology stake by 39.0%, selling 93,650 shares and leaving 146,643 shares valued at about $22.9 million.
• Several analysts have raised price targets and the stock carries a consensus rating of Moderate Buy with a consensus target of $198.08.
• EVP John Morici sold 7,969 shares (≈$1.51M), while Align recently beat quarterly expectations with $3.29 EPS vs. $2.99 est and $1.05B in revenue.

Factory Mutual Insurance Co. trimmed its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 39.0% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 146,643 shares of the medical equipment provider's stock after selling 93,650 shares during the period. Factory Mutual Insurance Co. owned about 0.20% of Align Technology worth $22,898,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Align Technology by 0.7% in the 3rd quarter. Vanguard Group Inc. now owns 8,301,611 shares of the medical equipment provider's stock worth $1,039,528,000 after purchasing an additional 58,546 shares during the period. Capital International Investors raised its stake in Align Technology by 88.6% during the 3rd quarter. Capital International Investors now owns 3,050,373 shares of the medical equipment provider's stock valued at $381,968,000 after purchasing an additional 1,433,393 shares during the period. Ninety One UK Ltd raised its stake in Align Technology by 18.3% during the 3rd quarter. Ninety One UK Ltd now owns 2,267,192 shares of the medical equipment provider's stock valued at $283,898,000 after purchasing an additional 350,883 shares during the period. Invesco Ltd. raised its stake in Align Technology by 37.4% during the 3rd quarter. Invesco Ltd. now owns 1,497,535 shares of the medical equipment provider's stock valued at $187,521,000 after purchasing an additional 407,559 shares during the period. Finally, Holocene Advisors LP acquired a new stake in Align Technology during the 3rd quarter valued at $179,035,000. 88.43% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. 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 research note on Thursday, February 5th. Jefferies Financial Group boosted their target price on shares of Align Technology from $155.00 to $185.00 and gave the company a "hold" rating in a research note on Thursday, February 5th. Weiss Ratings raised shares of Align Technology from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Friday, January 16th. Wall Street Zen raised shares of Align Technology from a "buy" rating to a "strong-buy" rating in a research note on Saturday, March 7th. Finally, Mizuho boosted their target price on shares of Align Technology from $200.00 to $215.00 and gave the company an "outperform" rating in a research note on Thursday, February 5th. Seven equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $198.08.

Insider Activity

In other Align Technology news, EVP John Morici sold 7,969 shares of Align Technology stock in a transaction 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 completion of the sale, the executive vice president owned 8,237 shares of the company's stock, valued at $1,559,346.47. This trade represents a 49.17% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.66% of the stock is owned by company insiders.

Align Technology Stock Down 0.8%

Shares of NASDAQ:ALGN opened at $173.14 on Friday. The firm has a fifty day moving average of $178.02 and a two-hundred day moving average of $158.41. The firm has a market capitalization of $12.40 billion, a P/E ratio of 30.59, a price-to-earnings-growth ratio of 1.90 and a beta of 1.81. Align Technology, Inc. has a 12-month low of $122.00 and a 12-month high of $208.30.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its earnings results on Wednesday, February 4th. The medical equipment provider reported $3.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.99 by $0.30. The company had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. Align Technology had a net margin of 10.17% and a return on equity of 15.16%. The company's revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter last year, the business posted $2.44 EPS. Equities research analysts expect that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Align Technology Company 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.

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