Align Technology, Inc. $ALGN Shares Bought by Sterling Capital Management LLC

Key Points

• Sterling Capital Management increased its Align Technology holdings by 4,594.7% in the third quarter, acquiring 198,445 additional shares for a total stake valued at approximately $26.9 million. Institutional investors collectively own 88.43% of the company.
• Align Technology shares fell 0.6% to $154.51, with the stock trading well below its 52-week high of $200.43. The company recently exceeded quarterly earnings and revenue expectations, reporting $2.64 in EPS and $1.06 billion in revenue.
• Analyst sentiment remains positive but targets have been reduced, producing a consensus rating of “Moderate Buy” and an average price target of $190.93.

Sterling Capital Management LLC lifted its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 4,594.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 202,764 shares of the medical equipment provider's stock after purchasing an additional 198,445 shares during the period. Sterling Capital Management LLC owned 0.28% of Align Technology worth $26,883,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. K.J. Harrison & Partners Inc acquired a new position in shares of Align Technology during the second quarter valued at $1,872,000. Maridea Wealth Management LLC bought a new position in Align Technology in the second quarter valued at about $1,659,000. Pallas Capital Advisors LLC acquired a new stake in Align Technology in the second quarter worth about $1,128,000. NewEdge Wealth LLC bought a new stake in Align Technology during the 2nd quarter worth about $1,658,000. Finally, Nykredit A S bought a new stake in Align Technology during the 2nd quarter worth about $74,077,000. Institutional investors own 88.43% of the company's stock.

Align Technology Stock Down 0.6%

Shares of NASDAQ:ALGN traded down $1.00 during midday trading on Friday, reaching $154.51. 911,574 shares of the company were exchanged, compared to its average volume of 947,763. Align Technology, Inc. has a fifty-two week low of $130.23 and a fifty-two week high of $200.43. The stock has a fifty day simple moving average of $151.62 and a two-hundred day simple moving average of $166.55. The firm has a market cap of $11.07 billion, a PE ratio of 26.87, a P/E/G ratio of 1.66 and a beta of 1.67.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share for the quarter, topping analysts' consensus estimates of $2.62 by $0.02. The firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.05 billion. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. The company's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the prior year, the business earned $2.49 EPS. As a group, analysts forecast that Align Technology, Inc. will post 9.34 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Stifel Nicolaus lowered their target price on shares of Align Technology from $210.00 to $175.00 and set a "buy" rating for the company in a report on Friday, October 9th. Piper Sandler lowered their price target on Align Technology from $235.00 to $205.00 and set an "overweight" rating for the company in a report on Wednesday. Weiss Ratings raised Align Technology from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, October 9th. BMO Capital Markets started coverage on Align Technology in a report on Wednesday, July 8th. They set an "outperform" rating and a $209.00 price objective on the stock. Finally, Leerink Partners cut their price objective on Align Technology from $235.00 to $215.00 and set an "outperform" rating on the stock in a report on Wednesday, October 14th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $190.93.

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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