Align Technology, Inc. $ALGN Stock Purchased by Loring Wolcott & Coolidge Fiduciary Advisors LLP MA

Key Points

• Loring Wolcott & Coolidge Fiduciary Advisors increased its Align Technology stake by 3,162.7% in the third quarter, holding 2.1 million shares worth approximately $278.3 million. Institutional investors collectively own 88.43% of the company.
• Analyst sentiment remains mixed but leans positive: Align has a consensus rating of “Moderate Buy” and an average price target of $190.93, despite a recent downgrade from Zacks Research to “Strong Sell” and a lower $162 target from Robert W. Baird.
• Align reported quarterly revenue of $1.06 billion and earnings of $2.64 per share, both slightly ahead of estimates, with revenue up 4.3% year over year. Shares recently opened at $154.51, within a 12-month range of $130.23 to $200.43.

Loring Wolcott & Coolidge Fiduciary Advisors LLP MA increased its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 3,162.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,097,745 shares of the medical equipment provider's stock after buying an additional 2,033,451 shares during the quarter. Align Technology accounts for about 2.6% of Loring Wolcott & Coolidge Fiduciary Advisors LLP MA's portfolio, making the stock its 10th largest position. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA owned approximately 2.93% of Align Technology worth $278,342,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. boosted its holdings in Align Technology by 638.7% in the third quarter. Assenagon Asset Management S.A. now owns 4,662,437 shares of the medical equipment provider's stock worth $629,469,000 after acquiring an additional 4,031,284 shares in the last quarter. BlackRock Inc. acquired a new stake in Align Technology in the 2nd quarter worth approximately $745,370,000. Vontobel Holding Ltd. grew its position in Align Technology by 69,628.9% during the 3rd quarter. Vontobel Holding Ltd. now owns 1,385,513 shares of the medical equipment provider's stock worth $183,335,000 after purchasing an additional 1,383,526 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in Align Technology by 4.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,054,633 shares of the medical equipment provider's stock worth $180,796,000 after purchasing an additional 49,220 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Align Technology by 21.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 972,519 shares of the medical equipment provider's stock valued at $166,696,000 after purchasing an additional 170,523 shares in the last quarter. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on ALGN shares. Robert W. Baird reissued a "neutral" rating and set a $162.00 price objective (down from $218.00) on shares of Align Technology in a report on Thursday, October 15th. Zacks Research cut Align Technology from a "hold" rating to a "strong sell" rating in a research report on Thursday, October 15th. Weiss Ratings raised Align Technology from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, October 9th. UBS Group reiterated a "neutral" rating and set a $189.00 price target on shares of Align Technology in a research note on Thursday, July 23rd. Finally, BMO Capital Markets initiated coverage on Align Technology in a report on Wednesday, July 8th. They issued an "outperform" rating and a $209.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $190.93.

Align Technology Price Performance

Shares of NASDAQ ALGN opened at $154.51 on Monday. The stock has a market capitalization of $11.07 billion, a price-to-earnings ratio of 26.87, a PEG ratio of 1.66 and a beta of 1.67. Align Technology, Inc. has a 12 month low of $130.23 and a 12 month high of $200.43. The firm's 50 day simple moving average is $151.62 and its 200-day simple moving average is $166.51.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share for the quarter, beating the consensus estimate of $2.62 by $0.02. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. The firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.05 billion. During the same period in the previous year, the firm earned $2.49 EPS. The business's quarterly revenue was up 4.3% on a year-over-year basis. Analysts anticipate that Align Technology, Inc. will post 9.27 earnings per share for the current fiscal year.

About Align Technology

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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