Align Technology, Inc. $ALGN Stock Purchased by Vontobel Holding Ltd.

Key Points

• Vontobel Holding increased its Align Technology stake by 69,628.9% in the third quarter, purchasing 1.38 million additional shares. It now owns approximately 1.93% of the company, valued at $183.3 million.
• Other institutions also expanded their positions, and institutional investors collectively own 88.43% of Align Technology’s outstanding shares.
• Align Technology recently exceeded quarterly earnings and revenue expectations, while analysts maintain a “Moderate Buy” consensus rating with an average price target of $194.14, above the reported share price of $147.31.

Vontobel Holding Ltd. lifted its holdings in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 69,628.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,385,513 shares of the medical equipment provider's stock after buying an additional 1,383,526 shares during the quarter. Vontobel Holding Ltd. owned approximately 1.93% of Align Technology worth $183,335,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of ALGN. TD Waterhouse Canada Inc. grew its position in Align Technology by 42,423.4% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 550,253 shares of the medical equipment provider's stock valued at $73,546,000 after acquiring an additional 548,959 shares during the last quarter. Pension & Wealth Management Advisors Inc. purchased a new stake in Align Technology in the third quarter worth $859,000. NFSG Corp lifted its position in shares of Align Technology by 258.4% during the third quarter. NFSG Corp now owns 896 shares of the medical equipment provider's stock worth $122,000 after purchasing an additional 646 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Align Technology by 638.7% during 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 purchasing an additional 4,031,284 shares during the last quarter. Finally, State of Alaska Department of Revenue lifted its position in shares of Align Technology by 821.2% during the third quarter. State of Alaska Department of Revenue now owns 167,271 shares of the medical equipment provider's stock worth $22,362,000 after purchasing an additional 149,113 shares during the last quarter. 88.43% of the stock is owned by institutional investors.

Align Technology Stock Performance

ALGN traded down $2.03 during trading on Friday, hitting $147.31. 952,959 shares of the stock were exchanged, compared to its average volume of 990,319. The firm has a 50 day simple moving average of $154.01 and a 200 day simple moving average of $167.18. The firm has a market cap of $10.55 billion, a price-to-earnings ratio of 25.62, a P/E/G ratio of 1.59 and a beta of 1.67. Align Technology, Inc. has a 1 year low of $128.67 and a 1 year high of $200.43.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share for the quarter, beating analysts' consensus estimates of $2.62 by $0.02. Align Technology had a return on equity of 15.86% and a net margin of 9.99%. The business 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 company posted $2.49 EPS. Align Technology's revenue was up 4.3% on a year-over-year basis. As a group, equities analysts anticipate that Align Technology, Inc. will post 9.36 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently issued reports on ALGN shares. Weiss Ratings raised shares of Align Technology from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, October 9th. Raymond James Financial reaffirmed a "buy" rating on shares of Align Technology in a research note on Monday, October 5th. Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a research note on Thursday, July 30th. Leerink Partners decreased their price objective on shares of Align Technology from $235.00 to $215.00 and set an "outperform" rating for the company in a report on Wednesday. Finally, Wall Street Zen cut shares of Align Technology from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 1st. 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 assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $194.14.

Align Technology Profile

Align Technology, Inc is a medical device and digital technology company that designs, manufactures and markets products used in orthodontics and restorative dentistry. The company is best known for Invisalign clear aligners, which are custom-made orthodontic devices intended to gradually move patients' teeth under the supervision of dental professionals.

Align also develops the iTero family of intraoral scanners and related digital imaging systems, which help dental professionals create digital impressions and treatment plans.

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