Align Technology, Inc. $ALGN Stock Sold by Ninety One North America Inc.

Key Points

• Ninety One North America reduced its Align Technology stake by 6.2% in the third quarter, selling 10,344 shares and retaining 155,719 shares valued at approximately $22.6 million. Institutional investors collectively own 88.43% of the company.
• Align Technology’s shares recently traded at $148.22, well below the 52-week high of $200.43. The company’s latest quarterly results slightly exceeded expectations, with $2.64 in EPS and $1.06 billion in revenue, up 4.3% year over year.
• Analyst sentiment remains moderately bullish, with a consensus price target of $194.14, although several firms recently lowered targets or downgraded ratings. Ratings include one Strong Buy, eight Buys, and eight Holds.

Ninety One North America Inc. cut its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 6.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 155,719 shares of the medical equipment provider's stock after selling 10,344 shares during the quarter. Ninety One North America Inc. owned about 0.22% of Align Technology worth $22,634,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in Align Technology during the second quarter worth $745,370,000. Assenagon Asset Management S.A. boosted its holdings in shares of Align Technology by 413.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 989,388 shares of the medical equipment provider's stock valued at $169,611,000 after purchasing an additional 796,529 shares in the last quarter. Deutsche Bank AG bought a new position in shares of Align Technology in the 2nd quarter valued at $99,779,000. Bank of America Corp DE bought a new position in shares of Align Technology in the 2nd quarter valued at $93,085,000. Finally, Nykredit A S bought a new position in shares of Align Technology in the 2nd quarter valued at $74,077,000. 88.43% of the stock is currently owned by institutional investors.

Align Technology Price Performance

Shares of Align Technology stock traded up $3.79 during trading on Thursday, hitting $148.22. The company's stock had a trading volume of 360,316 shares, compared to its average volume of 1,059,615. Align Technology, Inc. has a 52 week low of $128.65 and a 52 week high of $200.43. The stock has a market cap of $10.62 billion, a price-to-earnings ratio of 25.74, a price-to-earnings-growth ratio of 1.53 and a beta of 1.67. The stock has a 50-day moving average price of $154.93 and a two-hundred day moving average price of $167.44.

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 (EPS) for the quarter, topping the consensus estimate of $2.62 by $0.02. The business had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.05 billion. Align Technology had a return on equity of 15.86% and a net margin of 9.99%. Align Technology's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period last year, the company earned $2.49 EPS. On average, equities analysts predict that Align Technology, Inc. will post 9.36 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on ALGN shares. Evercore cut Align Technology from an "outperform" rating to an "in-line" rating and set a $155.00 price target for the company. in a report on Monday, October 5th. Leerink Partners lowered their target price on Align Technology from $235.00 to $215.00 and set an "outperform" rating for the company in a research note on Wednesday. Raymond James Financial restated a "buy" rating on shares of Align Technology in a research note on Monday, October 5th. 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. Finally, Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a research note on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $194.14.

Align Technology Company 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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