Align Technology, Inc. $ALGN Stock Sold by Ninety One UK Ltd

Key Points

• Ninety One UK Ltd reduced its Align Technology stake by 3.2% in the third quarter, selling 71,635 shares and retaining 2.14 million shares worth approximately $310.7 million.
• Align Technology’s stock traded at $148.12, 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, with revenue up 4.3% year over year.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $194.14, although several firms have recently lowered their targets.

Ninety One UK Ltd cut its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 3.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,138,156 shares of the medical equipment provider's stock after selling 71,635 shares during the period. Ninety One UK Ltd owned about 2.99% of Align Technology worth $310,722,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in ALGN. Blue Trust Inc. boosted its holdings in Align Technology by 77.5% in the first quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider's stock valued at $27,000 after purchasing an additional 69 shares during the last quarter. Tobam acquired a new stake in Align Technology during the 4th quarter worth about $30,000. Hollencrest Capital Management purchased a new position in shares of Align Technology during the 1st quarter valued at about $34,000. Osterweis Capital Management Inc. purchased a new position in shares of Align Technology during the 2nd quarter valued at about $36,000. Finally, Global Retirement Partners LLC purchased a new position in shares of Align Technology during the 2nd quarter valued at about $38,000. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Stock Performance

NASDAQ ALGN traded up $3.67 during mid-day trading on Thursday, reaching $148.12. 363,025 shares of the stock were exchanged, compared to its average volume of 1,059,758. The company has a market capitalization of $10.61 billion, a P/E ratio of 25.76, a P/E/G ratio of 1.53 and a beta of 1.67. The business's 50 day moving average is $154.93 and its 200-day moving average is $167.44. Align Technology, Inc. has a 1 year low of $128.65 and a 1 year high of $200.43.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings data 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 net margin of 9.99% and a return on equity of 15.86%. The company had revenue of $1.06 billion during the quarter, compared to analysts' expectations of $1.05 billion. During the same quarter in the previous year, the company earned $2.49 earnings per share. The firm's revenue for the quarter was up 4.3% on a year-over-year basis. Equities analysts predict that Align Technology, Inc. will post 9.36 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

ALGN has been the subject of several analyst reports. Leerink Partners decreased their price objective on Align Technology from $235.00 to $215.00 and set an "outperform" 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 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 report on Thursday, July 23rd. BMO Capital Markets began coverage on Align Technology in a research report on Wednesday, July 8th. They set an "outperform" rating and a $209.00 price target for the company. Finally, Robert W. Baird reissued a "neutral" rating and issued a $162.00 price target (down from $218.00) on shares of Align Technology in a report on Thursday. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target 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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