Align Technology, Inc. $ALGN Stock: Trifecta Capital Advisors LLC Increases Holdings

Key Points

• Trifecta Capital Advisors increased its Align Technology stake by 17,241.5% in the third quarter, ending with 47,689 shares worth approximately $6.3 million. Institutional investors collectively owned 88.43% of the company.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and a $192 price target, although several firms recently lowered targets or downgraded their ratings.
• Align reported quarterly revenue of $1.06 billion and earnings of $2.64 per share, modestly beating estimates. Revenue rose 4.3% year over year, while the stock recently traded near $151.37.

Trifecta Capital Advisors LLC raised its stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 17,241.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,689 shares of the medical equipment provider's stock after purchasing an additional 47,414 shares during the quarter. Trifecta Capital Advisors LLC owned about 0.07% of Align Technology worth $6,313,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. City State Bank raised its holdings in shares of Align Technology by 3,992.9% during the 3rd quarter. City State Bank now owns 573 shares of the medical equipment provider's stock valued at $76,000 after buying an additional 559 shares during the period. Quadrant Capital Group LLC boosted its holdings in Align Technology by 1,423.6% in the 3rd quarter. Quadrant Capital Group LLC now owns 45,951 shares of the medical equipment provider's stock worth $6,508,000 after acquiring an additional 42,935 shares during the period. Physician Wealth Advisors Inc. boosted its holdings in Align Technology by 6,521.7% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 1,523 shares of the medical equipment provider's stock worth $202,000 after acquiring an additional 1,500 shares during the period. Nisa Investment Advisors LLC boosted its holdings in Align Technology by 3,092.5% in the 3rd quarter. Nisa Investment Advisors LLC now owns 377,037 shares of the medical equipment provider's stock worth $50,034,000 after acquiring an additional 365,227 shares during the period. Finally, Willis Investment Counsel grew its position in Align Technology by 6.9% in the third quarter. Willis Investment Counsel now owns 29,968 shares of the medical equipment provider's stock valued at $4,356,000 after acquiring an additional 1,933 shares in the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on ALGN shares. BMO Capital Markets began coverage on shares of Align Technology in a research report on Wednesday, July 8th. They issued an "outperform" rating and a $209.00 price objective for the company. Robert W. Baird reissued a "neutral" rating and set a $162.00 target price (down from $218.00) on shares of Align Technology in a research report on Thursday, October 15th. Evercore cut shares of Align Technology from an "outperform" rating to an "in-line" rating and set a $155.00 target price on the stock. in a research report on Monday, October 5th. Piper Sandler decreased their target price on shares of Align Technology from $235.00 to $205.00 and set an "overweight" rating for the company in a research note on Wednesday. Finally, Zacks Research downgraded shares of Align Technology from a "hold" rating to a "strong sell" rating in a research note on Thursday, October 15th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $192.00.

Align Technology Stock Performance

NASDAQ:ALGN opened at $151.37 on Thursday. Align Technology, Inc. has a one year low of $130.23 and a one year high of $200.43. The business's 50-day simple moving average is $152.57 and its 200 day simple moving average is $166.74. The stock has a market cap of $10.84 billion, a price-to-earnings ratio of 16.67, a price-to-earnings-growth ratio of 1.60 and a beta of 1.67.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 EPS 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 firm had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.05 billion. During the same quarter in the prior year, the business posted $2.49 earnings per share. Align Technology's revenue for the quarter was up 4.3% on a year-over-year basis. On average, equities research analysts predict that Align Technology, Inc. will post 9.36 EPS for the current year.

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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