StoneX Group Inc. Purchases New Stake in Align Technology, Inc. $ALGN

Key Points

• StoneX Group acquired a new stake in Align Technology during the third quarter, purchasing 10,213 shares valued at approximately $1.386 million. Institutional investors and hedge funds collectively own 88.43% of the company.
• Align reported quarterly earnings of $2.80 per share, beating the $2.77 consensus estimate, while revenue of $1.01 billion also topped forecasts and rose 1.9% year over year.
• Analyst views are mixed but average to a “Moderate Buy,” with a consensus price target of $193.08; several firms recently lowered targets or ratings.

StoneX Group Inc. acquired a new position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 10,213 shares of the medical equipment provider's stock, valued at approximately $1,386,000.

Other large investors also recently made changes to their positions in the company. Bessemer Group Inc. increased its holdings in Align Technology by 37.2% during the first quarter. Bessemer Group Inc. now owns 247 shares of the medical equipment provider's stock worth $43,000 after buying an additional 67 shares during the last quarter. Empirical Finance LLC lifted its stake in Align Technology by 2.9% in the second quarter. Empirical Finance LLC now owns 2,570 shares of the medical equipment provider's stock valued at $433,000 after acquiring an additional 73 shares during the last quarter. First Bank & Trust lifted its stake in Align Technology by 5.0% in the second quarter. First Bank & Trust now owns 1,599 shares of the medical equipment provider's stock valued at $270,000 after acquiring an additional 76 shares during the last quarter. M.E. Allison & CO. Inc. lifted its stake in Align Technology by 1.9% in the second quarter. M.E. Allison & CO. Inc. now owns 4,235 shares of the medical equipment provider's stock valued at $714,000 after acquiring an additional 80 shares during the last quarter. Finally, Isthmus Partners LLC grew its position in shares of Align Technology by 3.7% in the 3rd quarter. Isthmus Partners LLC now owns 2,601 shares of the medical equipment provider's stock valued at $378,000 after acquiring an additional 92 shares during the period. Institutional investors and hedge funds own 88.43% of the company's stock.

Align Technology Price Performance

ALGN stock opened at $174.26 on Tuesday. Align Technology, Inc. has a one year low of $130.23 and a one year high of $200.43. The stock has a market cap of $12.48 billion, a price-to-earnings ratio of 17.67, a price-to-earnings-growth ratio of 1.79 and a beta of 1.74. The company has a fifty day moving average price of $150.71 and a two-hundred day moving average price of $168.52.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings data on Wednesday, October 28th. The medical equipment provider reported $2.80 earnings per share for the quarter, beating the consensus estimate of $2.77 by $0.03. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. Align Technology had a net margin of 11.83% and a return on equity of 15.96%. The company's revenue was up 1.9% on a year-over-year basis. During the same period in the prior year, the firm earned $2.61 earnings per share. Research analysts anticipate that Align Technology, Inc. will post 9.21 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ALGN has been the topic of several recent analyst reports. Mizuho lowered their price objective on shares of Align Technology from $220.00 to $200.00 and set an "outperform" rating on the stock in a research note on Thursday, October 22nd. Leerink Partners cut their target price on shares of Align Technology from $235.00 to $215.00 and set an "outperform" rating for the company in a research note on Wednesday, October 14th. Robert W. Baird cut Align Technology from an "outperform" rating to a "neutral" rating and reduced their price target for the stock from $218.00 to $162.00 in a report on Thursday, October 15th. Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a research report on Thursday, October 29th. Finally, Evercore lowered Align Technology from an "outperform" rating to an "in-line" rating and set a $155.00 price objective on the stock. in a research note on Monday, October 5th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Align Technology currently has an average rating of "Moderate Buy" and an average price target of $193.08.

About Align Technology

Align Technology, Inc develops, manufactures and markets digital orthodontic and restorative dentistry products. Its best-known offering is the Invisalign system, which uses a series of custom-made clear aligners to straighten teeth. The company also sells Vivera retainers and iTero intraoral scanners, which support digital dental imaging and treatment planning.

Founded in 1997, Align helped popularize clear-aligner orthodontic treatment as an alternative to traditional braces. Its digital dentistry portfolio also includes exocad software, used by dental professionals and laboratories to design dental restorations.

Headquartered in Tempe, Arizona, Align serves dental professionals and patients in markets around the world.

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