TD Waterhouse Canada Inc. Acquires 548,959 Shares of Align Technology, Inc. $ALGN

Key Points

• TD Waterhouse Canada increased its Align Technology stake by 42,423.4%, acquiring 548,959 shares to hold 550,253 shares worth approximately $73.5 million. Institutional investors collectively own 88.43% of the company.
• Align Technology shares fell 1.4% to $147.31, well below their 52-week high of $200.43. The company recently reported quarterly EPS of $2.64 and revenue of $1.06 billion, slightly exceeding analyst expectations.
• Analyst sentiment remains positive but cautious: Align has a consensus “Moderate Buy” rating and an average price target of $194.14, though several firms have recently lowered their targets.

TD Waterhouse Canada Inc. increased its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 42,423.4% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 550,253 shares of the medical equipment provider's stock after acquiring an additional 548,959 shares during the period. TD Waterhouse Canada Inc. owned about 0.77% of Align Technology worth $73,546,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Blue Trust Inc. lifted its stake in Align Technology by 77.5% during the first quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider's stock worth $27,000 after purchasing an additional 69 shares during the period. Tobam acquired a new stake in Align Technology during the fourth quarter valued at approximately $30,000. Hollencrest Capital Management acquired a new stake in Align Technology during the first quarter valued at approximately $34,000. Osterweis Capital Management Inc. bought a new stake in shares of Align Technology in the 2nd quarter valued at approximately $36,000. Finally, Global Retirement Partners LLC bought a new stake in shares of Align Technology in the 2nd quarter valued at approximately $38,000. Institutional investors own 88.43% of the company's stock.

Align Technology Trading Down 1.4%

NASDAQ ALGN traded down $2.03 during trading hours on Friday, reaching $147.31. 952,959 shares of the company's stock were exchanged, compared to its average volume of 990,319. The stock has a market cap of $10.55 billion, a PE ratio of 25.62, a price-to-earnings-growth ratio of 1.59 and a beta of 1.67. Align Technology, Inc. has a one year low of $128.67 and a one year high of $200.43. The firm has a fifty day moving average of $154.01 and a 200-day moving average of $167.18.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.62 by $0.02. The firm had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.05 billion. Align Technology had a return on equity of 15.86% and a net margin of 9.99%. The business's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.49 EPS. As a group, research analysts forecast that Align Technology, Inc. will post 9.36 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. UBS Group restated a "neutral" rating and set a $189.00 target price on shares of Align Technology in a research report on Thursday, July 23rd. Leerink Partners lowered their price target on Align Technology from $235.00 to $215.00 and set an "outperform" rating on the stock in a research report on Wednesday. Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a research report on Thursday, July 30th. Stifel Nicolaus dropped their price objective on Align Technology from $210.00 to $175.00 and set a "buy" rating for the company in a research note on Friday, October 9th. Finally, Zacks Research cut Align Technology from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, Align Technology currently has a consensus 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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