Pacer Advisors Inc. Purchases 221,114 Shares of Align Technology, Inc. $ALGN

Pacer Advisors Inc. lifted its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 1,999.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 232,171 shares of the medical equipment provider’s stock after purchasing an additional 221,114 shares during the period. Pacer Advisors Inc.’s holdings in Align Technology were worth $29,072,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new stake in Align Technology in the 2nd quarter valued at about $155,297,000. Nordea Investment Management AB grew its holdings in shares of Align Technology by 94.5% in the second quarter. Nordea Investment Management AB now owns 638,341 shares of the medical equipment provider’s stock valued at $121,055,000 after acquiring an additional 310,091 shares in the last quarter. Bank of America Corp DE increased its position in shares of Align Technology by 60.7% during the second quarter. Bank of America Corp DE now owns 786,637 shares of the medical equipment provider’s stock valued at $148,934,000 after acquiring an additional 297,117 shares during the last quarter. Artisan Partners Limited Partnership bought a new stake in Align Technology during the second quarter worth $55,061,000. Finally, Federated Hermes Inc. lifted its holdings in Align Technology by 31.0% during the second quarter. Federated Hermes Inc. now owns 926,733 shares of the medical equipment provider’s stock worth $175,458,000 after acquiring an additional 219,219 shares during the period. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Piper Sandler restated an “overweight” rating and issued a $200.00 price objective (up previously from $190.00) on shares of Align Technology in a research note on Thursday, October 30th. Jefferies Financial Group increased their price target on shares of Align Technology from $140.00 to $155.00 in a research report on Thursday, October 30th. Zacks Research upgraded shares of Align Technology from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 30th. Leerink Partners lifted their price objective on shares of Align Technology from $172.00 to $189.00 in a research report on Thursday, October 30th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research report on Thursday, October 30th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $172.18.

Align Technology Stock Up 0.3%

NASDAQ ALGN opened at $158.37 on Friday. The company has a market cap of $11.36 billion, a PE ratio of 30.69, a price-to-earnings-growth ratio of 1.92 and a beta of 1.86. Align Technology, Inc. has a 52 week low of $122.00 and a 52 week high of $237.23. The firm’s 50-day simple moving average is $146.25 and its two-hundred day simple moving average is $153.61.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, October 29th. The medical equipment provider reported $2.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.38 by $0.23. The company had revenue of $995.69 million for the quarter, compared to analyst estimates of $980.75 million. Align Technology had a net margin of 9.50% and a return on equity of 13.96%. The company’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.35 earnings per share. As a group, equities research analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current year.

About Align Technology

Align Technology, Inc (NASDAQ: ALGN) pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company’s signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.