Align Technology, Inc. $ALGN Shares Bought by Mackenzie Financial Corp

Mackenzie Financial Corp raised its stake in Align Technology, Inc. (NASDAQ:ALGN) by 1.5% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 558,943 shares of the medical equipment provider’s stock after buying an additional 8,146 shares during the period. Mackenzie Financial Corp’s holdings in Align Technology were worth $69,991,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Capital World Investors grew its holdings in shares of Align Technology by 1.5% in the third quarter. Capital World Investors now owns 1,316,862 shares of the medical equipment provider’s stock valued at $164,897,000 after purchasing an additional 19,952 shares during the period. Capital International Sarl increased its position in Align Technology by 107.6% during the third quarter. Capital International Sarl now owns 79,861 shares of the medical equipment provider’s stock worth $10,000,000 after purchasing an additional 41,398 shares during the last quarter. Capital International Ltd. CA raised its stake in Align Technology by 89.3% during the third quarter. Capital International Ltd. CA now owns 45,217 shares of the medical equipment provider’s stock worth $5,662,000 after purchasing an additional 21,327 shares during the period. Capital International Inc. CA boosted its holdings in Align Technology by 267.5% in the 3rd quarter. Capital International Inc. CA now owns 45,135 shares of the medical equipment provider’s stock valued at $5,652,000 after purchasing an additional 32,853 shares during the last quarter. Finally, Capital International Investors boosted its holdings in Align Technology by 88.6% in the 3rd quarter. Capital International Investors now owns 3,050,373 shares of the medical equipment provider’s stock valued at $381,968,000 after purchasing an additional 1,433,393 shares during the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Align Technology

In other news, EVP John Morici sold 7,969 shares of the firm’s stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $189.31, for a total transaction of $1,508,611.39. Following the completion of the transaction, the executive vice president directly owned 8,237 shares in the company, valued at $1,559,346.47. This trade represents a 49.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.66% of the stock is currently owned by corporate insiders.

Align Technology Stock Performance

Align Technology stock opened at $174.81 on Thursday. The company’s 50 day simple moving average is $175.58 and its 200-day simple moving average is $152.94. Align Technology, Inc. has a 1 year low of $122.00 and a 1 year high of $208.30. The company has a market capitalization of $12.46 billion, a price-to-earnings ratio of 30.89, a price-to-earnings-growth ratio of 1.85 and a beta of 1.79.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, February 4th. The medical equipment provider reported $3.29 earnings per share for the quarter, topping analysts’ consensus estimates of $2.99 by $0.30. Align Technology had a net margin of 10.17% and a return on equity of 15.16%. The firm had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter last year, the company posted $2.44 EPS. The firm’s quarterly revenue was up 5.3% on a year-over-year basis. Equities analysts expect that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Mizuho raised their price target on shares of Align Technology from $200.00 to $215.00 and gave the stock an “outperform” rating in a report on Thursday, February 5th. Evercore increased their price objective on Align Technology from $180.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, February 5th. Morgan Stanley raised their target price on Align Technology from $154.00 to $169.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 5th. Wells Fargo & Company lifted their target price on Align Technology from $181.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, February 5th. Finally, Leerink Partners upped their price target on Align Technology from $210.00 to $225.00 and gave the company an “outperform” rating in a research note on Thursday, February 5th. Six research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $198.08.

Align Technology Profile

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.