Align Technology, Inc. $ALGN Stock: Ninety One UK Ltd Lowers Position

Ninety One UK Ltd lowered its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 3.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,138,156 shares of the medical equipment provider’s stock after selling 71,635 shares during the quarter. Ninety One UK Ltd’s holdings in Align Technology were worth $310,722,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of ALGN. BlackRock Inc. purchased a new position in shares of Align Technology during the 2nd quarter valued at approximately $745,370,000. Arrowstreet Capital Limited Partnership increased its holdings in Align Technology by 4.9% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,054,633 shares of the medical equipment provider’s stock worth $180,796,000 after acquiring an additional 49,220 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in Align Technology by 413.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 989,388 shares of the medical equipment provider’s stock worth $169,611,000 after acquiring an additional 796,529 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Align Technology by 21.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 972,519 shares of the medical equipment provider’s stock worth $166,696,000 after acquiring an additional 170,523 shares in the last quarter. Finally, Senvest Management LLC increased its holdings in Align Technology by 8.6% in the 1st quarter. Senvest Management LLC now owns 754,797 shares of the medical equipment provider’s stock worth $129,395,000 after acquiring an additional 59,855 shares in the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Stock Up 2.5%

Shares of NASDAQ ALGN traded up $3.67 during midday trading on Thursday, hitting $148.12. The stock had a trading volume of 363,025 shares, compared to its average volume of 1,059,758. The stock has a 50 day simple moving average of $154.93 and a 200-day simple moving average of $167.44. The company has a market capitalization of $10.61 billion, a PE ratio of 25.76, a P/E/G ratio of 1.53 and a beta of 1.67. Align Technology, Inc. has a 1 year low of $128.65 and a 1 year high of $200.43.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 EPS for the quarter, topping the consensus estimate 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 analysts’ expectations of $1.05 billion. During the same period in the previous year, the business earned $2.49 earnings per share. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. As a group, analysts expect that Align Technology, Inc. will post 9.36 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. BMO Capital Markets started coverage on shares of Align Technology in a research report on Wednesday, July 8th. They set an “outperform” rating and a $209.00 price objective for the company. Leerink Partners dropped their target price on shares of 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 reissued a “hold” rating on shares of Align Technology in a research note on Thursday, July 30th. 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 note on Thursday. Finally, UBS Group restated a “neutral” rating and set a $189.00 price target on shares of Align Technology in a research report on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $194.14.

About Align Technology

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.