Fifth Third Bancorp Sells 66,746 Shares of Align Technology, Inc. $ALGN

Fifth Third Bancorp decreased its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 5.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,246,622 shares of the medical equipment provider’s stock after selling 66,746 shares during the period. Fifth Third Bancorp owned approximately 1.74% of Align Technology worth $165,193,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Bessemer Group Inc. increased its position in shares of 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 acquiring an additional 67 shares in the last quarter. Empirical Finance LLC lifted its position in Align Technology by 2.9% in the 2nd 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 in the last quarter. First Bank & Trust lifted its position in Align Technology by 5.0% in the 2nd 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 in the last quarter. M.E. Allison & CO. Inc. lifted its position in Align Technology by 1.9% in the 2nd 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 in the last quarter. Finally, Isthmus Partners LLC boosted its stake in Align Technology by 3.7% during the 3rd quarter. Isthmus Partners LLC now owns 2,601 shares of the medical equipment provider’s stock valued at $378,000 after purchasing an additional 92 shares during the last quarter. 88.43% of the stock is owned by institutional investors.

Align Technology Stock Performance

Align Technology stock opened at $172.08 on Thursday. Align Technology, Inc. has a fifty-two week low of $130.23 and a fifty-two week high of $200.43. The stock has a market cap of $12.13 billion, a PE ratio of 25.05, a price-to-earnings-growth ratio of 2.26 and a beta of 1.74. The firm’s 50-day simple moving average is $151.34 and its 200 day simple moving average is $168.56.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, October 28th. The medical equipment provider reported $2.80 EPS for the quarter, beating the consensus estimate of $2.77 by $0.03. Align Technology had a net margin of 11.83% and a return on equity of 15.96%. The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. During the same quarter last year, the business posted $2.61 EPS. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. As a group, analysts predict that Align Technology, Inc. will post 9.21 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have commented on ALGN shares. UBS Group reissued a “neutral” rating and set a $189.00 price objective on shares of Align Technology in a report on Thursday, July 23rd. Wall Street Zen lowered Align Technology from a “buy” rating to a “hold” rating in a report on Saturday, October 24th. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a research report on Thursday, October 29th. Piper Sandler decreased their price target on Align Technology from $235.00 to $205.00 and set an “overweight” rating for the company in a report on Wednesday, October 21st. Finally, Stifel Nicolaus decreased their price target on Align Technology from $210.00 to $175.00 and set a “buy” rating for the company in a report on Friday, October 9th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $193.08.

Align Technology Profile

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.