Align Technology, Inc. $ALGN Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. lowered its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 14.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 795,980 shares of the medical equipment provider’s stock after selling 130,753 shares during the period. Federated Hermes Inc. owned approximately 1.10% of Align Technology worth $99,673,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of ALGN. Norges Bank acquired a new stake in Align Technology in the second quarter worth about $155,297,000. Ninety One UK Ltd raised its position in shares of Align Technology by 18.3% during the 3rd quarter. Ninety One UK Ltd now owns 2,267,192 shares of the medical equipment provider’s stock worth $283,898,000 after buying an additional 350,883 shares in the last quarter. Nordea Investment Management AB lifted its stake in shares of Align Technology by 94.5% in the 2nd quarter. Nordea Investment Management AB now owns 638,341 shares of the medical equipment provider’s stock worth $121,055,000 after acquiring an additional 310,091 shares during the period. Bank of America Corp DE boosted its holdings in shares of Align Technology by 60.7% in 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 in the last quarter. Finally, Artisan Partners Limited Partnership acquired a new position in shares of Align Technology during the second quarter valued at approximately $55,061,000. Institutional investors own 88.43% of the company’s stock.

Align Technology Price Performance

ALGN stock opened at $164.92 on Thursday. The firm has a market capitalization of $11.83 billion, a P/E ratio of 31.96, a P/E/G ratio of 1.87 and a beta of 1.83. Align Technology, Inc. has a 52-week low of $122.00 and a 52-week high of $232.20. The company’s 50 day simple moving average is $159.98 and its 200-day simple moving average is $149.68.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, October 29th. The medical equipment provider reported $2.61 earnings per share for the quarter, topping the consensus estimate of $2.38 by $0.23. The firm had revenue of $995.69 million for the quarter, compared to analysts’ expectations 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 period in the previous year, the company posted $2.35 EPS. Sell-side analysts predict that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ALGN. Leerink Partners upped their target price on Align Technology from $189.00 to $210.00 and gave the stock an “outperform” rating in a research report on Thursday, January 22nd. HSBC upped their price objective on Align Technology from $140.00 to $150.00 in a report on Friday, October 31st. UBS Group lowered their target price on Align Technology from $160.00 to $155.00 and set a “neutral” rating on the stock in a report on Thursday, October 16th. Wall Street Zen raised shares of Align Technology from a “hold” rating to a “buy” rating in a report on Saturday, January 3rd. Finally, Jefferies Financial Group raised their price objective on shares of Align Technology from $140.00 to $155.00 in a research report on Thursday, October 30th. Six equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Align Technology has an average rating of “Hold” and a consensus target price of $176.82.

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.