Align Technology, Inc. $ALGN Stake Raised by Applied Fundamental Research LLC

Applied Fundamental Research LLC boosted its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 78.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 55,894 shares of the medical equipment provider’s stock after buying an additional 24,602 shares during the quarter. Align Technology accounts for 6.8% of Applied Fundamental Research LLC’s investment portfolio, making the stock its 10th largest position. Applied Fundamental Research LLC owned approximately 0.08% of Align Technology worth $6,999,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Norges Bank acquired a new stake in shares of Align Technology in the second quarter valued at $155,297,000. Ninety One UK Ltd increased its holdings in 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 purchasing an additional 350,883 shares during the period. Nordea Investment Management AB increased its holdings in Align Technology by 94.5% during the 2nd quarter. Nordea Investment Management AB now owns 638,341 shares of the medical equipment provider’s stock worth $121,055,000 after purchasing an additional 310,091 shares during the period. Bank of America Corp DE raised its position in Align Technology by 60.7% in the 2nd quarter. Bank of America Corp DE now owns 786,637 shares of the medical equipment provider’s stock valued at $148,934,000 after purchasing an additional 297,117 shares in the last quarter. Finally, Artisan Partners Limited Partnership purchased a new position in shares of Align Technology in the 2nd quarter valued at about $55,061,000. Institutional investors and hedge funds own 88.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ALGN. Wells Fargo & Company lowered their price objective on Align Technology from $199.00 to $181.00 and set an “overweight” rating for the company in a research report on Thursday, October 30th. Leerink Partners boosted their price target on shares of Align Technology from $172.00 to $189.00 in a report on Thursday, October 30th. Morgan Stanley increased their price objective on shares of Align Technology from $142.00 to $154.00 and gave the company an “equal weight” rating in a research report on Thursday, October 30th. Mizuho lifted their price objective on shares of Align Technology from $170.00 to $200.00 and gave the stock an “outperform” rating in a research report on Tuesday. Finally, Piper Sandler reiterated an “overweight” rating and set a $200.00 target price (up previously from $190.00) on shares of Align Technology in a research note on Thursday, October 30th. Six investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $174.91.

Align Technology Trading Up 2.7%

ALGN stock opened at $169.95 on Thursday. The company has a market capitalization of $12.19 billion, a P/E ratio of 32.94, a PEG ratio of 1.86 and a beta of 1.83. The business has a 50 day simple moving average of $156.74 and a 200-day simple moving average of $150.80. Align Technology, Inc. has a twelve month low of $122.00 and a twelve month high of $237.23.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, October 29th. The medical equipment provider reported $2.61 EPS for the quarter, beating the consensus estimate of $2.38 by $0.23. The firm had revenue of $995.69 million during the quarter, compared to the consensus estimate of $980.75 million. Align Technology had a net margin of 9.50% and a return on equity of 13.96%. Align Technology’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.35 EPS. Research analysts predict that Align Technology, Inc. will post 7.98 EPS for the current fiscal 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.