XTX Topco Ltd Takes Position in Align Technology, Inc. (NASDAQ:ALGN)

XTX Topco Ltd bought a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 3,808 shares of the medical equipment provider's stock, valued at approximately $968,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Cullen Frost Bankers Inc. boosted its holdings in Align Technology by 854.5% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider's stock valued at $25,000 after acquiring an additional 94 shares during the period. Rothschild Investment LLC purchased a new stake in Align Technology in the second quarter worth about $26,000. True Wealth Design LLC grew its stake in shares of Align Technology by 10,700.0% in the third quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider's stock worth $27,000 after acquiring an additional 107 shares during the last quarter. Innealta Capital LLC purchased a new position in Align Technology in the second quarter worth about $26,000. Finally, Quarry LP boosted its stake in Align Technology by 53.0% during the 2nd quarter. Quarry LP now owns 127 shares of the medical equipment provider's stock valued at $31,000 after purchasing an additional 44 shares during the last quarter. 88.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on ALGN shares. Morgan Stanley decreased their price target on shares of Align Technology from $310.00 to $280.00 and set an "overweight" rating on the stock in a research report on Thursday, October 24th. Evercore ISI decreased their target price on Align Technology from $270.00 to $250.00 and set an "outperform" rating on the stock in a research report on Thursday, October 24th. Piper Sandler decreased their price objective on Align Technology from $285.00 to $275.00 and set an "overweight" rating on the stock in a research report on Thursday, October 24th. Robert W. Baird cut their target price on Align Technology from $325.00 to $276.00 and set an "outperform" rating on the stock in a research note on Thursday, October 24th. Finally, Stifel Nicolaus reduced their target price on Align Technology from $285.00 to $275.00 and set a "buy" rating on the stock in a research note on Thursday, October 24th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $278.44.

Align Technology Stock Performance

Shares of NASDAQ:ALGN traded up $2.36 during midday trading on Wednesday, hitting $239.52. The company's stock had a trading volume of 495,471 shares, compared to its average volume of 779,343. Align Technology, Inc. has a 12-month low of $196.09 and a 12-month high of $335.40. The company has a market cap of $17.88 billion, a P/E ratio of 40.94, a price-to-earnings-growth ratio of 6.02 and a beta of 1.66. The business's 50 day simple moving average is $224.23 and its 200 day simple moving average is $234.54.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share for the quarter, topping analysts' consensus estimates of $2.31 by $0.04. The company had revenue of $977.87 million for the quarter, compared to analyst estimates of $990.05 million. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The firm's revenue for the quarter was up 1.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.62 earnings per share. On average, sell-side analysts predict that Align Technology, Inc. will post 7.45 earnings per share for the current fiscal year.

About Align Technology

Align Technology, Inc designs, manufactures, and markets Invisalign clear aligners, and iTero intraoral scanners and services for orthodontists and general practitioner dentists in the United States, Switzerland, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.