National Bank of Canada FI Buys 8,338 Shares of Align Technology, Inc. (NASDAQ:ALGN)

National Bank of Canada FI grew its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 25.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 40,826 shares of the medical equipment provider's stock after buying an additional 8,338 shares during the quarter. National Bank of Canada FI owned approximately 0.05% of Align Technology worth $10,383,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the company. Wellington Management Group LLP raised its stake in shares of Align Technology by 49.0% in the 3rd quarter. Wellington Management Group LLP now owns 2,634,600 shares of the medical equipment provider's stock valued at $670,031,000 after acquiring an additional 866,663 shares in the last quarter. Holocene Advisors LP acquired a new stake in shares of Align Technology in the third quarter valued at about $137,287,000. Kayne Anderson Rudnick Investment Management LLC lifted its position in shares of Align Technology by 4,391.3% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 488,251 shares of the medical equipment provider's stock worth $117,879,000 after purchasing an additional 477,380 shares during the last quarter. FMR LLC boosted its stake in Align Technology by 43.0% during the 3rd quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider's stock valued at $310,736,000 after purchasing an additional 367,508 shares during the period. Finally, Point72 Asset Management L.P. grew its holdings in Align Technology by 96.3% in the 3rd quarter. Point72 Asset Management L.P. now owns 674,319 shares of the medical equipment provider's stock valued at $171,493,000 after buying an additional 330,807 shares during the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ALGN has been the subject of a number of recent research reports. Robert W. Baird dropped their price objective on shares of Align Technology from $325.00 to $276.00 and set an "outperform" rating for the company in a research note on Thursday, October 24th. Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a report on Monday, November 4th. Mizuho initiated coverage on Align Technology in a research report on Wednesday, December 4th. They issued an "outperform" rating and a $295.00 price target on the stock. Morgan Stanley cut their price objective on Align Technology from $310.00 to $280.00 and set an "overweight" rating for the company in a report on Thursday, October 24th. Finally, StockNews.com raised shares of Align Technology from a "hold" rating to a "buy" rating in a report on Thursday, September 19th. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Align Technology presently has a consensus rating of "Moderate Buy" and an average target price of $278.44.

Align Technology Stock Performance

ALGN stock traded up $2.36 during mid-day trading on Wednesday, hitting $239.52. 495,471 shares of the company were exchanged, compared to its average volume of 779,343. The firm has a market cap of $17.88 billion, a P/E ratio of 40.94, a P/E/G ratio of 6.02 and a beta of 1.66. Align Technology, Inc. has a 1-year low of $196.09 and a 1-year high of $335.40. The firm'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 earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.04. The business 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%. Align Technology's revenue was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.62 earnings per share. On average, equities research analysts predict that Align Technology, Inc. will post 7.45 EPS for the current fiscal year.

Align Technology Profile

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.