Bridgewater Associates LP Reduces Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Bridgewater Associates LP trimmed its holdings in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 65.6% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 35,410 shares of the medical equipment provider's stock after selling 67,593 shares during the period. Bridgewater Associates LP's holdings in Align Technology were worth $9,005,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Townsquare Capital LLC raised its position in shares of Align Technology by 61.4% in the third quarter. Townsquare Capital LLC now owns 12,506 shares of the medical equipment provider's stock valued at $3,181,000 after buying an additional 4,758 shares during the last quarter. Brooklyn Investment Group purchased a new stake in shares of Align Technology in the third quarter valued at about $77,000. D.A. Davidson & CO. grew its holdings in shares of Align Technology by 11.0% in the third quarter. D.A. Davidson & CO. now owns 7,336 shares of the medical equipment provider's stock valued at $1,866,000 after purchasing an additional 725 shares during the period. FMR LLC grew its holdings in shares of Align Technology by 43.0% in the third 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, The Manufacturers Life Insurance Company grew its holdings in shares of Align Technology by 0.3% in the third quarter. The Manufacturers Life Insurance Company now owns 74,354 shares of the medical equipment provider's stock valued at $18,910,000 after purchasing an additional 255 shares during the period. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Align Technology Stock Performance

Shares of Align Technology stock traded up $3.11 during trading hours on Friday, reaching $232.77. 312,009 shares of the company were exchanged, compared to its average volume of 786,209. Align Technology, Inc. has a 1 year low of $196.09 and a 1 year high of $335.40. The stock's fifty day moving average is $226.83 and its 200 day moving average is $236.87. The firm has a market cap of $17.38 billion, a PE ratio of 39.19, a PEG ratio of 5.95 and a beta of 1.65.

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

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ALGN. StockNews.com raised shares of Align Technology from a "hold" rating to a "buy" rating in a report on Thursday, September 19th. Robert W. Baird dropped their target price on shares of Align Technology from $325.00 to $276.00 and set an "outperform" rating for the company in a report on Thursday, October 24th. Stifel Nicolaus cut their target price on Align Technology from $285.00 to $275.00 and set a "buy" rating on the stock in a research report on Thursday, October 24th. Morgan Stanley cut their target price on Align Technology from $310.00 to $280.00 and set an "overweight" rating on the stock in a research report on Thursday, October 24th. Finally, Piper Sandler cut their target price 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. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $276.38.

Align Technology Company 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.