Caisse DE Depot ET Placement DU Quebec Makes New Investment in Align Technology, Inc. (NASDAQ:ALGN)

Caisse DE Depot ET Placement DU Quebec bought a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 6,141 shares of the medical equipment provider's stock, valued at approximately $1,562,000.

A number of other institutional investors and hedge funds have also bought and sold shares of ALGN. Mather Group LLC. raised its position in shares of Align Technology by 52.5% in the 2nd quarter. Mather Group LLC. now owns 122 shares of the medical equipment provider's stock worth $29,000 after acquiring an additional 42 shares in the last quarter. Quarry LP raised its position in shares of Align Technology by 53.0% in the 2nd quarter. Quarry LP now owns 127 shares of the medical equipment provider's stock worth $31,000 after acquiring an additional 44 shares in the last quarter. Crewe Advisors LLC raised its position in shares of Align Technology by 36.8% in the 2nd quarter. Crewe Advisors LLC now owns 171 shares of the medical equipment provider's stock worth $41,000 after acquiring an additional 46 shares in the last quarter. Empirical Finance LLC raised its position in shares of Align Technology by 2.1% in the 3rd quarter. Empirical Finance LLC now owns 2,486 shares of the medical equipment provider's stock worth $632,000 after acquiring an additional 50 shares in the last quarter. Finally, Daiwa Securities Group Inc. raised its position in shares of Align Technology by 0.6% in the 2nd quarter. Daiwa Securities Group Inc. now owns 8,876 shares of the medical equipment provider's stock worth $2,143,000 after acquiring an additional 54 shares in the last quarter. 88.43% of the stock is owned by institutional investors.

Align Technology Price Performance

Align Technology stock traded up $1.28 during trading hours on Wednesday, hitting $235.29. 611,848 shares of the stock traded hands, compared to its average volume of 784,374. Align Technology, Inc. has a 1 year low of $196.09 and a 1 year high of $335.40. The stock has a market capitalization of $17.56 billion, a price-to-earnings ratio of 40.15, a P/E/G ratio of 6.07 and a beta of 1.66. The firm's 50 day moving average price is $225.61 and its 200-day moving average price is $235.45.

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. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The firm had revenue of $977.87 million for the quarter, compared to the consensus estimate of $990.05 million. During the same quarter in the prior year, the business earned $1.62 earnings per share. The company's revenue was up 1.8% compared to the same quarter last year. Research analysts forecast that Align Technology, Inc. will post 7.45 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ALGN has been the subject of several recent research reports. Piper Sandler reduced their price target on Align Technology from $285.00 to $275.00 and set an "overweight" rating for the company in a research report on Thursday, October 24th. Morgan Stanley reduced 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. Robert W. Baird reduced their target price on Align Technology from $325.00 to $276.00 and set an "outperform" rating on the stock in a research report on Thursday, October 24th. Evercore ISI reduced 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. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a research report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $278.44.

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.