Intech Investment Management LLC Decreases Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Intech Investment Management LLC lessened its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 90.8% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 1,153 shares of the medical equipment provider's stock after selling 11,404 shares during the quarter. Intech Investment Management LLC's holdings in Align Technology were worth $293,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of ALGN. Achmea Investment Management B.V. increased its holdings in shares of Align Technology by 3.4% during the second quarter. Achmea Investment Management B.V. now owns 10,335 shares of the medical equipment provider's stock worth $2,495,000 after purchasing an additional 339 shares during the period. Swedbank AB raised its holdings in Align Technology by 2.0% in the 2nd quarter. Swedbank AB now owns 299,115 shares of the medical equipment provider's stock valued at $72,215,000 after acquiring an additional 6,005 shares in the last quarter. Baker Avenue Asset Management LP bought a new stake in shares of Align Technology during the 3rd quarter valued at $4,250,000. Cetera Investment Advisers grew its holdings in shares of Align Technology by 914.2% during the 1st quarter. Cetera Investment Advisers now owns 12,627 shares of the medical equipment provider's stock worth $4,140,000 after purchasing an additional 11,382 shares in the last quarter. Finally, KBC Group NV increased its position in shares of Align Technology by 11.8% in the third quarter. KBC Group NV now owns 53,458 shares of the medical equipment provider's stock worth $13,595,000 after purchasing an additional 5,663 shares during the period. Institutional investors own 88.43% of the company's stock.

Align Technology Price Performance

Shares of Align Technology stock traded down $7.48 during trading on Thursday, hitting $227.81. The company's stock had a trading volume of 528,023 shares, compared to its average volume of 783,195. Align Technology, Inc. has a 52 week low of $196.09 and a 52 week high of $335.40. The stock has a market cap of $17.01 billion, a price-to-earnings ratio of 40.15, a price-to-earnings-growth ratio of 6.06 and a beta of 1.66. The stock has a 50-day moving average price of $225.61 and a two-hundred day moving average price of $235.45.

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

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Morgan Stanley dropped their target price on shares of Align Technology from $310.00 to $280.00 and set an "overweight" rating for the company in a research report on Thursday, October 24th. StockNews.com raised Align Technology from a "hold" rating to a "buy" rating in a report on Thursday, September 19th. Piper Sandler dropped their price objective 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. Robert W. Baird decreased 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. Finally, Evercore ISI dropped their target price on shares of Align Technology from $270.00 to $250.00 and set an "outperform" rating for the company in a report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target 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.