KBC Group NV Boosts Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

KBC Group NV grew its stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 11.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 53,458 shares of the medical equipment provider's stock after buying an additional 5,663 shares during the quarter. KBC Group NV owned approximately 0.07% of Align Technology worth $13,595,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Cullen Frost Bankers Inc. boosted its stake in Align Technology by 854.5% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider's stock worth $25,000 after purchasing an additional 94 shares during the period. Innealta Capital LLC purchased a new position in shares of Align Technology in the 2nd quarter worth $26,000. Rothschild Investment LLC purchased a new position in Align Technology in the second quarter worth about $26,000. Versant Capital Management Inc raised its holdings in Align Technology by 547.1% during the 2nd quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider's stock valued at $27,000 after buying an additional 93 shares during the period. Finally, LRI Investments LLC purchased a new stake in shares of Align Technology in the first quarter valued at $29,000. Institutional investors own 88.43% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on ALGN shares. Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a research note on Monday, November 4th. Robert W. Baird decreased their target price on Align Technology from $325.00 to $276.00 and set an "outperform" rating for the company in a research report on Thursday, October 24th. Morgan Stanley cut their price target on shares of Align Technology from $310.00 to $280.00 and set an "overweight" rating on the stock in a report on Thursday, October 24th. Piper Sandler lowered their price objective on shares of Align Technology from $285.00 to $275.00 and set an "overweight" rating for the company in a research report on Thursday, October 24th. Finally, StockNews.com raised shares of Align Technology from a "hold" rating to a "buy" rating in a research report on Thursday, September 19th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, Align Technology presently has a consensus rating of "Hold" and a consensus target price of $276.38.

Align Technology Stock Performance

Align Technology stock traded up $2.05 during midday trading on Friday, hitting $223.69. 1,074,011 shares of the company were exchanged, compared to its average volume of 947,902. The firm has a market capitalization of $16.70 billion, a PE ratio of 38.17, a price-to-earnings-growth ratio of 5.79 and a beta of 1.65. The business has a fifty day simple moving average of $228.85 and a two-hundred day simple moving average of $239.93. Align Technology, Inc. has a fifty-two week low of $196.09 and a fifty-two week high of $335.40.

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, beating analysts' consensus estimates of $2.31 by $0.04. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. The company had revenue of $977.87 million during the quarter, compared to analysts' expectations of $990.05 million. During the same quarter in the previous year, the company earned $1.62 earnings per share. The firm's revenue for the quarter was up 1.8% on a year-over-year basis. As a group, equities analysts expect that Align Technology, Inc. will post 7.45 earnings per share for the current 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.