Northwest & Ethical Investments L.P. Buys New Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Northwest & Ethical Investments L.P. bought a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 4,100 shares of the medical equipment provider's stock, valued at approximately $1,043,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cullen Frost Bankers Inc. increased its stake in shares of 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 acquiring an additional 94 shares during the last quarter. Innealta Capital LLC acquired a new position in Align Technology during the 2nd quarter worth $26,000. Rothschild Investment LLC acquired a new position in shares of Align Technology during the second quarter worth about $26,000. Versant Capital Management Inc raised its holdings in shares of Align Technology by 547.1% in the 2nd quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider's stock valued at $27,000 after purchasing an additional 93 shares in the last quarter. Finally, LRI Investments LLC purchased a new stake in Align Technology during the 1st quarter worth about $29,000. Hedge funds and other institutional investors own 88.43% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on ALGN shares. Morgan Stanley reduced their price objective 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 shares of Align Technology from a "hold" rating to a "buy" rating in a research report on Thursday, September 19th. Evercore ISI dropped their price objective on Align Technology from $270.00 to $250.00 and set an "outperform" rating on the stock in a report on Thursday, October 24th. Piper Sandler reduced their target price on Align Technology from $285.00 to $275.00 and set an "overweight" rating for the company in a report on Thursday, October 24th. Finally, Robert W. Baird reduced their price target on shares of Align Technology from $325.00 to $276.00 and set an "outperform" rating for the company in a research report on Thursday, October 24th. One analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, Align Technology currently has an average rating of "Hold" and a consensus price target of $276.38.

Align Technology Price Performance

Shares of NASDAQ ALGN traded up $3.11 during midday trading on Friday, reaching $232.77. 312,009 shares of the company traded hands, compared to its average volume of 786,209. Align Technology, Inc. has a 52 week low of $196.09 and a 52 week high of $335.40. The company has a market cap of $17.38 billion, a price-to-earnings ratio of 39.72, a PEG ratio of 5.95 and a beta of 1.65. The stock has a 50-day moving average price of $226.43 and a 200 day moving average price of $236.60.

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

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.