Quantbot Technologies LP Sells 12,816 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Quantbot Technologies LP trimmed its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 88.0% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,743 shares of the medical equipment provider's stock after selling 12,816 shares during the quarter. Quantbot Technologies LP's holdings in Align Technology were worth $443,000 as of its most recent filing with the SEC.

Other large investors have also bought and sold shares of the company. Kayne Anderson Rudnick Investment Management LLC boosted its holdings in shares of Align Technology by 4,391.3% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 488,251 shares of the medical equipment provider's stock valued at $117,879,000 after buying an additional 477,380 shares during the last quarter. FMR LLC boosted its holdings in shares of Align Technology by 43.0% in the 3rd quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider's stock valued at $310,736,000 after buying an additional 367,508 shares during the last quarter. Senvest Management LLC lifted its holdings in Align Technology by 76.4% during the 3rd quarter. Senvest Management LLC now owns 459,243 shares of the medical equipment provider's stock valued at $116,795,000 after purchasing an additional 198,893 shares during the last quarter. Point72 Asset Management L.P. lifted its holdings in Align Technology by 127.4% during the 2nd quarter. Point72 Asset Management L.P. now owns 343,512 shares of the medical equipment provider's stock valued at $82,934,000 after purchasing an additional 192,474 shares during the last quarter. Finally, Sofinnova Investments Inc. lifted its holdings in Align Technology by 128.9% during the 2nd quarter. Sofinnova Investments Inc. now owns 218,524 shares of the medical equipment provider's stock valued at $52,758,000 after purchasing an additional 123,046 shares during the last quarter. 88.43% of the stock is owned by institutional investors.

Align Technology Trading Up 0.5 %

Align Technology stock traded up $1.28 during midday trading on Wednesday, reaching $235.29. The company's stock had a trading volume of 611,848 shares, compared to its average volume of 784,374. Align Technology, Inc. has a 52 week low of $196.09 and a 52 week high of $335.40. The business has a 50-day moving average price of $225.61 and a 200-day moving average price of $235.45. The stock has a market cap of $17.56 billion, a PE ratio of 40.15, a price-to-earnings-growth ratio of 6.07 and a beta of 1.66.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on ALGN shares. Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a report on Monday, November 4th. Piper Sandler cut their price target on Align Technology from $285.00 to $275.00 and set an "overweight" rating for the company in a report on Thursday, October 24th. Evercore ISI dropped their target price on Align Technology from $270.00 to $250.00 and set an "outperform" rating for the company in a report on Thursday, October 24th. Robert W. Baird dropped their target price on Align Technology from $325.00 to $276.00 and set an "outperform" rating for the company in a report on Thursday, October 24th. Finally, Morgan Stanley dropped their target price on Align Technology from $310.00 to $280.00 and set an "overweight" rating for the company in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average 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.