State Street Corp Cuts Position in Align Technology, Inc. (NASDAQ:ALGN)

State Street Corp reduced its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 0.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,087,888 shares of the medical equipment provider's stock after selling 18,300 shares during the quarter. State Street Corp owned approximately 4.14% of Align Technology worth $785,312,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Holocene Advisors LP bought a new position in Align Technology during the third quarter worth about $137,287,000. Kayne Anderson Rudnick Investment Management LLC lifted its holdings in Align Technology by 4,391.3% during 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 purchasing an additional 477,380 shares during the last quarter. FMR LLC raised its stake in shares of Align Technology by 43.0% in the third quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider's stock valued at $310,736,000 after acquiring an additional 367,508 shares during the last quarter. Point72 Asset Management L.P. boosted its holdings in shares of Align Technology by 96.3% in the 3rd quarter. Point72 Asset Management L.P. now owns 674,319 shares of the medical equipment provider's stock worth $171,493,000 after acquiring an additional 330,807 shares in the last quarter. Finally, Senvest Management LLC increased 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 in the last quarter. 88.43% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on ALGN shares. StockNews.com raised Align Technology from a "hold" rating to a "buy" rating in a report on Thursday, September 19th. Piper Sandler cut their price target on Align Technology from $285.00 to $275.00 and set an "overweight" rating on the stock in a report on Thursday, October 24th. Robert W. Baird dropped their price objective on Align Technology from $325.00 to $276.00 and set an "outperform" rating on the stock in a research note on Thursday, October 24th. Evercore ISI decreased their price target on shares of Align Technology from $270.00 to $250.00 and set an "outperform" rating on the stock in a research note on Thursday, October 24th. Finally, Mizuho initiated coverage on shares of Align Technology in a research report on Wednesday. They issued an "outperform" rating and a $295.00 price target for the company. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $278.44.

Align Technology Stock Up 2.0 %

Shares of ALGN stock traded up $4.54 during trading hours on Friday, hitting $232.35. 560,642 shares of the company's stock traded hands, compared to its average volume of 740,587. The stock's 50 day simple moving average is $224.73 and its 200 day simple moving average is $234.96. The stock has a market cap of $17.34 billion, a PE ratio of 39.65, a price-to-earnings-growth ratio of 6.10 and a beta of 1.66. Align Technology, Inc. has a 12 month low of $196.09 and a 12 month 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 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 company had revenue of $977.87 million during the quarter, compared to analyst estimates of $990.05 million. During the same quarter in the previous year, the business posted $1.62 EPS. Align Technology's revenue for the quarter was up 1.8% compared to the same quarter last year. As a group, equities research analysts expect that Align Technology, Inc. will post 7.45 EPS for the current fiscal year.

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.