Factory Mutual Insurance Co. Has $46.04 Million Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Factory Mutual Insurance Co. cut its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 2.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 140,393 shares of the medical equipment provider’s stock after selling 2,900 shares during the period. Factory Mutual Insurance Co. owned 0.19% of Align Technology worth $46,038,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Align Technology by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 8,349,785 shares of the medical equipment provider’s stock valued at $2,287,841,000 after buying an additional 104,132 shares in the last quarter. Brown Advisory Inc. raised its position in shares of Align Technology by 41.4% in the fourth quarter. Brown Advisory Inc. now owns 1,509,080 shares of the medical equipment provider’s stock valued at $413,488,000 after buying an additional 441,754 shares in the last quarter. Morgan Stanley raised its position in shares of Align Technology by 9.8% in the third quarter. Morgan Stanley now owns 1,018,161 shares of the medical equipment provider’s stock valued at $310,866,000 after buying an additional 90,581 shares in the last quarter. Northern Trust Corp raised its position in shares of Align Technology by 2.7% in the third quarter. Northern Trust Corp now owns 831,469 shares of the medical equipment provider’s stock valued at $253,864,000 after buying an additional 21,490 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Align Technology in the fourth quarter valued at approximately $223,610,000. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Align Technology Stock Down 1.1 %

Shares of NASDAQ ALGN traded down $2.72 during midday trading on Tuesday, reaching $234.36. 361,986 shares of the company were exchanged, compared to its average volume of 762,689. The stock’s 50-day moving average price is $271.53 and its 200-day moving average price is $283.55. The stock has a market cap of $17.64 billion, a P/E ratio of 39.06, a PEG ratio of 4.48 and a beta of 1.62. Align Technology, Inc. has a one year low of $176.34 and a one year high of $413.20.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, April 24th. The medical equipment provider reported $1.62 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.08. The firm had revenue of $997.43 million for the quarter, compared to analysts’ expectations of $971.97 million. Align Technology had a net margin of 11.80% and a return on equity of 14.15%. On average, equities research analysts anticipate that Align Technology, Inc. will post 7.86 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Morgan Stanley lifted their price target on shares of Align Technology from $344.00 to $360.00 and gave the company an “overweight” rating in a research report on Thursday, April 25th. OTR Global reiterated a “mixed” rating on shares of Align Technology in a research report on Tuesday, June 4th. Evercore ISI lowered their price objective on shares of Align Technology from $370.00 to $300.00 and set an “outperform” rating for the company in a research report on Monday, June 10th. Robert W. Baird boosted their price objective on shares of Align Technology from $333.00 to $370.00 and gave the company an “outperform” rating in a research report on Thursday, April 25th. Finally, UBS Group boosted their price objective on shares of Align Technology from $280.00 to $320.00 and gave the company a “neutral” rating in a research report on Monday, April 15th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $346.50.

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.