First Horizon Advisors Inc. Increases Stock Position in Align Technology, Inc. (NASDAQ:ALGN)

First Horizon Advisors Inc. lifted its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 16.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 990 shares of the medical equipment provider’s stock after purchasing an additional 138 shares during the quarter. First Horizon Advisors Inc.’s holdings in Align Technology were worth $252,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Achmea Investment Management B.V. grew its stake in Align Technology by 3.4% in the 2nd quarter. Achmea Investment Management B.V. now owns 10,335 shares of the medical equipment provider’s stock worth $2,495,000 after acquiring an additional 339 shares in the last quarter. Tidal Investments LLC raised its stake in Align Technology by 122.9% in the first quarter. Tidal Investments LLC now owns 4,408 shares of the medical equipment provider’s stock worth $1,445,000 after buying an additional 2,430 shares in the last quarter. Swedbank AB lifted its holdings in Align Technology by 2.0% during the second quarter. Swedbank AB now owns 299,115 shares of the medical equipment provider’s stock worth $72,215,000 after buying an additional 6,005 shares during the period. Baker Avenue Asset Management LP bought a new stake in Align Technology during the 3rd quarter valued at $4,250,000. Finally, Cetera Investment Advisers increased its holdings in shares of Align Technology by 914.2% in the 1st quarter. Cetera Investment Advisers now owns 12,627 shares of the medical equipment provider’s stock valued at $4,140,000 after acquiring an additional 11,382 shares during the period. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Stock Performance

Shares of ALGN opened at $225.89 on Friday. The stock has a 50-day moving average of $228.54 and a two-hundred day moving average of $238.16. The stock has a market cap of $16.86 billion, a P/E ratio of 38.55, a P/E/G ratio of 5.77 and a beta of 1.65. Align Technology, Inc. has a one year low of $196.09 and a one year high of $335.40.

Align Technology (NASDAQ:ALGN) last issued its 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. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The firm had revenue of $977.87 million for the quarter, compared to analyst estimates of $990.05 million. During the same quarter in the prior year, the firm earned $1.62 earnings per share. Align Technology’s revenue for the quarter was up 1.8% on a year-over-year basis. Analysts predict that Align Technology, Inc. will post 7.45 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

ALGN has been the subject of a number of analyst reports. Piper Sandler dropped their price objective on Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a research report on Thursday, October 24th. Morgan Stanley lowered 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. Robert W. Baird reduced their price objective on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. StockNews.com upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a research report on Monday, November 4th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $276.38.

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.