Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp decreased its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 12.9% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 11,933 shares of the medical equipment provider’s stock after selling 1,765 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Align Technology were worth $3,035,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ALGN. Cullen Frost Bankers Inc. raised its holdings in Align Technology by 854.5% during the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock worth $25,000 after purchasing an additional 94 shares in the last quarter. Rothschild Investment LLC acquired a new position in shares of Align Technology during the 2nd quarter valued at $26,000. Innealta Capital LLC bought a new stake in shares of Align Technology in the 2nd quarter worth $26,000. Mather Group LLC. boosted its stake in Align Technology by 52.5% during the second quarter. Mather Group LLC. now owns 122 shares of the medical equipment provider’s stock valued at $29,000 after buying an additional 42 shares in the last quarter. Finally, Quarry LP raised its holdings in shares of Align Technology by 53.0% in the 2nd quarter. Quarry LP now owns 127 shares of the medical equipment provider’s stock worth $31,000 after purchasing an additional 44 shares in the last quarter. 88.43% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have issued reports on ALGN shares. Morgan Stanley decreased their price target on shares of Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a research report on Thursday, October 24th. Stifel Nicolaus decreased their target price on Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a report on Thursday, October 24th. Robert W. Baird reduced 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. StockNews.com raised Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Finally, Piper Sandler cut their price objective on Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $276.38.

Align Technology Stock Performance

ALGN stock opened at $234.01 on Wednesday. Align Technology, Inc. has a 52 week low of $196.09 and a 52 week high of $335.40. The stock has a market cap of $17.47 billion, a P/E ratio of 39.93, a P/E/G ratio of 6.07 and a beta of 1.66. The firm has a 50 day simple moving average of $225.75 and a 200 day simple moving average of $235.46.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.04. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The business had revenue of $977.87 million during the quarter, compared to analyst estimates of $990.05 million. During the same period last year, the company earned $1.62 earnings per share. Align Technology’s quarterly revenue was up 1.8% compared to the same quarter last year. Sell-side analysts predict that Align Technology, Inc. will post 7.45 EPS for the current 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.