Keybank National Association OH boosted its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN – Free Report) by 34.6% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 379,721 shares of the medical equipment provider’s stock after buying an additional 97,633 shares during the period. Keybank National Association OH’s holdings in Align Technology were worth $53,907,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. K.J. Harrison & Partners Inc bought a new position in Align Technology in the 2nd quarter worth about $1,872,000. Maridea Wealth Management LLC bought a new stake in shares of Align Technology during the 2nd quarter valued at about $1,659,000. NewEdge Wealth LLC bought a new stake in shares of Align Technology during the 2nd quarter valued at about $1,658,000. Pallas Capital Advisors LLC bought a new stake in shares of Align Technology during the 2nd quarter valued at about $1,128,000. Finally, Nykredit A S purchased a new position in shares of Align Technology during the second quarter worth about $74,077,000. 88.43% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several research analysts recently weighed in on ALGN shares. Evercore cut shares of Align Technology from an “outperform” rating to an “in-line” rating and set a $155.00 price objective on the stock. in a research report on Monday, October 5th. Morgan Stanley lowered their target price on shares of Align Technology from $188.00 to $175.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 29th. Wall Street Zen lowered shares of Align Technology from a “buy” rating to a “hold” rating in a research report on Saturday, October 24th. Piper Sandler cut their price target on shares of Align Technology from $235.00 to $205.00 and set an “overweight” rating for the company in a research note on Wednesday, October 21st. Finally, UBS Group reissued a “neutral” rating and issued a $189.00 price target on shares of Align Technology in a report on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $193.08.
Read Our Latest Research Report on Align Technology
Align Technology Price Performance
Shares of ALGN opened at $174.26 on Wednesday. Align Technology, Inc. has a 1 year low of $130.23 and a 1 year high of $200.43. The stock has a 50 day simple moving average of $151.00 and a two-hundred day simple moving average of $168.55. The firm has a market cap of $12.28 billion, a P/E ratio of 25.37, a P/E/G ratio of 1.89 and a beta of 1.74.
Align Technology (NASDAQ:ALGN – Get Free Report) last posted its quarterly earnings results on Wednesday, October 28th. The medical equipment provider reported $2.80 EPS for the quarter, topping the consensus estimate of $2.77 by $0.03. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. Align Technology had a net margin of 11.83% and a return on equity of 15.96%. The business’s revenue was up 1.9% compared to the same quarter last year. During the same period last year, the firm posted $2.61 earnings per share. On average, equities analysts anticipate that Align Technology, Inc. will post 9.21 earnings per share for the current year.
About Align Technology
Align Technology, Inc. develops, manufactures and markets digital orthodontic and restorative dentistry products. Its best-known offering is the Invisalign system, which uses a series of custom-made clear aligners to straighten teeth. The company also sells Vivera retainers and iTero intraoral scanners, which support digital dental imaging and treatment planning. Founded in 1997, Align helped popularize clear-aligner orthodontic treatment as an alternative to traditional braces. Its digital dentistry portfolio also includes exocad software, used by dental professionals and laboratories to design dental restorations.
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