Plato Investment Management Ltd Lowers Stock Position in Align Technology, Inc. (NASDAQ:ALGN)

Plato Investment Management Ltd cut its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 15.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,850 shares of the medical equipment provider’s stock after selling 515 shares during the quarter. Plato Investment Management Ltd’s holdings in Align Technology were worth $724,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Kayne Anderson Rudnick Investment Management LLC boosted its position in shares of Align Technology by 4,391.3% during the second 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 in the last quarter. Swedbank AB bought a new stake in Align Technology during the first quarter valued at about $96,117,000. Bares Capital Management Inc. boosted its stake in shares of Align Technology by 44.4% in the first quarter. Bares Capital Management Inc. now owns 819,930 shares of the medical equipment provider’s stock worth $268,871,000 after acquiring an additional 252,220 shares during the period. Point72 Asset Management L.P. boosted its stake in shares of Align Technology by 127.4% in the second quarter. Point72 Asset Management L.P. now owns 343,512 shares of the medical equipment provider’s stock worth $82,934,000 after acquiring an additional 192,474 shares during the period. Finally, Jacobs Levy Equity Management Inc. boosted its stake in Align Technology by 371.0% during the first quarter. Jacobs Levy Equity Management Inc. now owns 218,779 shares of the medical equipment provider’s stock valued at $71,742,000 after buying an additional 172,330 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Price Performance

Shares of Align Technology stock opened at $221.64 on Friday. The stock has a market cap of $16.55 billion, a P/E ratio of 37.82, a P/E/G ratio of 5.68 and a beta of 1.65. The stock’s 50 day simple moving average is $228.90 and its 200-day simple moving average is $240.92. Align Technology, Inc. has a 1-year low of $196.09 and a 1-year high of $335.40.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. The company had revenue of $977.87 million for the quarter, compared to analyst estimates of $990.05 million. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The firm’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.62 earnings per share. As a group, research analysts expect that Align Technology, Inc. will post 7.45 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ALGN. Needham & Company LLC restated a “hold” rating on shares of Align Technology in a research report on Monday, November 4th. Stifel Nicolaus dropped their target price on Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a research report on Thursday, October 24th. Piper Sandler lowered their price objective on Align Technology from $285.00 to $275.00 and set an “overweight” rating for the company in a research report on Thursday, October 24th. Evercore ISI reduced their price objective on Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. Finally, Morgan Stanley cut their price target on Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Align Technology currently has an average rating of “Hold” and a consensus price target of $276.38.

Align Technology Company 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.