Bridgewater Associates LP Reduces Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Bridgewater Associates LP lessened its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 65.6% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 35,410 shares of the medical equipment provider’s stock after selling 67,593 shares during the quarter. Bridgewater Associates LP’s holdings in Align Technology were worth $9,005,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Kayne Anderson Rudnick Investment Management LLC raised its stake in shares of Align Technology by 4,391.3% in 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 acquiring an additional 477,380 shares during the period. FMR LLC grew its holdings in Align Technology by 43.0% during the 3rd quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock valued at $310,736,000 after purchasing an additional 367,508 shares during the last quarter. Senvest Management LLC raised its position in Align Technology by 76.4% in the 3rd quarter. Senvest Management LLC now owns 459,243 shares of the medical equipment provider’s stock worth $116,795,000 after purchasing an additional 198,893 shares during the period. Point72 Asset Management L.P. raised its position in Align Technology by 127.4% in the 2nd quarter. Point72 Asset Management L.P. now owns 343,512 shares of the medical equipment provider’s stock worth $82,934,000 after purchasing an additional 192,474 shares during the period. Finally, Sofinnova Investments Inc. lifted its stake in Align Technology by 128.9% in the second quarter. Sofinnova Investments Inc. now owns 218,524 shares of the medical equipment provider’s stock worth $52,758,000 after purchasing an additional 123,046 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. StockNews.com upgraded Align Technology from a “hold” rating to a “buy” rating in a report on Thursday, September 19th. 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 research report on Thursday, October 24th. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research report on Monday, November 4th. Stifel Nicolaus cut their price target on shares of Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a report on Thursday, October 24th. Finally, Evercore ISI decreased their price objective on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Align Technology has a consensus rating of “Hold” and an average target price of $276.38.

Align Technology Stock Performance

NASDAQ ALGN opened at $229.66 on Friday. The company has a market cap of $17.14 billion, a PE ratio of 39.19, a P/E/G ratio of 6.23 and a beta of 1.65. The firm’s 50 day moving average price is $226.83 and its 200-day moving average price is $236.87. Align Technology, Inc. has a 52-week low of $196.09 and a 52-week 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 the consensus estimate of $2.31 by $0.04. The business had revenue of $977.87 million for the quarter, compared to analysts’ expectations of $990.05 million. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The business’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.62 EPS. On average, analysts forecast that Align Technology, Inc. will post 7.45 earnings per share for the current fiscal year.

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.