Northwest & Ethical Investments L.P. Invests $1.04 Million in Align Technology, Inc. (NASDAQ:ALGN)

Northwest & Ethical Investments L.P. bought a new position in shares of Align Technology, Inc. (NASDAQ:ALGN) in the third quarter, according to the company in its most recent filing with the SEC. The fund bought 4,100 shares of the medical equipment provider’s stock, valued at approximately $1,043,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ALGN. Cullen Frost Bankers Inc. increased its position in shares of Align Technology by 854.5% in the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock worth $25,000 after acquiring an additional 94 shares in the last quarter. Innealta Capital LLC acquired a new stake in Align Technology in the 2nd quarter valued at $26,000. Rothschild Investment LLC purchased a new position in Align Technology in the second quarter valued at about $26,000. Versant Capital Management Inc raised its position in Align Technology by 547.1% in the second quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock valued at $27,000 after purchasing an additional 93 shares during the period. Finally, LRI Investments LLC purchased a new stake in shares of Align Technology in the first quarter worth about $29,000. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Stock Performance

Shares of Align Technology stock opened at $232.77 on Friday. Align Technology, Inc. has a 1 year low of $196.09 and a 1 year high of $335.40. The firm’s 50-day simple moving average is $226.43 and its 200-day simple moving average is $236.60. The firm has a market cap of $17.38 billion, a PE ratio of 39.72, a price-to-earnings-growth ratio of 5.95 and a beta of 1.65.

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, beating 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 firm had revenue of $977.87 million for the quarter, compared to analysts’ expectations of $990.05 million. During the same quarter in the prior year, the firm posted $1.62 earnings per share. Align Technology’s revenue for the quarter was up 1.8% compared to the same quarter last year. On average, equities analysts predict that Align Technology, Inc. will post 7.45 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a report on Monday, November 4th. Robert W. Baird dropped their price objective on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Stifel Nicolaus decreased their target price on shares of Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a research note on Thursday, October 24th. Evercore ISI dropped their price target on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Finally, Piper Sandler cut their price objective on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price 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.