Stifel Financial Corp Raises Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Stifel Financial Corp increased its position in Align Technology, Inc. (NASDAQ:ALGN) by 2.8% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 33,864 shares of the medical equipment provider’s stock after purchasing an additional 936 shares during the period. Stifel Financial Corp’s holdings in Align Technology were worth $8,612,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. FMR LLC increased its position in Align Technology by 43.0% in the 3rd quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock valued at $310,736,000 after acquiring an additional 367,508 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Align Technology by 1.4% in the second quarter. Bank of New York Mellon Corp now owns 1,148,282 shares of the medical equipment provider’s stock valued at $277,230,000 after purchasing an additional 15,540 shares during the period. Ninety One UK Ltd raised its stake in shares of Align Technology by 1.0% during the second quarter. Ninety One UK Ltd now owns 1,147,124 shares of the medical equipment provider’s stock worth $276,950,000 after purchasing an additional 10,919 shares during the last quarter. Disciplined Growth Investors Inc. MN lifted its holdings in shares of Align Technology by 0.5% during the second quarter. Disciplined Growth Investors Inc. MN now owns 707,542 shares of the medical equipment provider’s stock worth $170,822,000 after purchasing an additional 3,600 shares during the period. Finally, Point72 Asset Management L.P. grew its position in Align Technology by 96.3% in the 3rd quarter. Point72 Asset Management L.P. now owns 674,319 shares of the medical equipment provider’s stock valued at $171,493,000 after buying an additional 330,807 shares during the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Morgan Stanley reduced their target price on shares of Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. StockNews.com raised Align Technology from a “hold” rating to a “buy” rating in a report on Thursday, September 19th. Stifel Nicolaus decreased their price target on Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a research note on Thursday, October 24th. Piper Sandler lowered their price target on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Finally, Mizuho initiated coverage on shares of Align Technology in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $295.00 price objective for the company. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $278.44.

Align Technology Stock Down 1.6 %

NASDAQ:ALGN opened at $235.72 on Friday. Align Technology, Inc. has a fifty-two week low of $196.09 and a fifty-two week high of $335.40. The firm’s 50 day moving average is $224.26 and its two-hundred day moving average is $234.57. The company has a market cap of $17.60 billion, a P/E ratio of 40.87, a P/E/G ratio of 6.02 and a beta of 1.66.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, topping the consensus estimate of $2.31 by $0.04. The company had revenue of $977.87 million during 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 revenue was up 1.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.62 earnings per share. Research analysts forecast that Align Technology, Inc. will post 7.45 earnings per share for the current fiscal year.

About Align Technology

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.