Align Technology, Inc. $ALGN Shares Sold by Factory Mutual Insurance Co.

Factory Mutual Insurance Co. cut its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 57.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 198,957 shares of the medical equipment provider’s stock after selling 266,266 shares during the period. Factory Mutual Insurance Co.’s holdings in Align Technology were worth $28,918,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Bessemer Group Inc. increased its position in Align Technology by 37.2% during the first quarter. Bessemer Group Inc. now owns 247 shares of the medical equipment provider’s stock worth $43,000 after buying an additional 67 shares during the last quarter. Empirical Finance LLC raised its holdings in Align Technology by 2.9% during the second quarter. Empirical Finance LLC now owns 2,570 shares of the medical equipment provider’s stock valued at $433,000 after buying an additional 73 shares in the last quarter. First Bank & Trust lifted its position in shares of Align Technology by 5.0% in the second quarter. First Bank & Trust now owns 1,599 shares of the medical equipment provider’s stock worth $270,000 after buying an additional 76 shares during the last quarter. M.E. Allison & CO. Inc. lifted its position in shares of Align Technology by 1.9% in the second quarter. M.E. Allison & CO. Inc. now owns 4,235 shares of the medical equipment provider’s stock worth $714,000 after buying an additional 80 shares during the last quarter. Finally, Isthmus Partners LLC lifted its position in shares of Align Technology by 3.7% in the third quarter. Isthmus Partners LLC now owns 2,601 shares of the medical equipment provider’s stock worth $378,000 after buying an additional 92 shares during the last quarter. 88.43% of the stock is currently owned by institutional investors.

Align Technology Trading Down 1.7%

NASDAQ ALGN opened at $151.58 on Wednesday. Align Technology, Inc. has a 1 year low of $130.23 and a 1 year high of $200.43. The company has a fifty day simple moving average of $150.12 and a 200 day simple moving average of $168.59. The company has a market cap of $10.86 billion, a P/E ratio of 16.52, a P/E/G ratio of 1.67 and a beta of 1.74.

Align Technology (NASDAQ:ALGN) last announced its 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 quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter last year, the firm posted $2.61 EPS. Equities research analysts forecast that Align Technology, Inc. will post 9.19 EPS for the current fiscal year.

Analyst Ratings Changes

ALGN has been the subject of several recent analyst reports. UBS Group reiterated a “neutral” rating and set a $189.00 price target on shares of Align Technology in a research note on Thursday, July 23rd. Zacks Research downgraded Align Technology from a “hold” rating to a “strong sell” rating in a research note on Thursday, October 15th. Piper Sandler cut their price objective on Align Technology from $235.00 to $205.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 21st. BMO Capital Markets initiated coverage on Align Technology in a report on Wednesday, July 8th. They issued an “outperform” rating and a $209.00 target price for the company. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a research report on Thursday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $193.08.

Align Technology Company Profile

Align Technology, Inc is a global medical device company focused on digital orthodontics and restorative dentistry. Founded in 1997, the company is best known for the Invisalign system, a series of clear, removable aligners designed to gradually move teeth and treat a range of orthodontic conditions.

Align’s products and services also include digital scanning and dental practice solutions. Its iTero intraoral scanners create digital impressions for orthodontic and restorative procedures, while its exocad business develops computer-aided design and computer-aided manufacturing software used by dental laboratories, clinicians and other dental professionals.

The company serves orthodontists, dentists, dental laboratories and patients in numerous markets worldwide.