Align Technology, Inc. $ALGN Stake Lifted by Keybank National Association OH

Keybank National Association OH raised its stake in Align Technology, Inc. (NASDAQ:ALGN) by 34.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 379,721 shares of the medical equipment provider’s stock after acquiring an additional 97,633 shares during the quarter. Keybank National Association OH owned approximately 0.53% of Align Technology worth $53,907,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. K.J. Harrison & Partners Inc purchased a new stake in Align Technology in the second quarter worth $1,872,000. Maridea Wealth Management LLC bought a new stake in shares of Align Technology in the second quarter valued at $1,659,000. NewEdge Wealth LLC bought a new stake in shares of Align Technology in the second quarter valued at $1,658,000. Pallas Capital Advisors LLC bought a new stake in shares of Align Technology in the second quarter valued at $1,128,000. Finally, Nykredit A S purchased a new position in shares of Align Technology during the 2nd quarter valued at $74,077,000. 88.43% of the stock is owned by institutional investors.

Align Technology Price Performance

Shares of NASDAQ ALGN opened at $174.26 on Wednesday. Align Technology, Inc. has a 52 week low of $130.23 and a 52 week high of $200.43. The business has a 50-day simple moving average of $151.00 and a two-hundred day simple moving average of $168.55. The company has a market cap of $12.28 billion, a P/E ratio of 25.37, a P/E/G ratio of 1.89 and a beta of 1.74.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, October 28th. The medical equipment provider reported $2.80 earnings per share for the quarter, beating the consensus estimate of $2.77 by $0.03. Align Technology had a return on equity of 15.96% and a net margin of 11.83%. The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same period in the prior year, the business posted $2.61 earnings per share. The company’s revenue was up 1.9% on a year-over-year basis. Equities research analysts anticipate that Align Technology, Inc. will post 9.21 EPS for the current year.

Analysts Set New Price Targets

ALGN has been the subject of several research reports. Zacks Research downgraded Align Technology from a “hold” rating to a “strong sell” rating in a research note on Thursday, October 15th. Piper Sandler decreased their price objective on Align Technology from $235.00 to $205.00 and set an “overweight” rating for the company in a report on Wednesday, October 21st. Mizuho lowered their price objective on Align Technology from $220.00 to $200.00 and set an “outperform” rating on the stock in a research note on Thursday, October 22nd. Evercore downgraded shares of Align Technology from an “outperform” rating to an “in-line” rating and set a $155.00 price objective on the stock. in a report on Monday, October 5th. Finally, Wall Street Zen downgraded shares of Align Technology from a “buy” rating to a “hold” rating in a report on Saturday, October 24th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $193.08.

Align Technology Company Profile

Align Technology, Inc. develops, manufactures and markets digital orthodontic and restorative dentistry products. Its best-known offering is the Invisalign system, which uses a series of custom-made clear aligners to straighten teeth. The company also sells Vivera retainers and iTero intraoral scanners, which support digital dental imaging and treatment planning. Founded in 1997, Align helped popularize clear-aligner orthodontic treatment as an alternative to traditional braces. Its digital dentistry portfolio also includes exocad software, used by dental professionals and laboratories to design dental restorations.