Quest Partners LLC Lowers Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Quest Partners LLC lowered its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 69.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,365 shares of the medical equipment provider’s stock after selling 3,146 shares during the quarter. Quest Partners LLC’s holdings in Align Technology were worth $347,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of ALGN. Kayne Anderson Rudnick Investment Management LLC lifted its position 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 in the last quarter. Swedbank AB purchased a new position in shares of Align Technology in the first quarter valued at approximately $96,117,000. Point72 Asset Management L.P. lifted its position in shares of Align Technology by 127.4% in the second quarter. Point72 Asset Management L.P. now owns 343,512 shares of the medical equipment provider’s stock valued at $82,934,000 after acquiring an additional 192,474 shares in the last quarter. Sofinnova Investments Inc. lifted its position in shares of Align Technology by 128.9% in the second quarter. Sofinnova Investments Inc. now owns 218,524 shares of the medical equipment provider’s stock valued at $52,758,000 after acquiring an additional 123,046 shares in the last quarter. Finally, Squarepoint Ops LLC lifted its position in shares of Align Technology by 673.8% in the second quarter. Squarepoint Ops LLC now owns 100,066 shares of the medical equipment provider’s stock valued at $24,159,000 after acquiring an additional 87,134 shares in the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Stock Up 6.5 %

NASDAQ:ALGN opened at $240.52 on Tuesday. Align Technology, Inc. has a 52 week low of $196.09 and a 52 week high of $335.40. The company has a market capitalization of $17.95 billion, a P/E ratio of 41.04, a P/E/G ratio of 5.85 and a beta of 1.65. The stock’s fifty day moving average is $228.36 and its two-hundred day moving average is $237.28.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The company had revenue of $977.87 million for the quarter, compared to the consensus estimate of $990.05 million. During the same quarter in the previous year, the business earned $1.62 earnings per share. The company’s revenue for the quarter was up 1.8% on a year-over-year basis. Sell-side analysts anticipate that Align Technology, Inc. will post 7.45 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on ALGN shares. Robert W. Baird decreased their target price on Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Evercore ISI decreased their target price on Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Piper Sandler cut their price target on Align Technology from $285.00 to $275.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. Morgan Stanley reduced their price objective on Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a research report on Thursday, October 24th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research report on Monday, November 4th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $276.38.

Align Technology 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.