Principal Financial Group Inc. Acquires 2,168 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Principal Financial Group Inc. raised its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 2.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 82,020 shares of the medical equipment provider’s stock after purchasing an additional 2,168 shares during the quarter. Principal Financial Group Inc.’s holdings in Align Technology were worth $20,859,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Mather Group LLC. increased its position in shares of Align Technology by 52.5% during the second quarter. Mather Group LLC. now owns 122 shares of the medical equipment provider’s stock valued at $29,000 after buying an additional 42 shares during the period. Quarry LP boosted its position in Align Technology by 53.0% during the 2nd quarter. Quarry LP now owns 127 shares of the medical equipment provider’s stock valued at $31,000 after acquiring an additional 44 shares in the last quarter. Crewe Advisors LLC grew its holdings in shares of Align Technology by 36.8% during the 2nd quarter. Crewe Advisors LLC now owns 171 shares of the medical equipment provider’s stock worth $41,000 after acquiring an additional 46 shares during the period. Daiwa Securities Group Inc. raised its position in shares of Align Technology by 0.6% in the 2nd quarter. Daiwa Securities Group Inc. now owns 8,876 shares of the medical equipment provider’s stock worth $2,143,000 after acquiring an additional 54 shares in the last quarter. Finally, Lake Street Advisors Group LLC lifted its stake in shares of Align Technology by 5.6% in the 3rd quarter. Lake Street Advisors Group LLC now owns 1,042 shares of the medical equipment provider’s stock valued at $265,000 after purchasing an additional 55 shares during the period. 88.43% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ALGN. StockNews.com upgraded Align Technology from a “hold” rating to a “buy” rating in a report on Thursday, September 19th. Stifel Nicolaus decreased their price target 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. Piper Sandler dropped their price objective 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. Evercore ISI cut their price objective on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a report on Monday, November 4th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Align Technology has an average rating of “Hold” and a consensus target price of $276.38.

Align Technology Stock Performance

Shares of NASDAQ ALGN opened at $215.03 on Thursday. The firm’s 50 day moving average price is $229.04 and its 200-day moving average price is $241.11. Align Technology, Inc. has a 52-week low of $196.09 and a 52-week high of $335.40. The company has a market cap of $16.05 billion, a PE ratio of 36.69, a P/E/G ratio of 5.68 and a beta of 1.65.

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

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.