Quantbot Technologies LP Lowers Position in Align Technology, Inc. (NASDAQ:ALGN)

Quantbot Technologies LP decreased its stake in Align Technology, Inc. (NASDAQ:ALGN) by 88.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,743 shares of the medical equipment provider’s stock after selling 12,816 shares during the quarter. Quantbot Technologies LP’s holdings in Align Technology were worth $443,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Cetera Investment Advisers raised its stake in Align Technology by 914.2% during the 1st quarter. Cetera Investment Advisers now owns 12,627 shares of the medical equipment provider’s stock worth $4,140,000 after acquiring an additional 11,382 shares during the period. Cetera Advisors LLC purchased a new position in shares of Align Technology during the 1st quarter valued at $337,000. GAMMA Investing LLC boosted its holdings in Align Technology by 11.2% in the 2nd quarter. GAMMA Investing LLC now owns 785 shares of the medical equipment provider’s stock worth $190,000 after buying an additional 79 shares during the period. Mather Group LLC. increased its stake in Align Technology by 52.5% in the 2nd quarter. Mather Group LLC. now owns 122 shares of the medical equipment provider’s stock worth $29,000 after buying an additional 42 shares in the last quarter. Finally, CWM LLC raised its holdings in Align Technology by 10.9% during the second quarter. CWM LLC now owns 4,218 shares of the medical equipment provider’s stock valued at $1,018,000 after acquiring an additional 415 shares during the period. Institutional investors own 88.43% of the company’s stock.

Align Technology Price Performance

Shares of NASDAQ ALGN opened at $234.01 on Wednesday. Align Technology, Inc. has a 1-year low of $196.09 and a 1-year high of $335.40. The business’s 50 day moving average is $225.75 and its two-hundred day moving average is $235.46. The stock has a market capitalization of $17.47 billion, a P/E ratio of 39.93, a PEG ratio of 6.07 and a beta of 1.66.

Align Technology (NASDAQ:ALGN) last released its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.04. The firm 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 for the quarter was up 1.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.62 EPS. As a group, equities research analysts anticipate that Align Technology, Inc. will post 7.45 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently issued reports on ALGN. Evercore ISI cut their target price on Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. StockNews.com raised shares of Align Technology from a “hold” rating to a “buy” rating in a report on Thursday, September 19th. Piper Sandler lowered their target price on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a research note on Monday, November 4th. Finally, Morgan Stanley decreased their price target on shares of Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price 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.