Fisher Asset Management LLC Raises Stock Position in Align Technology, Inc. (NASDAQ:ALGN)

Fisher Asset Management LLC raised its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 2.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 105,770 shares of the medical equipment provider’s stock after purchasing an additional 2,717 shares during the period. Fisher Asset Management LLC’s holdings in Align Technology were worth $26,900,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. LRI Investments LLC acquired a new position in shares of Align Technology during the 1st quarter worth about $29,000. Cullen Frost Bankers Inc. raised its holdings in shares of Align Technology by 854.5% during the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock valued at $25,000 after acquiring an additional 94 shares during the last quarter. Rothschild Investment LLC purchased a new position in shares of Align Technology in the second quarter valued at approximately $26,000. Innealta Capital LLC acquired a new stake in shares of Align Technology in the second quarter worth approximately $26,000. Finally, Versant Capital Management Inc increased its position in shares of Align Technology by 547.1% during the second quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock worth $27,000 after purchasing an additional 93 shares in the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Stock Performance

ALGN opened at $227.93 on Wednesday. The stock has a market capitalization of $17.01 billion, a PE ratio of 38.90, a P/E/G ratio of 5.85 and a beta of 1.65. Align Technology, Inc. has a one year low of $196.09 and a one year high of $335.40. The business’s 50 day moving average price is $227.85 and its 200 day moving average price is $236.98.

Align Technology (NASDAQ:ALGN) last announced its quarterly 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 analyst estimates of $990.05 million. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The company’s quarterly revenue was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.62 EPS. As a group, equities research analysts forecast that Align Technology, Inc. will post 7.45 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Morgan Stanley decreased their price objective on Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Piper Sandler decreased their price target 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. Stifel Nicolaus lowered their price target on shares of Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a research report 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 for the company in a report on Thursday, October 24th. Finally, Needham & Company LLC restated a “hold” rating on shares of Align Technology in a report on Monday, November 4th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, Align Technology currently has a consensus rating of “Hold” and an average price target of $276.38.

About Align Technology

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.