Align Technology, Inc. $ALGN Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp trimmed its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 5.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,246,622 shares of the medical equipment provider’s stock after selling 66,746 shares during the period. Fifth Third Bancorp’s holdings in Align Technology were worth $165,193,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Assenagon Asset Management S.A. grew its position in Align Technology by 638.7% during the third quarter. Assenagon Asset Management S.A. now owns 4,662,437 shares of the medical equipment provider’s stock valued at $629,469,000 after buying an additional 4,031,284 shares during the period. BlackRock Inc. bought a new stake in Align Technology in the second quarter worth about $745,370,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its position in Align Technology by 3,162.7% in the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 2,097,745 shares of the medical equipment provider’s stock worth $278,342,000 after acquiring an additional 2,033,451 shares during the period. Vontobel Holding Ltd. raised its position in Align Technology by 69,628.9% in the third quarter. Vontobel Holding Ltd. now owns 1,385,513 shares of the medical equipment provider’s stock worth $183,335,000 after acquiring an additional 1,383,526 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its stake in Align Technology by 4.9% in the first quarter. Arrowstreet Capital Limited Partnership now owns 1,054,633 shares of the medical equipment provider’s stock valued at $180,796,000 after acquiring an additional 49,220 shares during the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Stock Performance

Shares of ALGN opened at $172.08 on Thursday. The business has a 50-day moving average of $151.34 and a 200 day moving average of $168.56. Align Technology, Inc. has a fifty-two week low of $130.23 and a fifty-two week high of $200.43. The firm has a market cap of $12.13 billion, a P/E ratio of 25.05, a price-to-earnings-growth ratio of 2.26 and a beta of 1.74.

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

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. Weiss Ratings raised shares of Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, October 9th. Stifel Nicolaus decreased their price target on shares of Align Technology from $210.00 to $175.00 and set a “buy” rating for the company in a research note on Friday, October 9th. Wall Street Zen cut shares of Align Technology from a “buy” rating to a “hold” rating in a report on Saturday, October 24th. Evercore downgraded Align Technology from an “outperform” rating to an “in-line” rating and set a $155.00 price objective on the stock. in a research note on Monday, October 5th. Finally, Raymond James Financial reiterated a “buy” rating on shares of Align Technology in a research note on Monday, October 5th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $193.08.

Align Technology 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.