Align Technology, Inc. $ALGN Stock: Skylands Capital LLC Increases Stake

Skylands Capital LLC lifted its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 28.0% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 19,900 shares of the medical equipment provider’s stock after buying an additional 4,350 shares during the quarter. Skylands Capital LLC’s holdings in Align Technology were worth $2,892,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Assenagon Asset Management S.A. boosted its holdings in Align Technology by 638.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 4,662,437 shares of the medical equipment provider’s stock worth $629,469,000 after buying an additional 4,031,284 shares during the period. BlackRock Inc. bought a new stake in Align Technology during the second quarter valued at about $745,370,000. Vontobel Holding Ltd. raised its holdings in Align Technology by 69,628.9% during the third quarter. Vontobel Holding Ltd. now owns 1,385,513 shares of the medical equipment provider’s stock valued at $183,335,000 after acquiring an additional 1,383,526 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in shares of 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 in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Align Technology by 21.3% in the first quarter. Dimensional Fund Advisors LP now owns 972,519 shares of the medical equipment provider’s stock valued at $166,696,000 after acquiring an additional 170,523 shares in the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Piper Sandler dropped their price objective on Align Technology from $235.00 to $205.00 and set an “overweight” rating for the company in a research note on Wednesday. Stifel Nicolaus decreased their target price on Align Technology from $210.00 to $175.00 and set a “buy” rating on the stock in a research note on Friday, October 9th. Evercore downgraded Align Technology from an “outperform” rating to an “in-line” rating and set a $155.00 target price on the stock. in a research note on Monday, October 5th. BMO Capital Markets started coverage on Align Technology in a report on Wednesday, July 8th. They issued an “outperform” rating and a $209.00 price target on the stock. Finally, Weiss Ratings raised Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, October 9th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $192.00.

Align Technology Stock Performance

Shares of NASDAQ:ALGN opened at $151.37 on Thursday. The firm has a fifty day moving average price of $152.57 and a 200 day moving average price of $166.74. 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 $10.84 billion, a price-to-earnings ratio of 26.33, a P/E/G ratio of 1.60 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.62 by $0.02. The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.05 billion. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. Align Technology’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.49 EPS. As a group, research analysts predict that Align Technology, Inc. will post 9.36 earnings per share for the current year.

About Align Technology

Align Technology, Inc is a global medical device company focused on digital orthodontics and restorative dentistry. Founded in 1997, the company is best known for the Invisalign system, a series of clear, removable aligners designed to gradually move teeth and treat a range of orthodontic conditions.

Align’s products and services also include digital scanning and dental practice solutions. Its iTero intraoral scanners create digital impressions for orthodontic and restorative procedures, while its exocad business develops computer-aided design and computer-aided manufacturing software used by dental laboratories, clinicians and other dental professionals.

The company serves orthodontists, dentists, dental laboratories and patients in numerous markets worldwide.