KBC Group NV Purchases 5,663 Shares of Align Technology, Inc. (NASDAQ:ALGN)

KBC Group NV grew its position in Align Technology, Inc. (NASDAQ:ALGN) by 11.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 53,458 shares of the medical equipment provider’s stock after purchasing an additional 5,663 shares during the period. KBC Group NV owned approximately 0.07% of Align Technology worth $13,595,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Achmea Investment Management B.V. grew its position in Align Technology by 3.4% in the second quarter. Achmea Investment Management B.V. now owns 10,335 shares of the medical equipment provider’s stock valued at $2,495,000 after purchasing an additional 339 shares in the last quarter. Tidal Investments LLC grew its holdings in shares of Align Technology by 122.9% in the 1st quarter. Tidal Investments LLC now owns 4,408 shares of the medical equipment provider’s stock valued at $1,445,000 after acquiring an additional 2,430 shares in the last quarter. Swedbank AB increased its position in shares of Align Technology by 2.0% in the second quarter. Swedbank AB now owns 299,115 shares of the medical equipment provider’s stock valued at $72,215,000 after acquiring an additional 6,005 shares during the last quarter. Baker Avenue Asset Management LP bought a new stake in Align Technology during the third quarter worth about $4,250,000. Finally, Cetera Investment Advisers boosted its position in Align Technology by 914.2% during the first quarter. Cetera Investment Advisers now owns 12,627 shares of the medical equipment provider’s stock valued at $4,140,000 after purchasing an additional 11,382 shares during the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Stock Performance

Shares of ALGN stock opened at $223.69 on Friday. Align Technology, Inc. has a 52 week low of $196.09 and a 52 week high of $335.40. The company has a market capitalization of $16.70 billion, a price-to-earnings ratio of 38.17, a PEG ratio of 5.57 and a beta of 1.65. The company has a 50-day simple moving average of $228.85 and a 200 day simple moving average of $240.23.

Align Technology (NASDAQ:ALGN) last posted 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 company 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 firm’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.62 earnings per share. Sell-side analysts forecast that Align Technology, Inc. will post 7.45 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have weighed in on ALGN. Evercore ISI lowered their price target on Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Morgan Stanley lowered their target price on shares of Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research note on Monday, November 4th. StockNews.com upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Finally, Piper Sandler dropped 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. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $276.38.

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.