Bridgewater Associates LP Cuts Stake in Align Technology, Inc. (NASDAQ:ALGN)

Bridgewater Associates LP reduced its position in Align Technology, Inc. (NASDAQ:ALGN) by 65.6% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 35,410 shares of the medical equipment provider’s stock after selling 67,593 shares during the period. Bridgewater Associates LP’s holdings in Align Technology were worth $9,005,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. LRI Investments LLC purchased a new position in shares of Align Technology during the first quarter valued at approximately $29,000. Cullen Frost Bankers Inc. lifted its holdings in Align Technology by 854.5% in 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 period. Rothschild Investment LLC purchased a new position in Align Technology in the second quarter worth about $26,000. Innealta Capital LLC bought a new stake in shares of Align Technology during the 2nd quarter valued at about $26,000. Finally, Versant Capital Management Inc increased its position in shares of Align Technology by 547.1% during the 2nd quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock valued at $27,000 after purchasing an additional 93 shares during the last quarter. 88.43% of the stock is owned by institutional investors.

Align Technology Trading Up 0.8 %

NASDAQ:ALGN opened at $229.66 on Friday. The stock has a 50-day moving average price of $226.83 and a 200 day moving average price of $236.87. The stock has a market capitalization of $17.14 billion, a P/E ratio of 39.19, a P/E/G ratio of 6.23 and a beta of 1.65. Align Technology, Inc. has a 12-month low of $196.09 and a 12-month high of $335.40.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) 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 analysts’ expectations of $990.05 million. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.62 earnings per share. On average, research analysts predict that Align Technology, Inc. will post 7.45 earnings per share for the current fiscal year.

Analyst Ratings Changes

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