abrdn plc Grows Holdings in Align Technology, Inc. (NASDAQ:ALGN)

abrdn plc grew its stake in Align Technology, Inc. (NASDAQ:ALGN) by 25.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 38,134 shares of the medical equipment provider’s stock after acquiring an additional 7,665 shares during the period. abrdn plc’s holdings in Align Technology were worth $10,449,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Kornitzer Capital Management Inc. KS raised its stake in shares of Align Technology by 6.2% in the 4th quarter. Kornitzer Capital Management Inc. KS now owns 855 shares of the medical equipment provider’s stock valued at $234,000 after acquiring an additional 50 shares during the period. Andrew Hill Investment Advisors Inc. purchased a new stake in Align Technology during the 4th quarter worth approximately $717,000. Xponance Inc. increased its stake in Align Technology by 10.5% during the 4th quarter. Xponance Inc. now owns 23,141 shares of the medical equipment provider’s stock worth $6,341,000 after buying an additional 2,198 shares during the period. Ninety One North America Inc. increased its stake in Align Technology by 2.9% during the 4th quarter. Ninety One North America Inc. now owns 14,322 shares of the medical equipment provider’s stock worth $3,924,000 after buying an additional 403 shares during the period. Finally, Federated Hermes Inc. increased its stake in Align Technology by 1,783.4% during the 4th quarter. Federated Hermes Inc. now owns 107,411 shares of the medical equipment provider’s stock worth $29,431,000 after buying an additional 101,708 shares during the period. 88.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ALGN has been the topic of several recent research reports. Morgan Stanley upped their target price on shares of Align Technology from $344.00 to $360.00 and gave the stock an “overweight” rating in a research note on Thursday. SVB Leerink initiated coverage on shares of Align Technology in a research note on Monday, February 26th. They set a “market perform” rating and a $310.00 target price on the stock. Leerink Partnrs reaffirmed a “market perform” rating on shares of Align Technology in a research note on Monday, February 26th. UBS Group upped their target price on shares of Align Technology from $280.00 to $320.00 and gave the stock a “neutral” rating in a research note on Monday, April 15th. Finally, Stifel Nicolaus boosted their price target on shares of Align Technology from $350.00 to $400.00 and gave the stock a “buy” rating in a report on Thursday, April 18th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $341.36.

Align Technology Trading Down 1.0 %

Shares of Align Technology stock opened at $310.50 on Friday. The company has a fifty day simple moving average of $313.38 and a 200-day simple moving average of $270.80. Align Technology, Inc. has a 12-month low of $176.34 and a 12-month high of $413.20. The stock has a market cap of $23.37 billion, a price-to-earnings ratio of 53.35, a PEG ratio of 5.59 and a beta of 1.65.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, January 31st. The medical equipment provider reported $1.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.78 by $0.13. Align Technology had a net margin of 11.52% and a return on equity of 13.88%. The business had revenue of $956.73 million during the quarter, compared to analysts’ expectations of $928.57 million. On average, analysts forecast that Align Technology, Inc. will post 7.69 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Emory Wright sold 2,524 shares of the company’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $287.45, for a total value of $725,523.80. Following the completion of the transaction, the executive vice president now owns 709 shares in the company, valued at approximately $203,802.05. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, Director Joseph Lacob sold 15,000 shares of the stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $303.22, for a total transaction of $4,548,300.00. Following the completion of the sale, the director now owns 131,994 shares in the company, valued at approximately $40,023,220.68. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Emory Wright sold 2,524 shares of the stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $287.45, for a total transaction of $725,523.80. Following the sale, the executive vice president now owns 709 shares of the company’s stock, valued at approximately $203,802.05. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,524 shares of company stock worth $8,403,924. Corporate insiders own 0.64% of the company’s stock.

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.