Brown Capital Management LLC Lowers Position in Align Technology, Inc. (NASDAQ:ALGN)

Brown Capital Management LLC reduced its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 79.5% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,201 shares of the medical equipment provider’s stock after selling 24,114 shares during the period. Brown Capital Management LLC’s holdings in Align Technology were worth $1,577,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in ALGN. Achmea Investment Management B.V. boosted its stake in shares of 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 buying an additional 339 shares in the last quarter. Tidal Investments LLC increased 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 purchasing an additional 2,430 shares in the last quarter. Swedbank AB lifted its stake 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 purchasing an additional 6,005 shares during the period. Baker Avenue Asset Management LP acquired a new stake in shares of Align Technology in the third quarter valued at about $4,250,000. Finally, Cetera Investment Advisers boosted its holdings 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 worth $4,140,000 after buying an additional 11,382 shares in the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on ALGN shares. Piper Sandler reduced their price target 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 report 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 dropped 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, Morgan Stanley lowered their price objective on shares of Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. One analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $276.38.

Align Technology Trading Up 0.6 %

Align Technology stock opened at $223.87 on Thursday. The stock has a 50-day moving average price of $228.90 and a 200 day moving average price of $238.65. Align Technology, Inc. has a 52 week low of $196.09 and a 52 week high of $335.40. The stock has a market cap of $16.71 billion, a PE ratio of 38.20, a P/E/G ratio of 5.77 and a beta of 1.65.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. The business had revenue of $977.87 million during the quarter, compared to the consensus estimate of $990.05 million. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. The company’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.62 earnings per share. On average, equities analysts predict that Align Technology, Inc. will post 7.45 EPS for the current year.

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.