Brown Brothers Harriman & Co. Reduces Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Brown Brothers Harriman & Co. cut its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 91.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 360 shares of the medical equipment provider’s stock after selling 4,045 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in Align Technology were worth $92,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Cullen Frost Bankers Inc. raised its position in shares of Align Technology by 854.5% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock valued at $25,000 after purchasing an additional 94 shares during the last quarter. Innealta Capital LLC acquired a new position in Align Technology during the 2nd quarter valued at approximately $26,000. Rothschild Investment LLC purchased a new position in shares of Align Technology in the second quarter worth $26,000. Versant Capital Management Inc lifted its stake in shares of Align Technology by 547.1% during the second quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock worth $27,000 after buying an additional 93 shares during the period. Finally, LRI Investments LLC purchased a new stake in shares of Align Technology during the first quarter valued at $29,000. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Stock Performance

ALGN stock opened at $229.66 on Friday. Align Technology, Inc. has a one year low of $196.09 and a one year high of $335.40. The firm’s fifty day moving average is $226.83 and its 200 day moving average is $236.87. The firm has a market cap of $17.14 billion, a PE ratio of 39.19, a P/E/G ratio of 6.23 and a beta of 1.65.

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

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ALGN. Morgan Stanley reduced their target price on Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. StockNews.com upgraded Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Piper Sandler dropped their target price on Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a research report on Thursday, October 24th. Evercore ISI reduced their price target on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. Finally, Needham & Company LLC restated a “hold” rating on shares of Align Technology in a research note on Monday, November 4th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target 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.