The Manufacturers Life Insurance Company Buys 255 Shares of Align Technology, Inc. (NASDAQ:ALGN)

The Manufacturers Life Insurance Company raised its stake in Align Technology, Inc. (NASDAQ:ALGN) by 0.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 74,354 shares of the medical equipment provider’s stock after acquiring an additional 255 shares during the period. The Manufacturers Life Insurance Company’s holdings in Align Technology were worth $18,910,000 as of its most recent SEC filing.

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

Align Technology Price Performance

Shares of NASDAQ:ALGN opened at $232.77 on Friday. The stock has a market cap of $17.38 billion, a price-to-earnings ratio of 39.72, a P/E/G ratio of 5.95 and a beta of 1.65. The company has a 50 day moving average of $226.43 and a 200-day moving average of $236.31. Align Technology, Inc. has a one year low of $196.09 and a one year high of $335.40.

Align Technology (NASDAQ:ALGN) last released its 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 firm had revenue of $977.87 million during the quarter, compared to analyst estimates of $990.05 million. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. The business’s quarterly revenue 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. Equities research analysts anticipate that Align Technology, Inc. will post 7.45 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on ALGN shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a report on Monday, November 4th. Morgan Stanley lowered 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. Piper Sandler reduced their price target on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a research report on Thursday, October 24th. StockNews.com raised shares of Align Technology from a “hold” rating to a “buy” rating in a report on Thursday, September 19th. Finally, Robert W. Baird dropped their target price on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus 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.