Align Technology, Inc. (NASDAQ:ALGN) Stock Position Trimmed by Bares Capital Management Inc.

Bares Capital Management Inc. reduced its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 34.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 505,888 shares of the medical equipment provider’s stock after selling 265,305 shares during the quarter. Align Technology comprises 11.7% of Bares Capital Management Inc.’s investment portfolio, making the stock its 5th biggest holding. Bares Capital Management Inc.’s holdings in Align Technology were worth $128,657,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Cullen Frost Bankers Inc. increased 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 buying an additional 94 shares in the last quarter. Innealta Capital LLC purchased a new position in Align Technology in the 2nd quarter valued at approximately $26,000. Rothschild Investment LLC acquired a new position in Align Technology during the second quarter worth $26,000. True Wealth Design LLC boosted its position in Align Technology by 10,700.0% during the third quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider’s stock worth $27,000 after purchasing an additional 107 shares in the last quarter. Finally, University of Texas Texas AM Investment Management Co. purchased a new stake in Align Technology during the second quarter worth $31,000. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on ALGN shares. Piper Sandler cut their price target on Align Technology from $285.00 to $275.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. Mizuho started coverage on shares of Align Technology in a research report on Wednesday, December 4th. They set an “outperform” rating and a $295.00 target price for the company. StockNews.com upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a research report on Thursday, September 19th. Evercore ISI cut their price objective on 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, Morgan Stanley lowered their target price on Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $278.44.

Align Technology Stock Performance

ALGN stock opened at $237.57 on Tuesday. The company has a 50 day moving average price of $224.39 and a two-hundred day moving average price of $234.67. The stock has a market capitalization of $17.74 billion, a P/E ratio of 40.54, a PEG ratio of 6.02 and a beta of 1.66. Align Technology, Inc. has a one year low of $196.09 and a one year high of $335.40.

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

Align Technology 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.