Quest Partners LLC Lowers Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Quest Partners LLC reduced its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 69.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,365 shares of the medical equipment provider’s stock after selling 3,146 shares during the quarter. Quest Partners LLC’s holdings in Align Technology were worth $347,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Achmea Investment Management B.V. lifted its stake in shares of Align Technology by 3.4% during 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 increased its position in Align Technology by 122.9% during the 1st quarter. Tidal Investments LLC now owns 4,408 shares of the medical equipment provider’s stock valued at $1,445,000 after buying an additional 2,430 shares in the last quarter. Swedbank AB increased its position in Align Technology by 2.0% during the 2nd quarter. Swedbank AB now owns 299,115 shares of the medical equipment provider’s stock valued at $72,215,000 after buying an additional 6,005 shares in the last quarter. Baker Avenue Asset Management LP acquired a new position in Align Technology during the 3rd quarter valued at about $4,250,000. Finally, Cetera Investment Advisers increased its position in Align Technology by 914.2% during the 1st quarter. Cetera Investment Advisers now owns 12,627 shares of the medical equipment provider’s stock valued at $4,140,000 after buying an additional 11,382 shares in the last quarter. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ALGN has been the topic of several recent analyst reports. Robert W. Baird reduced their target price on Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Evercore ISI reduced their target price on Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. StockNews.com raised Align Technology from a “hold” rating to a “buy” rating in a research report on Thursday, September 19th. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a report on Monday, November 4th. Finally, Stifel Nicolaus cut their price objective on Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Align Technology currently has an average rating of “Hold” and a consensus price target of $276.38.

Align Technology Stock Up 6.5 %

Align Technology stock opened at $240.52 on Tuesday. The firm has a market cap of $17.95 billion, a price-to-earnings ratio of 41.04, a price-to-earnings-growth ratio of 5.85 and a beta of 1.65. Align Technology, Inc. has a 52 week low of $196.09 and a 52 week high of $335.40. The business’s 50-day moving average price is $228.36 and its 200 day moving average price is $237.28.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, topping the consensus estimate of $2.31 by $0.04. The firm had revenue of $977.87 million for 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 period last year, the company earned $1.62 earnings per share. Equities analysts expect that Align Technology, Inc. will post 7.45 EPS for the current 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.