On September 12, 2023, it was reported that Harding Loevner LP had significantly reduced its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) during the first quarter. According to the company’s recent 13F filing with the Securities and Exchange Commission (SEC), the institutional investor now owns only 19,034 shares of the medical equipment provider’s stock, representing a reduction of 96.7%.
During the first quarter, Harding Loevner LP sold a significant number of shares, totaling 561,056. As of the filing date, its holdings in Align Technology were valued at approximately $6,354,000. This reduction in stake by a prominent investor like Harding Loevner LP has caught the attention of industry observers and investors alike.
Align Technology, Inc is a renowned company involved in designing, manufacturing, and marketing Invisalign clear aligners and iTero intraoral scanners and services for orthodontists and general practitioner dentists worldwide. The company operates in two main segments: Clear Aligner and Imaging Systems and CAD/CAM Services.
The Clear Aligner segment focuses on producing innovative aligner systems designed to straighten teeth discreetly without traditional metal braces. Through this segment, Align Technology caters to orthodontists’ needs by offering effective and aesthetically pleasing alternatives to conventional orthodontic treatments.
The Imaging Systems and CAD/CAM Services segment primarily provides digital services for dental professionals. This includes advanced imaging technology through iTero intraoral scanners and comprehensive treatment planning software. These tools enable dentists to visualize treatment outcomes accurately before beginning any procedures.
Align Technology has gained prominence for its innovative products and successful marketing strategies that have contributed to its market leadership in clear aligner technology. Its Invisalign brand is widely recognized as an effective alternative to traditional braces.
While Harding Loevner LP’s decision to reduce its stake raises questions among investors, it is important to note that investment strategies are based on a range of factors. Institutional investors like Harding Loevner LP often adjust their portfolios to reflect changing market conditions and investment goals. Hence, this move does not necessarily imply a negative outlook on Align Technology’s performance.
Align Technology continues to experience growth opportunities in various markets globally. The company’s continuous research and development efforts, coupled with its strong customer base, position it well for future success. Investors and industry analysts will be closely monitoring the company’s financial performance and any developments that may affect its stock value.
Investments in the stock market carry inherent risks, and it is always essential for investors to conduct thorough research and analysis before making investment decisions. The reduction in stake by Harding Loevner LP serves as a reminder that even established companies can witness changes in investor sentiment over time.
As of September 12, 2023, Align Technology remains a reputable player in the medical equipment industry with innovative products that cater to the orthodontic needs of dental professionals worldwide. It will be interesting to observe how the company navigates its future endeavors and addresses any concerns raised by investors.
Align Technology, Inc.
Updated on: 12/09/2023
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|Analyst / firm
Significant Investor Changes and Positive Analyst Ratings Boost Align Technology’s Growing Popularity
In recent months, several large investors have made significant changes to their holdings of Align Technology (NASDAQ:ALGN), a leading medical equipment provider. Raymond James Trust N.A., for instance, has seen its holdings grow by 39.4% during the first quarter. The company now owns 934 shares of Align Technology’s stock, valued at approximately $407,000 after adding an additional 264 shares in the last quarter.
Meanwhile, Dimensional Fund Advisors LP raised its position in Align Technology by 11.1% during the first quarter as well. The firm now owns a staggering 180,978 shares of the medical equipment provider’s stock, with a value of around $78,911,000 after purchasing an additional 18,153 shares.
Another noteworthy development is Prudential PLC’s new position in Align Technology during the first quarter. This move amounted to roughly $955,000 in investment from the financial services business.
Cetera Investment Advisers also increased its position by 4.9% in the medical equipment provider during the first quarter. With an additional purchase of 80 shares, Cetera now holds 1,713 shares valued at about $747,000.
Lastly, Sequoia Financial Advisors LLC raised its position by 17.1% during the first quarter as well. The company acquired an extra 77 shares and now owns a total of 526 shares worth $229,000.
It is important to note that a substantial portion of Align Technology’s stock — approximately 87.07% — is owned by institutional investors and hedge funds.
Financial analysts have expressed their opinions on ALGN stock as well. Stifel Nicolaus increased their target price from $390.00 to $430.00 and labeled the company as a “buy” in a research report released on August 24th this year.
Robert W. Baird also adjusted their price objective on Align Technology, raising it from $385.00 to $406.00 in a report published on July 27th. Similarly, Morgan Stanley bumped their price objective up from $383.00 to $415.00 and gave the stock an “overweight” rating in a separate report on the same day.
The research firm Piper Sandler also increased its price objective on Align Technology’s stock, citing a jump from $370.00 to $415.00 in the updated analysis released alongside other reports on July 27th.
Furthermore, HSBC has recently initiated coverage on Align Technology, giving it a “buy” rating and pricing it at $450.00 per share.
Overall, two investment analysts have rated the stock as “hold,” while eight are in favor of buying ALGN shares.
As of today, September 12, 2023, shares of ALGN stock opened at $335.18. The company currently maintains a market capitalization of approximately $25.65 billion and boasts a P/E ratio of 82.35, a PEG ratio of 2.70, and a beta value of 1.63.
Align Technology’s stock has been trading with a 50-day simple moving average of $355.43 and a two-hundred-day simple moving average of $331.35 over the past few months.
In its most recent quarterly earnings announcement on July 26th this year, Align Technology reported earnings per share (EPS) of $1.73 for the quarter. This figure surpassed analysts’ consensus estimates by $0.09 per share and highlighted the company’s strong performance during that period.
Align Technology also achieved a return on equity (ROE) of 11.42% and net profit margins of around 8.40%. The company generated approximately $1 billion in revenue during the quarter against expectations set around $985 million.
Based on financial experts’ predictions, Align Technology, Inc. is expected to post earnings per share of 7.2 for the current year.
In conclusion, Align Technology has experienced notable changes in its holdings by large investors and received positive ratings from several equities analysts. The company’s stock performance, along with solid earnings and revenue figures, are factors contributing to its growing popularity among investors and financial experts alike.