Align Technology (ALGN)

• Market cap: $15.8B
• 1 day: -1.18%
• 5 days: -9.47%
• 1 month: -5.72%
• 3 months: -16.53%
• 6 months: -13.00%
• Year to date: -21.52%
• 1 year: -19.47%
• 5 years: -22.66%
• 10 years: 271.06%
• Sector: Healthcare
• Industry: Orthopedic, Prosthetic & Surgical Appliances & Supplies

About: Align Technology is the leading manufacturer of clear aligners. Invisalign, its main product, was approved by the Food and Drug Administration in 1998 and has since dominated, controlling over 90% of the market. Invisalign can treat roughly 90% of all malocclusion cases (misaligned teeth), and there are over 230,000 Invisalign-trained dentists and orthodontists. In 2022, Invisalign treated over 2 million cases, or roughly 10% of all orthodontic cases for the year, and it has treated over 14 million patients since its launch. Align also sells intraoral scanners under the brand iTero, which captures digital impressions of patients' teeth and illustrates treatment plans. Over 85% of Invisalign cases are submitted by digital scans, and iTero scans make up over half of these scans.

Employees: 21,690

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

17% more funds holding in top 10

Funds holding in top 10: 6 [Q2] → 7 (+1) [Q3]

3% more capital invested

Capital invested by funds: $15.8B [Q2] → $16.3B (+$496M) [Q3]

0.99% less ownership

Funds ownership: 87.05% [Q2] → 86.06% (-0.99%) [Q3]

9% less repeat investments, than reductions

Existing positions increased: 247 | Existing positions reduced: 270

5% less funds holding

Funds holding: 752 [Q2] → 712 (-40) [Q3]

18% less call options, than puts

Call options by funds: $285M | Put options by funds: $350M

34% less first-time investments, than exits

New positions opened: 79 | Existing positions closed: 119

Research analyst outlook

6 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $206 2% downside
• Avg. target: $260 23% upside
• High target: $280 33% upside

6 analyst ratings

• positive: 5 83%
• neutral: 0 0%
• negative: 1 17%

B of A Securities Michael Ryskin 75% 1-year accuracy 3 / 4 met price target	2% downside $206	Underperform Maintained	13 Dec 2024
Morgan Stanley Erin Wright 48% 1-year accuracy 11 / 23 met price target	33% upside $280	Overweight Maintained	24 Oct 2024
Stifel Jonathan Block 22% 1-year accuracy 4 / 18 met price target	30% upside $275	Buy Maintained	24 Oct 2024
Evercore ISI Group Elizabeth Anderson 34% 1-year accuracy 11 / 32 met price target	18% upside $250	Outperform Maintained	24 Oct 2024
Piper Sandler Jason Bednar 50% 1-year accuracy 19 / 38 met price target	30% upside $275	Overweight Maintained	24 Oct 2024