Align Technology (ALGN)

• Market cap: $13.6B
• 1 day: -1.45%
• 5 days: 7.84%
• 1 month: 13.30%
• 3 months: -9.25%
• 6 months: -15.34%
• Year to date: -10.00%
• 1 year: -32.52%
• 5 years: -8.95%
• 10 years: 216.39%
• Sector: Healthcare
• Industry: Medical Instruments & 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: 21,200

Fund manager confidence

Based on 2024 Q4 regulatory disclosures by fund managers ($100M+ AUM)

1.02% more ownership

Funds ownership: 86.48% [Q3] → 87.5% (+1.02%) [Q4]

1% less first-time investments, than exits

New positions opened: 107 | Existing positions closed: 108

2% less funds holding

Funds holding: 717 [Q3] → 702 (-15) [Q4]

17% less capital invested

Capital invested by funds: $16.4B [Q3] → $13.6B (-$2.78B) [Q4]

22% less repeat investments, than reductions

Existing positions increased: 211 | Existing positions reduced: 271

43% less funds holding in top 10

Funds holding in top 10: 7 [Q3] → 4 (-3) [Q4]

48% less call options, than puts

Call options by funds: $163M | Put options by funds: $313M

Research analyst outlook

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

• Low target: $170 9% downside
• Avg. target: $221 18% upside
• High target: $250 33% upside

6 analyst ratings

• positive: 4 67%
• neutral: 2 33%
• negative: 0 0%

Wells Fargo Vik Chopra 38% 1-year accuracy 5 / 13 met price target	31% upside $246	Overweight Maintained	1 May 2025
Piper Sandler Jason Bednar 40% 1-year accuracy 16 / 40 met price target	33% upside $250	Overweight Reiterated	1 May 2025
Evercore ISI Group Elizabeth Anderson 53% 1-year accuracy 16 / 30 met price target	7% upside $200	Outperform Maintained	1 May 2025
Mizuho Steven Valiquette 63% 1-year accuracy 5 / 8 met price target	31% upside $245	Outperform Maintained	29 Apr 2025
HSBC Sidharth Sahoo 0 / 0 met price target	9% downside $170	Hold Downgraded	25 Apr 2025