Align Technology (ALGN)

• Market cap: $12.7B
• 1 day: -2.50%
• 5 days: -2.73%
• 1 month: 9.09%
• 3 months: -23.10%
• 6 months: -17.81%
• Year to date: -16.88%
• 1 year: -38.63%
• 5 years: -19.34%
• 10 years: 194.53%
• 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: 20,945

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

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

• Low target: $170 2% downside
• Avg. target: $236 36% upside
• High target: $272 57% upside

7 analyst ratings

• positive: 5 71%
• neutral: 2 29%
• negative: 0 0%

Mizuho Steven Valiquette 50% 1-year accuracy 4 / 8 met price target	41% upside $245	Outperform Maintained	29 Apr 2025
HSBC Sidharth Sahoo 0 / 0 met price target	2% downside $170	Hold Downgraded	25 Apr 2025
UBS Kevin Caliendo 35% 1-year accuracy 6 / 17 met price target	24% upside $215	Neutral Maintained	24 Apr 2025
Piper Sandler Jason Bednar 32% 1-year accuracy 12 / 38 met price target	36% upside $235	Overweight Reiterated	18 Mar 2025
Wells Fargo Vik Chopra 36% 1-year accuracy 4 / 11 met price target	47% upside $255	Overweight Initiated	14 Feb 2025