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Align Technology (ALGN) Rose 58% in Q1

Conestoga Capital Advisors, an asset management company, released its “Mid Cap Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. The Mid Cap Composite rose 10.23% net of fees in the first quarter, compared to the Russell Midcap Growth Index’s 9.14% return. The strategy primarily benefitted from the stock selection while the sector allocation also contributed to the relative performance. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Conestoga Mid Cap Strategy highlighted stocks like Align Technology, Inc. (NASDAQ:ALGN) in the first quarter 2023 investor letter. Headquartered in Tempe, Arizona, Align Technology, Inc. (NASDAQ:ALGN) is a medical device company. On May 26, 2023, Align Technology, Inc. (NASDAQ:ALGN) stock closed at $285.39 per share. One-month return of Align Technology, Inc. (NASDAQ:ALGN) was -12.27%, and its shares gained 0.29% of their value over the last 52 weeks. Align Technology, Inc. (NASDAQ:ALGN) has a market capitalization of $21.837 billion.

Conestoga Mid Cap Strategy made the following comment about Align Technology, Inc. (NASDAQ:ALGN) in its Q1 2023 investor letter:

“The Health Care sector generated positive stock selection for the quarter with the biggest gainers coming from our positions in West Pharmaceuticals, Inc. (WST), Align Technology, Inc. (NASDAQ:ALGN), and IDEXX Laboratories, Inc. (IDXX). ALGN was a long-time holding in our Small and SMid Cap strategies that graduated to the Mid Cap portfolio after its significant growth in market capitalization. After uneven performance during the pandemic, ALGN rose 58% in the first quarter following an earnings report that left investors believing its growth may get back on track.”

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Align Technology, Inc. (NASDAQ:ALGN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 39 hedge fund portfolios held Align Technology, Inc. (NASDAQ:ALGN) at the end of first quarter 2023 which was 34 in the previous quarter.

We discussed Align Technology, Inc. (NASDAQ:ALGN) in another article and shared Polen Global Growth Strategy's views on the company. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.