Marathon Asset Management 13F: Exits ALGN Stake
Key Points
- Marathon Asset Management sold out of its position in Align Technology, cutting 156,954 shares and leaving it with none as of September 30, 2026.
- Align Technology's stock recently traded at about $152.26, which is below its 52-week high of $200.44 and above its low of $130.23.
- Other funds like Capital International Investors and Ninety One UK Ltd have also adjusted their holdings in Align Technology, showing mixed activity.
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Marathon Asset Management sold 156,954 shares of Align Technology, Inc. (ALGN) in a filing on October 26, 2026. This move eliminated their entire stake in the company, which was valued at about $239.7 million based on the stock's closing price on that date.
ALGN
Align Technology, Inc.
Where Align Technology Fits in Marathon Asset Management's Portfolio
This sale represents a 100% decrease in Marathon's holdings of Align Technology, which were previously ranked 76th among the fund's investments. The fund's total reported value was approximately $1.26 billion at the time of the filing.
Other Institutional Activity in Align Technology
Capital International Investors grew its holdings by 236,182 shares, ending with 4,045,561 shares worth about $615.98 million. Meanwhile, Ninety One UK Ltd reduced its stake by 76,240 shares, bringing its total to 2,133,621 shares valued at approximately $324.87 million.
Align Technology, Inc. Stock Down 1.5%
Align Technology's stock closed at $152.26 on October 26, 2026. As of October 27, 2026, it was recently trading around the same level, which is about 24% below its 52-week high of $200.44 but 16.9% above its 52-week low of $130.23. The stock is currently above its 50-day moving average but below its 200-day average.
Recent Earnings
Align Technology reported trailing twelve-month revenue of approximately $4.14 billion and an EPS of $5.75. The next earnings report is scheduled for October 28, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
1 analysts raised price targets.
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EPS & revenue
EPS beat estimates by 11.0%. Revenue met estimates.
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Profit surprise
EBITDA missed by 36 percent. Operating income missed by 13 percent.
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Pre-earnings setup
Expectations were about average.
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Analyst signal
1 target raise.
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Earnings quality
Gross margin up 1.4 points. Operating margin up 3.2 points. Positive free cash flow.
Earnings Call Summary
Align reported $1.041 billion in Q1 revenue, up 6.2 percent, with record clear aligner shipments of 686,000 cases. Growth was driven by strong international performance, particularly in EMEA and APAC with double-digit volume increases, while North America remained stable. Management attributed near-term caution to Middle East conflict uncertainty and ongoing macro headwinds affecting consumer demand, but emphasized long-term confidence in digital orthodontics and restorative dentistry expansion through new products like the Invisalign palate expander and treatment planning services.
Guidance Management reaffirmed full year revenue growth of 3 percent to 4 percent and clear aligner volume growth in mid-single digits. They expect Q2 revenue of $1.040 billion to $1.060 billion, up 3 percent to 5 percent year-over-year, with clear aligner volumes up both sequentially and year-over-year.
Slightly positive report. The quarter was acceptable, but the forward setup is not strong.
Insider Buying and Selling at Align Technology, Inc.
Chief Executive Officer Joseph M. Hogan bought 7,576 shares at an average price of $131.49 on August 1, 2025, totaling about $996,131. Chief Financial Officer John Morici sold 7,969 shares at $189.31 on February 18, 2026, valued at approximately $1.51 million.
Analysts Set New Price Targets
On October 9, 2026, Stifel maintained a Buy rating with a price target of $175, while Leerink Partners also maintained an Outperform rating with a target of $215 on October 14, 2026. Baird downgraded its rating to Neutral with a target of $162 on October 15, 2026.
About Align Technology
Align Technology, Inc. specializes in providing Invisalign clear aligners, Vivera retainers, and iTero intraoral scanners. The company operates in the healthcare sector and is headquartered in Tempe, Arizona. This recent sellout by Marathon reflects a significant change in their investment strategy regarding Align Technology.
Bottom Line
Investors should keep an eye on Align Technology's upcoming earnings report on October 28, 2026, along with any further institutional filings. Marathon's exit from Align could indicate a shift in market sentiment towards the stock.
Related Filing Alerts
Source: Marathon Asset Management's 13F filing on $ALGN (Oct 26, 2026). 13F filings show holdings as of the end of the reporting quarter and may not reflect the fund's current position. Written by software, not financial advice. How we make alerts