Navera Dumps $123 Million Worth of Align Technology (ALGN) Stock
Key Points
Navera sold 785,194 Align Technology shares, an estimated $122.99 million trade based on the average share price for the quarter.
The value of the trade represented 2.35% of fund assets under management for the quarter.
Post-trade, Navera holds 2,365 shares valued at $296,063 as of September 30, 2025
The position previously accounted for 2.71% of AUM but now represents 0.0057%, placing it outside the fund’s top five holdings.
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What happened
According to a filing with the Securities and Exchange Commission dated October 28, 2025, Navera Investment Management Ltd. reduced its stake in Align Technology (NASDAQ:ALGN) by 785,194 shares. This sale was estimated at approximately $122.99 million based on the average share price for the quarter. After the trade, Navera retained a small holding of 2,365 shares.
What else to know
This was a normal trading pattern for Navera, which now holds 0.0057% of its 13F AUM in Align Technology.
Top holdings after the filing:
MSFT: $402.09 million (7.7% of AUM as of 2025-09-30)
MA: $360.20 million (6.8968% of AUM as of 2025-09-30)
MMC: $327.30 million (6.2670% of AUM as of 2025-09-30)
INTU: $324.02 million (6.2042% of AUM as of 2025-09-30)
AMZN: $320.52 million (6.1371% of AUM as of 2025-09-30)
As of October 28, 2025, Align Technology shares were priced at $133.14, down 38.3% over the past year, underperforming the S&P 500 by 57.93 percentage points.
Company Overview
| Metric | Value |
|---|---|
| Price (as of market close 2025-10-28) | $133.14 |
| Market Capitalization | $9.65 billion |
| Revenue (TTM) | $3.96 billion |
| Net Income (TTM) | $437.61 million |
Company Snapshot
Align Technology generates revenue primarily from Invisalign clear aligners and iTero intraoral scanners, serving orthodontists, general dentists, and dental specialists.
The business model is based on the sale of orthodontic treatment systems and related digital solutions, with recurring revenue from software, services, and ancillary products.
Primary customers include dental professionals in the United States, Switzerland, China, and international markets, targeting both adult and pediatric patients.
The company operates at scale, with over 21,000 employees and a diversified geographic footprint. The portfolio addresses a broad range of orthodontic and restorative needs.
Foolish take
It's not hard to see why Navera was eager to sell nearly all its stake in Align Technology. The Invisalign business has been stagnant for years. Trailing 12-month revenue is about 1.2% lower than it was at the company's peak in early 2022.
Align's bottom line has been even more disappointing than sales. Trailing 12-month earnings per share are down 78% from a peak the company reached more than five years ago.
Align Technology is the only company allowed to market the Invisalign System of clear aligners, but it isn't the only company selling clear aligners. Angelalign Technology reported global case volume that soared 46.7% in 2024 to 359,400 cases.
Despite incoming competition, Align Technology still boasts a large share of the market. In the third quarter, Align Technology shipped 647,800 cases. This was an increase of 4.9% year over year.
In September, Align filed a complaint against Angelalign with the U.S. International Trade Commission. It's one step of many that Align Technology has taken to limit competition with its China-headquartered competitor.
Glossary
AUM (Assets Under Management): The total market value of assets a fund or investment firm manages on behalf of clients.
13F: A quarterly report filed by institutional investment managers to disclose their U.S. equity holdings.
Quarter: A three-month period used for financial reporting and analysis, often aligning with a company's fiscal calendar.
Top holdings: The largest investments in a fund's portfolio, typically ranked by market value or percentage of AUM.
Filing: An official document submitted to a regulatory authority, such as the SEC, detailing financial or operational information.
Stake: The ownership interest or share an investor holds in a company.
TTM: The 12-month period ending with the most recent quarterly report.
Orthodontic treatment systems: Products and devices used to correct teeth alignment and bite issues.
Ancillary products: Additional goods or services that support or complement a company's main offerings.
Geographic footprint: The regions or countries where a company operates or sells its products.
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Cory Renauer has positions in Amazon. The Motley Fool has positions in and recommends Align Technology, Amazon, Intuit, Mastercard, and Microsoft. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
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