Cinctive Capital Management LP Invests $5.95 Million in Align Technology, Inc. (NASDAQ:ALGN)

Cinctive Capital Management LP bought a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 23,394 shares of the medical equipment provider’s stock, valued at approximately $5,950,000.

Other hedge funds also recently added to or reduced their stakes in the company. FMR LLC lifted its holdings in shares of Align Technology by 43.0% in the 3rd quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock valued at $310,736,000 after buying an additional 367,508 shares during the period. Bank of New York Mellon Corp lifted its holdings in Align Technology by 1.4% in the second quarter. Bank of New York Mellon Corp now owns 1,148,282 shares of the medical equipment provider’s stock valued at $277,230,000 after acquiring an additional 15,540 shares during the period. Ninety One UK Ltd boosted its position in Align Technology by 1.0% in the 2nd quarter. Ninety One UK Ltd now owns 1,147,124 shares of the medical equipment provider’s stock worth $276,950,000 after purchasing an additional 10,919 shares in the last quarter. Disciplined Growth Investors Inc. MN boosted its position in Align Technology by 0.5% in the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 707,542 shares of the medical equipment provider’s stock worth $170,822,000 after purchasing an additional 3,600 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC grew its stake in shares of Align Technology by 4,391.3% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 488,251 shares of the medical equipment provider’s stock worth $117,879,000 after purchasing an additional 477,380 shares during the period. 88.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ALGN. Robert W. Baird lowered their price target on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Morgan Stanley decreased their price objective on shares of Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a research report on Thursday, October 24th. Stifel Nicolaus dropped their target price on Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a research report on Thursday, October 24th. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a report on Monday, November 4th. Finally, Evercore ISI dropped their price objective on Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat, Align Technology presently has an average rating of “Hold” and an average target price of $276.38.

Align Technology Stock Up 1.4 %

Shares of NASDAQ ALGN opened at $232.77 on Monday. The firm has a 50-day simple moving average of $226.43 and a 200-day simple moving average of $236.00. Align Technology, Inc. has a 52 week low of $196.09 and a 52 week high of $335.40. The stock has a market capitalization of $17.38 billion, a price-to-earnings ratio of 39.72, a price-to-earnings-growth ratio of 6.03 and a beta of 1.65.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. The firm had revenue of $977.87 million for the quarter, compared to the consensus estimate of $990.05 million. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The firm’s revenue was up 1.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.62 earnings per share. As a group, equities research analysts expect that Align Technology, Inc. will post 7.45 EPS for the current year.

Align Technology Company Profile

Align Technology, Inc designs, manufactures, and markets Invisalign clear aligners, and iTero intraoral scanners and services for orthodontists and general practitioner dentists in the United States, Switzerland, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.