Weiss Asset Management LP Makes New Investment in Align Technology, Inc. (NASDAQ:ALGN)

Weiss Asset Management LP acquired a new position in shares of Align Technology, Inc. (NASDAQ:ALGN) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 10,765 shares of the medical equipment provider’s stock, valued at approximately $2,738,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ALGN. Holocene Advisors LP purchased a new position in Align Technology during the 3rd quarter worth approximately $137,287,000. Kayne Anderson Rudnick Investment Management LLC grew its position in 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 in the last quarter. FMR LLC boosted its stake in shares of Align Technology by 43.0% during 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. Point72 Asset Management L.P. boosted its stake in shares of Align Technology by 96.3% during the 3rd quarter. Point72 Asset Management L.P. now owns 674,319 shares of the medical equipment provider’s stock valued at $171,493,000 after buying an additional 330,807 shares during the period. Finally, Senvest Management LLC boosted its stake in shares of Align Technology by 76.4% during the 3rd quarter. Senvest Management LLC now owns 459,243 shares of the medical equipment provider’s stock valued at $116,795,000 after buying an additional 198,893 shares during the period. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on ALGN. Piper Sandler decreased their target price on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. Stifel Nicolaus decreased their target price on shares of Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a research note on Thursday, October 24th. Morgan Stanley decreased their target price on shares of Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. StockNews.com raised shares of Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research note on Monday, November 4th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $278.44.

Align Technology Price Performance

Shares of ALGN opened at $232.35 on Friday. Align Technology, Inc. has a one year low of $196.09 and a one year high of $335.40. The company’s fifty day moving average price is $224.73 and its 200 day moving average price is $234.96. The company has a market capitalization of $17.34 billion, a PE ratio of 39.65, a price-to-earnings-growth ratio of 6.10 and a beta of 1.66.

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