Adage Capital Partners GP L.L.C. Has $13.68 Million Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Adage Capital Partners GP L.L.C. decreased its holdings in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 43.7% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 65,600 shares of the medical equipment provider's stock after selling 51,002 shares during the quarter. Adage Capital Partners GP L.L.C. owned 0.09% of Align Technology worth $13,678,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Picton Mahoney Asset Management raised its position in shares of Align Technology by 69.9% during the 4th quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock worth $30,000 after buying an additional 58 shares in the last quarter. GKV Capital Management Co. Inc. acquired a new position in shares of Align Technology during the 4th quarter valued at $31,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Align Technology in the 4th quarter worth $35,000. Private Trust Co. NA boosted its stake in Align Technology by 113.4% during the fourth quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider's stock valued at $36,000 after buying an additional 93 shares in the last quarter. Finally, Versant Capital Management Inc boosted its stake in Align Technology by 212.2% during the fourth quarter. Versant Capital Management Inc now owns 231 shares of the medical equipment provider's stock valued at $48,000 after buying an additional 157 shares in the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Price Performance

Shares of NASDAQ ALGN traded up $3.44 during trading hours on Thursday, hitting $176.74. 2,693,314 shares of the stock were exchanged, compared to its average volume of 900,407. Align Technology, Inc. has a one year low of $141.74 and a one year high of $295.69. The company's 50 day moving average is $168.84 and its 200 day moving average is $201.70. The firm has a market capitalization of $12.94 billion, a P/E ratio of 31.50, a P/E/G ratio of 2.24 and a beta of 1.73.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.00 by $0.13. The company had revenue of $979.26 million during the quarter, compared to analysts' expectations of $977.90 million. Align Technology had a net margin of 10.54% and a return on equity of 13.84%. The business's quarterly revenue was down 1.8% compared to the same quarter last year. During the same period in the prior year, the company earned $2.14 earnings per share. Research analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

ALGN has been the subject of a number of research analyst reports. HSBC downgraded shares of Align Technology from a "buy" rating to a "hold" rating and cut their price target for the company from $290.00 to $170.00 in a report on Friday, April 25th. Wells Fargo & Company cut their target price on shares of Align Technology from $255.00 to $246.00 and set an "overweight" rating for the company in a research note on Thursday. Leerink Partnrs upgraded shares of Align Technology from a "hold" rating to a "strong-buy" rating in a research report on Monday, January 6th. Morgan Stanley cut their price objective on Align Technology from $280.00 to $272.00 and set an "overweight" rating for the company in a research report on Thursday, February 6th. Finally, Jefferies Financial Group decreased their target price on Align Technology from $285.00 to $260.00 and set a "buy" rating on the stock in a report on Thursday, January 23rd. One analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $241.25.

About Align Technology

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.