Alyeska Investment Group L.P. Increases Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Alyeska Investment Group L.P. raised its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 12.5% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 606,042 shares of the medical equipment provider's stock after acquiring an additional 67,124 shares during the quarter. Alyeska Investment Group L.P. owned approximately 0.81% of Align Technology worth $126,366,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of ALGN. Covestor Ltd lifted its holdings in Align Technology by 14.6% during the fourth quarter. Covestor Ltd now owns 415 shares of the medical equipment provider's stock worth $87,000 after buying an additional 53 shares during the period. Picton Mahoney Asset Management lifted its stake 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 purchasing an additional 58 shares during the last quarter. Smartleaf Asset Management LLC boosted its position in Align Technology by 9.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 766 shares of the medical equipment provider's stock valued at $158,000 after purchasing an additional 64 shares in the last quarter. Beech Hill Advisors Inc. grew its stake in Align Technology by 0.6% in the fourth quarter. Beech Hill Advisors Inc. now owns 11,632 shares of the medical equipment provider's stock valued at $2,425,000 after purchasing an additional 65 shares during the last quarter. Finally, New York Life Investment Management LLC raised its holdings in Align Technology by 0.7% in the fourth quarter. New York Life Investment Management LLC now owns 9,406 shares of the medical equipment provider's stock worth $1,961,000 after purchasing an additional 68 shares in the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ALGN. Piper Sandler reaffirmed an "overweight" rating and issued a $250.00 price objective (up previously from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. HSBC lowered Align Technology from a "buy" rating to a "hold" rating and decreased their price objective for the company from $290.00 to $170.00 in a report on Friday, April 25th. Mizuho reduced their target price on Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 29th. Hsbc Global Res downgraded Align Technology from a "strong-buy" rating to a "hold" rating in a report on Friday, April 25th. Finally, Jefferies Financial Group cut their price objective on shares of Align Technology from $285.00 to $260.00 and set a "buy" rating on the stock in a report on Thursday, January 23rd. One research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Align Technology currently has a consensus rating of "Moderate Buy" and an average target price of $241.25.

Align Technology Price Performance

Align Technology stock traded down $4.37 during midday trading on Tuesday, reaching $173.24. The company had a trading volume of 1,447,657 shares, compared to its average volume of 910,688. Align Technology, Inc. has a 12-month low of $141.74 and a 12-month high of $291.80. The firm's fifty day simple moving average is $168.15 and its 200-day simple moving average is $200.61. The company has a market capitalization of $12.68 billion, a P/E ratio of 30.88, a P/E/G ratio of 2.24 and a beta of 1.68.

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

Align Technology 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.