Align Technology, Inc. $ALGN Shares Bought by New York Life Investment Management LLC

Key Points

• New York Life Investment Management increased its Align Technology stake by 1,736.9% in the third quarter, ending with 168,132 shares valued at about $22.4 million. Institutional investors and hedge funds collectively owned 88.43% of the stock.
• Align reported quarterly EPS of $2.80, beating the $2.77 consensus, and revenue of $1.01 billion, slightly above expectations and up 1.9% year over year.
• Analysts’ consensus rating was Moderate Buy, with an average price target of $193.08; several firms had recently cut their targets, while ratings ranged from Strong Buy to Sell.

New York Life Investment Management LLC grew its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 1,736.9% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 168,132 shares of the medical equipment provider's stock after acquiring an additional 158,979 shares during the period. New York Life Investment Management LLC owned 0.23% of Align Technology worth $22,364,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of ALGN. BlackRock Inc. acquired a new position in Align Technology in the second quarter worth approximately $745,370,000. Assenagon Asset Management S.A. grew its position in Align Technology by 638.7% in the third quarter. Assenagon Asset Management S.A. now owns 4,662,437 shares of the medical equipment provider's stock worth $629,469,000 after acquiring an additional 4,031,284 shares in the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its position in Align Technology by 3,162.7% in the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 2,097,745 shares of the medical equipment provider's stock worth $278,342,000 after acquiring an additional 2,033,451 shares in the last quarter. Vontobel Holding Ltd. increased its stake in shares of Align Technology by 69,628.9% during the 3rd quarter. Vontobel Holding Ltd. now owns 1,385,513 shares of the medical equipment provider's stock worth $183,335,000 after purchasing an additional 1,383,526 shares during the last quarter. Finally, Retirement Systems of Alabama increased its stake in shares of Align Technology by 4,748.6% during the 3rd quarter. Retirement Systems of Alabama now owns 678,422 shares of the medical equipment provider's stock worth $89,943,000 after purchasing an additional 664,430 shares during the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Price Performance

ALGN opened at $174.26 on Wednesday. Align Technology, Inc. has a fifty-two week low of $130.23 and a fifty-two week high of $200.43. The firm's fifty day moving average price is $151.00 and its two-hundred day moving average price is $168.55. The company has a market capitalization of $12.28 billion, a P/E ratio of 25.37, a P/E/G ratio of 1.89 and a beta of 1.74.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its earnings results on Wednesday, October 28th. The medical equipment provider reported $2.80 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.77 by $0.03. Align Technology had a net margin of 11.83% and a return on equity of 15.96%. The business had revenue of $1.01 billion during the quarter, compared to analysts' expectations of $1 billion. During the same quarter last year, the company posted $2.61 EPS. The firm's revenue for the quarter was up 1.9% on a year-over-year basis. On average, equities research analysts expect that Align Technology, Inc. will post 9.21 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Morgan Stanley reduced their price objective on shares of Align Technology from $188.00 to $175.00 and set an "equal weight" rating for the company in a research note on Thursday, October 29th. Zacks Research lowered Align Technology from a "hold" rating to a "strong sell" rating in a report on Thursday, October 15th. Weiss Ratings raised Align Technology from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, October 9th. Stifel Nicolaus decreased their price target on Align Technology from $210.00 to $175.00 and set a "buy" rating for the company in a research note on Friday, October 9th. Finally, Leerink Partners lowered their price objective on Align Technology from $235.00 to $215.00 and set an "outperform" rating on the stock in a report on Wednesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Align Technology currently has a consensus rating of "Moderate Buy" and a consensus target price of $193.08.

Align Technology Company Profile

Align Technology, Inc. develops, manufactures and markets digital orthodontic and restorative dentistry products. Its best-known offering is the Invisalign system, which uses a series of custom-made clear aligners to straighten teeth. The company also sells Vivera retainers and iTero intraoral scanners, which support digital dental imaging and treatment planning. Founded in 1997, Align helped popularize clear-aligner orthodontic treatment as an alternative to traditional braces. Its digital dentistry portfolio also includes exocad software, used by dental professionals and laboratories to design dental restorations.

Want to see what other hedge funds are holding ALGN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Align Technology, Inc. (NASDAQ:ALGN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.