Align Technology, Inc. $ALGN Stock: Assenagon Asset Management S.A. Raises Holdings

Assenagon Asset Management S.A. boosted its holdings in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 638.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 4,662,437 shares of the medical equipment provider's stock after buying an additional 4,031,284 shares during the period. Assenagon Asset Management S.A. owned 6.51% of Align Technology worth $629,469,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in Align Technology during the second quarter worth approximately $745,370,000. Arrowstreet Capital Limited Partnership grew its stake in shares of Align Technology by 4.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,054,633 shares of the medical equipment provider's stock valued at $180,796,000 after buying an additional 49,220 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Align Technology by 21.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 972,519 shares of the medical equipment provider's stock valued at $166,696,000 after buying an additional 170,523 shares during the period. Senvest Management LLC grew its stake in shares of Align Technology by 8.6% during the 1st quarter. Senvest Management LLC now owns 754,797 shares of the medical equipment provider's stock valued at $129,395,000 after buying an additional 59,855 shares during the period. Finally, Swedbank AB increased its holdings in shares of Align Technology by 8.5% during the 1st quarter. Swedbank AB now owns 690,200 shares of the medical equipment provider's stock worth $118,321,000 after buying an additional 54,038 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ALGN. Wall Street Zen cut Align Technology from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 1st. Raymond James Financial reissued a "buy" rating on shares of Align Technology in a research report on Monday, October 5th. Needham & Company LLC restated a "hold" rating on shares of Align Technology in a research note on Thursday, July 30th. Evercore downgraded Align Technology from an "outperform" rating to an "in-line" rating and set a $155.00 price objective on the stock. in a report on Monday, October 5th. Finally, Weiss Ratings raised Align Technology from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, October 9th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $194.14.

Align Technology Stock Performance

Align Technology stock opened at $149.34 on Friday. The stock's 50 day moving average price is $154.54 and its 200 day moving average price is $167.32. The firm has a market capitalization of $10.70 billion, a PE ratio of 16.00, a price-to-earnings-growth ratio of 1.54 and a beta of 1.67. Align Technology, Inc. has a one year low of $128.65 and a one year high of $200.43.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.62 by $0.02. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.05 billion. The business's quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the firm posted $2.49 earnings per share. On average, analysts forecast that Align Technology, Inc. will post 9.36 earnings per share for the current fiscal year.

Align Technology Profile

Align Technology, Inc is a medical device and digital technology company that designs, manufactures and markets products used in orthodontics and restorative dentistry. The company is best known for Invisalign clear aligners, which are custom-made orthodontic devices intended to gradually move patients' teeth under the supervision of dental professionals.

Align also develops the iTero family of intraoral scanners and related digital imaging systems, which help dental professionals create digital impressions and treatment plans.

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