Align Technology, Inc. $ALGN Stock: Quadrant Capital Group LLC Boosts Holdings

Key Points

• Quadrant Capital Group increased its Align Technology stake by 1,423.6% in the third quarter, ending with 45,951 shares valued at approximately $6.5 million. Institutional investors and hedge funds collectively own 88.43% of the company.
• Align Technology shares opened at $150.49, with a 52-week range of $130.23 to $200.43 and a market capitalization of $10.78 billion. The company recently reported quarterly EPS of $2.64 and revenue of $1.06 billion, both slightly above analyst expectations.
• Analysts maintain a “Moderate Buy” consensus rating, with an average price target of $194.14, although several firms recently lowered their targets or ratings.

Quadrant Capital Group LLC raised its holdings in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 1,423.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 45,951 shares of the medical equipment provider's stock after purchasing an additional 42,935 shares during the quarter. Quadrant Capital Group LLC owned 0.06% of Align Technology worth $6,508,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bessemer Group Inc. lifted its holdings in shares of Align Technology by 37.2% in the 1st quarter. Bessemer Group Inc. now owns 247 shares of the medical equipment provider's stock valued at $43,000 after buying an additional 67 shares during the period. Blue Trust Inc. grew its holdings in Align Technology by 77.5% during the first quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider's stock worth $27,000 after acquiring an additional 69 shares during the period. Empirical Finance LLC grew its holdings in Align Technology by 2.9% during the second quarter. Empirical Finance LLC now owns 2,570 shares of the medical equipment provider's stock worth $433,000 after acquiring an additional 73 shares during the period. First Bank & Trust grew its holdings in Align Technology by 5.0% during the second quarter. First Bank & Trust now owns 1,599 shares of the medical equipment provider's stock worth $270,000 after acquiring an additional 76 shares during the period. Finally, M.E. Allison & CO. Inc. raised its position in Align Technology by 1.9% during the second quarter. M.E. Allison & CO. Inc. now owns 4,235 shares of the medical equipment provider's stock valued at $714,000 after acquiring an additional 80 shares in the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Stock Up 1.0%

NASDAQ:ALGN opened at $150.49 on Wednesday. Align Technology, Inc. has a 52 week low of $130.23 and a 52 week high of $200.43. The stock has a market capitalization of $10.78 billion, a PE ratio of 26.17, a price-to-earnings-growth ratio of 1.59 and a beta of 1.67. The stock's 50-day moving average price is $153.02 and its 200-day moving average price is $166.88.

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

Wall Street Analyst Weigh In

ALGN has been the subject of a number of analyst reports. Wall Street Zen downgraded Align Technology from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 1st. Leerink Partners dropped their price objective on shares of Align Technology from $235.00 to $215.00 and set an "outperform" rating on the stock in a research note on Wednesday, October 14th. Weiss Ratings raised shares of Align Technology from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, October 9th. BMO Capital Markets started coverage on shares of Align Technology in a report on Wednesday, July 8th. They set an "outperform" rating and a $209.00 target price for the company. Finally, Robert W. Baird reiterated a "neutral" rating and issued a $162.00 target price (down from $218.00) on shares of Align Technology in a research note on Thursday, October 15th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $194.14.

Align Technology Profile

Align Technology, Inc is a global medical device company focused on digital orthodontics and restorative dentistry. Founded in 1997, the company is best known for the Invisalign system, a series of clear, removable aligners designed to gradually move teeth and treat a range of orthodontic conditions.

Align's products and services also include digital scanning and dental practice solutions. Its iTero intraoral scanners create digital impressions for orthodontic and restorative procedures, while its exocad business develops computer-aided design and computer-aided manufacturing software used by dental laboratories, clinicians and other dental professionals.

The company serves orthodontists, dentists, dental laboratories and patients in numerous markets worldwide.

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