Fulcrum Asset Management LLP Makes New $9.49 Million Investment in Align Technology, Inc. $ALGN

Key Points

• Fulcrum Asset Management initiated a $9.49 million position in Align Technology, buying 70,630 shares, or about 0.10% of the company. Institutional investors collectively own 88.43% of its stock.
• Align reported quarterly EPS of $2.80, beating the $2.77 consensus, while revenue of $1.01 billion topped estimates and rose 1.9% year over year.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $193.08; ratings include eight Buys, seven Holds, one Strong Buy, and one Sell.

Fulcrum Asset Management LLP bought a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 70,630 shares of the medical equipment provider's stock, valued at approximately $9,493,000. Fulcrum Asset Management LLP owned approximately 0.10% of Align Technology as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. BlackRock Inc. bought a new position in shares of Align Technology in the second quarter worth about $745,370,000. Assenagon Asset Management S.A. lifted its position in shares of Align Technology by 638.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 4,662,437 shares of the medical equipment provider's stock valued at $629,469,000 after buying an additional 4,031,284 shares in the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its stake in shares of Align Technology by 3,162.7% during the 3rd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 2,097,745 shares of the medical equipment provider's stock valued at $278,342,000 after acquiring an additional 2,033,451 shares during the period. Vontobel Holding Ltd. grew 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 valued at $183,335,000 after acquiring an additional 1,383,526 shares during the period. Finally, Deutsche Bank AG bought a new position in shares of Align Technology during the 2nd quarter valued at approximately $99,779,000. Institutional investors own 88.43% of the company's stock.

Align Technology Price Performance

NASDAQ:ALGN opened at $166.00 on Monday. The business's 50-day simple moving average is $150.38 and its two-hundred day simple moving average is $168.50. Align Technology, Inc. has a 52 week low of $130.23 and a 52 week high of $200.43. The stock has a market cap of $11.89 billion, a PE ratio of 24.16, a P/E/G ratio of 1.80 and a beta of 1.74.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings data on Wednesday, October 28th. The medical equipment provider reported $2.80 earnings per share for the quarter, topping analysts' consensus estimates of $2.77 by $0.03. Align Technology had a return on equity of 15.96% and a net margin of 11.83%. The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. During the same quarter in the prior year, the company posted $2.61 earnings per share. The business's quarterly revenue was up 1.9% compared to the same quarter last year. Sell-side analysts anticipate that Align Technology, Inc. will post 9.21 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ALGN has been the subject of several analyst reports. UBS Group reissued a "neutral" rating and issued a $189.00 target price on shares of Align Technology in a report on Thursday, July 23rd. Evercore downgraded shares of Align Technology from an "outperform" rating to an "in-line" rating and set a $155.00 price target on the stock. in a report on Monday, October 5th. Raymond James Financial reiterated a "buy" rating on shares of Align Technology in a research report on Monday, October 5th. Leerink Partners dropped their price target on shares of Align Technology from $235.00 to $215.00 and set an "outperform" rating for the company in a research report on Wednesday, October 14th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a research note on Thursday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $193.08.

About Align Technology

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.

Headquartered in Tempe, Arizona, Align serves dental professionals and patients in markets around the world.

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