Freestone Grove Partners LP Takes $29.06 Million Position in Align Technology, Inc. (NASDAQ:ALGN)

Freestone Grove Partners LP purchased a new position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 139,364 shares of the medical equipment provider's stock, valued at approximately $29,059,000. Freestone Grove Partners LP owned approximately 0.19% of Align Technology as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Wilmington Savings Fund Society FSB bought a new position in shares of Align Technology in the 3rd quarter valued at about $78,000. Oddo BHF Asset Management Sas bought a new position in Align Technology in the third quarter valued at approximately $747,000. Exome Asset Management LLC acquired a new position in shares of Align Technology during the 3rd quarter worth approximately $4,756,000. Principal Financial Group Inc. raised its stake in shares of Align Technology by 2.7% during the 3rd quarter. Principal Financial Group Inc. now owns 82,020 shares of the medical equipment provider's stock worth $20,859,000 after purchasing an additional 2,168 shares in the last quarter. Finally, Versant Capital Management Inc boosted its holdings in shares of Align Technology by 212.2% in the 4th quarter. Versant Capital Management Inc now owns 231 shares of the medical equipment provider's stock valued at $48,000 after buying an additional 157 shares during the last quarter. Institutional investors own 88.43% of the company's stock.

Wall Street Analyst Weigh In

ALGN has been the subject of a number of analyst reports. Hsbc Global Res downgraded shares of Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. Mizuho dropped their price objective on Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 29th. Evercore ISI raised their price objective on Align Technology from $165.00 to $200.00 and gave the company an "outperform" rating in a research report on Thursday. HSBC cut Align Technology from a "buy" rating to a "hold" rating and dropped their price target for the company from $290.00 to $170.00 in a research note on Friday, April 25th. Finally, Wells Fargo & Company decreased their price target on shares of Align Technology from $255.00 to $246.00 and set an "overweight" rating on the stock in a research note on Thursday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $241.25.

Align Technology Stock Performance

Shares of NASDAQ ALGN traded down $2.21 during trading hours on Monday, hitting $177.61. 920,473 shares of the stock were exchanged, compared to its average volume of 906,347. The company's fifty day simple moving average is $168.42 and its two-hundred day simple moving average is $200.91. The company has a market cap of $13.00 billion, a PE ratio of 31.66, a price-to-earnings-growth ratio of 2.24 and a beta of 1.68. Align Technology, Inc. has a 1-year low of $141.74 and a 1-year high of $291.80.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.00 by $0.13. Align Technology had a return on equity of 13.84% and a net margin of 10.54%. The company had revenue of $979.26 million for the quarter, compared to analyst estimates of $977.90 million. The company's revenue for the quarter was down 1.8% compared to the same quarter last year. During the same quarter last year, the company posted $2.14 EPS. As a group, sell-side 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.