Portolan Capital Management LLC Makes New $15.36 Million Investment in Align Technology, Inc. (NASDAQ:ALGN)

Portolan Capital Management LLC acquired a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN) in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund acquired 60,386 shares of the medical equipment provider’s stock, valued at approximately $15,357,000. Align Technology accounts for 1.1% of Portolan Capital Management LLC’s portfolio, making the stock its 24th largest holding. Portolan Capital Management LLC owned approximately 0.08% of Align Technology at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Mather Group LLC. lifted its stake in Align Technology by 52.5% during the 2nd quarter. Mather Group LLC. now owns 122 shares of the medical equipment provider’s stock valued at $29,000 after acquiring an additional 42 shares during the period. Quarry LP lifted its stake in Align Technology by 53.0% during the 2nd quarter. Quarry LP now owns 127 shares of the medical equipment provider’s stock valued at $31,000 after acquiring an additional 44 shares during the period. Crewe Advisors LLC lifted its stake in Align Technology by 36.8% during the 2nd quarter. Crewe Advisors LLC now owns 171 shares of the medical equipment provider’s stock valued at $41,000 after acquiring an additional 46 shares during the period. Empirical Finance LLC lifted its stake in Align Technology by 2.1% during the 3rd quarter. Empirical Finance LLC now owns 2,486 shares of the medical equipment provider’s stock valued at $632,000 after acquiring an additional 50 shares during the period. Finally, Daiwa Securities Group Inc. lifted its stake in Align Technology by 0.6% during the 2nd quarter. Daiwa Securities Group Inc. now owns 8,876 shares of the medical equipment provider’s stock valued at $2,143,000 after acquiring an additional 54 shares during the period. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Align Technology Stock Performance

Shares of NASDAQ ALGN opened at $234.01 on Wednesday. The firm has a market cap of $17.47 billion, a PE ratio of 39.93, a PEG ratio of 6.07 and a beta of 1.66. The firm has a fifty day moving average of $225.75 and a 200 day moving average of $235.46. Align Technology, Inc. has a one year low of $196.09 and a one year high of $335.40.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, topping the consensus estimate of $2.31 by $0.04. The company had revenue of $977.87 million during the quarter, compared to analyst estimates of $990.05 million. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. The firm’s revenue was up 1.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.62 EPS. On average, equities analysts predict that Align Technology, Inc. will post 7.45 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have commented on ALGN shares. Needham & Company LLC restated a “hold” rating on shares of Align Technology in a research note on Monday, November 4th. Morgan Stanley cut their target price on shares of Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. StockNews.com raised shares of Align Technology from a “hold” rating to a “buy” rating in a report on Thursday, September 19th. Evercore ISI cut their target price on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Finally, Robert W. Baird cut their target price on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $278.44.

Align Technology Company 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.