SRS Investment Management LLC Makes New Investment in Align Technology, Inc. $ALGN

SRS Investment Management LLC acquired a new position in Align Technology, Inc. (NASDAQ:ALGN) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 75,179 shares of the medical equipment provider’s stock, valued at approximately $14,234,000. Align Technology comprises about 0.1% of SRS Investment Management LLC’s portfolio, making the stock its 22nd biggest position. SRS Investment Management LLC owned about 0.10% of Align Technology as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Quantinno Capital Management LP increased its stake in shares of Align Technology by 322.1% in the second quarter. Quantinno Capital Management LP now owns 36,211 shares of the medical equipment provider’s stock worth $6,856,000 after purchasing an additional 27,632 shares in the last quarter. Alliancebernstein L.P. lifted its stake in shares of Align Technology by 60.7% during the 2nd quarter. Alliancebernstein L.P. now owns 190,331 shares of the medical equipment provider’s stock valued at $36,035,000 after buying an additional 71,860 shares in the last quarter. Ieq Capital LLC boosted its holdings in Align Technology by 24.7% in the 2nd quarter. Ieq Capital LLC now owns 53,802 shares of the medical equipment provider’s stock worth $10,186,000 after buying an additional 10,645 shares during the period. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Align Technology by 40.9% in the 2nd quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 12,755 shares of the medical equipment provider’s stock valued at $2,415,000 after buying an additional 3,705 shares in the last quarter. Finally, NewEdge Advisors LLC grew its stake in Align Technology by 519.8% in the 2nd quarter. NewEdge Advisors LLC now owns 1,593 shares of the medical equipment provider’s stock valued at $302,000 after buying an additional 1,336 shares in the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Stock Down 0.4%

NASDAQ:ALGN opened at $163.87 on Friday. Align Technology, Inc. has a twelve month low of $122.00 and a twelve month high of $241.28. The stock has a market cap of $11.76 billion, a P/E ratio of 31.76, a PEG ratio of 2.00 and a beta of 1.86. The business’s 50-day moving average price is $139.75 and its two-hundred day moving average price is $155.11.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, October 29th. The medical equipment provider reported $2.61 earnings per share for the quarter, beating analysts’ consensus estimates of $2.38 by $0.23. Align Technology had a net margin of 9.50% and a return on equity of 13.96%. The business had revenue of $995.69 million for the quarter, compared to the consensus estimate of $980.75 million. During the same period last year, the firm posted $2.35 earnings per share. Align Technology’s quarterly revenue was up 1.8% on a year-over-year basis. On average, equities research analysts expect that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently commented on ALGN. Morgan Stanley raised their price target on Align Technology from $142.00 to $154.00 and gave the stock an “equal weight” rating in a report on Thursday, October 30th. Jefferies Financial Group increased their price objective on Align Technology from $140.00 to $155.00 in a report on Thursday, October 30th. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a report on Thursday, October 30th. Weiss Ratings cut Align Technology from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, October 8th. Finally, Mizuho lowered their price target on shares of Align Technology from $210.00 to $170.00 and set an “outperform” rating on the stock in a report on Monday, October 13th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $175.00.

About Align Technology

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.