Metis Global Partners LLC Raises Position in Align Technology, Inc. (NASDAQ:ALGN)

Metis Global Partners LLC raised its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 3.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,878 shares of the medical equipment provider’s stock after purchasing an additional 98 shares during the period. Metis Global Partners LLC’s holdings in Align Technology were worth $600,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Baker Avenue Asset Management LP purchased a new stake in Align Technology during the third quarter valued at approximately $4,250,000. Swedbank AB raised its position in Align Technology by 30.1% during the third quarter. Swedbank AB now owns 389,115 shares of the medical equipment provider’s stock valued at $98,960,000 after purchasing an additional 90,000 shares during the period. KBC Group NV grew its stake in shares of Align Technology by 11.8% during the third quarter. KBC Group NV now owns 53,458 shares of the medical equipment provider’s stock valued at $13,595,000 after buying an additional 5,663 shares during the last quarter. Nordea Investment Management AB grew its stake in shares of Align Technology by 3.5% during the fourth quarter. Nordea Investment Management AB now owns 273,664 shares of the medical equipment provider’s stock valued at $56,870,000 after buying an additional 9,139 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of Align Technology by 119.6% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 169,641 shares of the medical equipment provider’s stock valued at $35,368,000 after buying an additional 92,407 shares during the last quarter. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Align Technology Trading Up 2.5 %

Shares of NASDAQ ALGN opened at $174.19 on Thursday. The stock has a market capitalization of $12.82 billion, a PE ratio of 31.05, a price-to-earnings-growth ratio of 2.24 and a beta of 1.69. The stock’s fifty day simple moving average is $209.65 and its two-hundred day simple moving average is $222.18. Align Technology, Inc. has a 12-month low of $167.32 and a 12-month high of $335.40.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.43 by ($0.47). Align Technology had a net margin of 10.54% and a return on equity of 13.84%. On average, equities analysts predict that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on ALGN. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a research note on Thursday, February 6th. Leerink Partners raised Align Technology from a “market perform” rating to an “outperform” rating and upped their target price for the company from $235.00 to $280.00 in a research note on Monday, January 6th. Piper Sandler cut their target price on Align Technology from $275.00 to $270.00 and set an “overweight” rating on the stock in a research note on Thursday, February 6th. Leerink Partnrs raised Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. Finally, Evercore ISI upped their target price on Align Technology from $240.00 to $260.00 and gave the company an “outperform” rating in a research note on Thursday, February 6th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Align Technology currently has a consensus rating of “Moderate Buy” and an average price target of $269.91.

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.