Twin Tree Management LP acquired a new position in shares of Align Technology, Inc. (NASDAQ:ALGN) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,289 shares of the medical equipment provider’s stock, valued at approximately $494,000.
Other hedge funds also recently bought and sold shares of the company. BlackRock Inc. raised its holdings in Align Technology by 5,738.0% in the 1st quarter. BlackRock Inc. now owns 6,640,531 shares of the medical equipment provider’s stock valued at $761,737,000 after buying an additional 6,526,784 shares during the last quarter. Federated Investors Inc. PA raised its holdings in Align Technology by 794.9% in the 2nd quarter. Federated Investors Inc. PA now owns 685,086 shares of the medical equipment provider’s stock valued at $102,846,000 after buying an additional 608,535 shares during the last quarter. Kylin Management LLC bought a new position in Align Technology in the 1st quarter valued at approximately $35,767,000. Victory Capital Management Inc. increased its position in Align Technology by 50.5% during the 2nd quarter. Victory Capital Management Inc. now owns 801,612 shares of the medical equipment provider’s stock valued at $120,339,000 after purchasing an additional 268,826 shares during the period. Finally, Old Mutual Global Investors UK Ltd. increased its position in Align Technology by 35.8% during the 2nd quarter. Old Mutual Global Investors UK Ltd. now owns 968,086 shares of the medical equipment provider’s stock valued at $145,329,000 after purchasing an additional 255,000 shares during the period. 81.72% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have weighed in on the stock. Goldman Sachs Group, Inc. (The) increased their target price on shares of Align Technology to $210.00 and gave the company a “buy” rating in a research report on Friday. Stifel Nicolaus reaffirmed a “buy” rating and set a $205.00 price objective (up previously from $200.00) on shares of Align Technology in a research report on Monday, August 7th. Robert W. Baird reaffirmed a “buy” rating on shares of Align Technology in a research report on Tuesday. Piper Jaffray Companies reaffirmed a “buy” rating and set a $200.00 price objective on shares of Align Technology in a research report on Monday. Finally, Bank of America Corporation upgraded Align Technology from a “neutral” rating to a “buy” rating and increased their target price for the stock from $175.00 to $193.00 in a report on Friday, July 28th. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $179.82.
Shares of Align Technology, Inc. (NASDAQ ALGN) traded up 0.06% during midday trading on Friday, reaching $184.97. The company had a trading volume of 285,157 shares. The stock has a market capitalization of $14.83 billion, a PE ratio of 63.35 and a beta of 1.55. Align Technology, Inc. has a 1-year low of $83.27 and a 1-year high of $186.10. The company’s 50-day moving average is $174.44 and its 200-day moving average is $142.87.
Align Technology (NASDAQ:ALGN) last posted its earnings results on Thursday, July 27th. The medical equipment provider reported $0.85 EPS for the quarter, topping the consensus estimate of $0.73 by $0.12. Align Technology had a net margin of 19.18% and a return on equity of 23.87%. The firm had revenue of $356.50 million during the quarter, compared to analysts’ expectations of $343.43 million. During the same quarter in the prior year, the firm earned $0.62 EPS. Align Technology’s quarterly revenue was up 32.3% on a year-over-year basis. On average, equities research analysts forecast that Align Technology, Inc. will post $3.40 EPS for the current year.
About Align Technology
Align Technology, Inc designs, manufactures and markets a system of clear aligner therapy, intra-oral scanners and computer-aided design/computer-aided manufacturing (CAD/CAM) digital services used in dentistry, orthodontics and dental records storage. The Company operates through two segments: Clear Aligner segment and Scanner and Services (Scanner) segment.
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