Align Technology, Inc. (NASDAQ:ALGN) Stake Raised by ExodusPoint Capital Management LP

ExodusPoint Capital Management LP boosted its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 56.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 124,818 shares of the medical equipment provider’s stock after acquiring an additional 44,903 shares during the quarter. ExodusPoint Capital Management LP owned 0.17% of Align Technology worth $26,026,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its stake in shares of Align Technology by 49.0% during the third quarter. Wellington Management Group LLP now owns 2,634,600 shares of the medical equipment provider’s stock valued at $670,031,000 after purchasing an additional 866,663 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Align Technology by 2.2% in the fourth quarter. Geode Capital Management LLC now owns 1,790,014 shares of the medical equipment provider’s stock valued at $372,299,000 after acquiring an additional 39,209 shares in the last quarter. Ninety One UK Ltd increased its stake in shares of Align Technology by 3.7% during the fourth quarter. Ninety One UK Ltd now owns 1,220,601 shares of the medical equipment provider’s stock valued at $254,508,000 after acquiring an additional 43,524 shares during the period. Norges Bank bought a new stake in Align Technology during the fourth quarter worth approximately $190,792,000. Finally, Meridiem Investment Management Ltd. lifted its position in Align Technology by 63.7% in the fourth quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider’s stock worth $159,470,000 after purchasing an additional 297,472 shares during the period. Institutional investors own 88.43% of the company’s stock.

Align Technology Trading Up 3.7 %

Shares of ALGN stock opened at $163.98 on Thursday. The company has a market capitalization of $12.07 billion, a price-to-earnings ratio of 29.23, a P/E/G ratio of 2.24 and a beta of 1.69. Align Technology, Inc. has a 1-year low of $153.77 and a 1-year high of $331.64. The stock’s fifty day simple moving average is $189.66 and its 200-day simple moving average is $213.03.

Align Technology (NASDAQ:ALGN) last released its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share 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, sell-side analysts predict that Align Technology, Inc. will post 7.98 EPS for the current year.

Wall Street Analysts Forecast Growth

ALGN has been the topic of a number of research reports. Bank of America boosted their price objective on Align Technology from $200.00 to $206.00 and gave the stock an “underperform” rating in a research note on Friday, December 13th. Wells Fargo & Company initiated coverage on shares of Align Technology in a research report on Friday, February 14th. They issued an “overweight” rating and a $255.00 price target on the stock. Jefferies Financial Group reduced their price objective on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a research report on Thursday, January 23rd. Leerink Partners raised shares of Align Technology from a “market perform” rating to an “outperform” rating and increased their target price for the company from $235.00 to $280.00 in a research note on Monday, January 6th. Finally, Needham & Company LLC restated a “hold” rating on shares of Align Technology in a research report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $262.64.

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.