Point72 Asset Management L.P. Raises Stake in Align Technology, Inc. (NASDAQ:ALGN)

Point72 Asset Management L.P. boosted its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 96.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 674,319 shares of the medical equipment provider’s stock after buying an additional 330,807 shares during the quarter. Align Technology makes up 0.4% of Point72 Asset Management L.P.’s portfolio, making the stock its 19th largest position. Point72 Asset Management L.P.’s holdings in Align Technology were worth $171,493,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. Cullen Frost Bankers Inc. raised its stake in shares of Align Technology by 854.5% during the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock valued at $25,000 after acquiring an additional 94 shares in the last quarter. Innealta Capital LLC purchased a new position in Align Technology during the 2nd quarter worth $26,000. Rothschild Investment LLC purchased a new stake in shares of Align Technology in the 2nd quarter worth $26,000. True Wealth Design LLC lifted its holdings in shares of Align Technology by 10,700.0% in the 3rd quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider’s stock worth $27,000 after buying an additional 107 shares during the period. Finally, Mather Group LLC. lifted its holdings in shares of Align Technology by 52.5% in the 2nd quarter. Mather Group LLC. now owns 122 shares of the medical equipment provider’s stock worth $29,000 after buying an additional 42 shares during the period. 88.43% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently weighed in on ALGN. Stifel Nicolaus decreased their price objective on Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a report on Thursday, October 24th. Piper Sandler lowered their price target on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating for the company in a research 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 lowered their target price on Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a report on Monday, November 4th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Align Technology currently has a consensus rating of “Moderate Buy” and an average price target of $278.44.

Align Technology Price Performance

Shares of NASDAQ:ALGN opened at $234.01 on Wednesday. The business’s 50-day moving average is $225.75 and its 200 day moving average is $235.46. Align Technology, Inc. has a 1 year low of $196.09 and a 1 year high of $335.40. The firm has a market capitalization of $17.47 billion, a P/E ratio of 39.93, a P/E/G ratio of 6.07 and a beta of 1.66.

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

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.