Redmile Group LLC Increases Position in Align Technology, Inc. (NASDAQ:ALGN)

Redmile Group LLC raised its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 74.2% in the first quarter, Holdings Channel.com reports. The firm owned 87,255 shares of the medical equipment provider’s stock after purchasing an additional 37,173 shares during the period. Redmile Group LLC’s holdings in Align Technology were worth $28,613,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. WASHINGTON TRUST Co boosted its stake in Align Technology by 41.2% in the 4th quarter. WASHINGTON TRUST Co now owns 363 shares of the medical equipment provider’s stock worth $99,000 after purchasing an additional 106 shares in the last quarter. Mendota Financial Group LLC lifted its stake in shares of Align Technology by 73.4% in the fourth quarter. Mendota Financial Group LLC now owns 534 shares of the medical equipment provider’s stock worth $146,000 after buying an additional 226 shares in the last quarter. Chicago Capital LLC bought a new position in shares of Align Technology in the fourth quarter worth approximately $331,000. Ascent Wealth Partners LLC grew its holdings in shares of Align Technology by 407.4% during the fourth quarter. Ascent Wealth Partners LLC now owns 5,515 shares of the medical equipment provider’s stock valued at $1,511,000 after buying an additional 4,428 shares during the last quarter. Finally, DAVENPORT & Co LLC increased its position in shares of Align Technology by 5,179.5% during the fourth quarter. DAVENPORT & Co LLC now owns 114,671 shares of the medical equipment provider’s stock valued at $31,576,000 after acquiring an additional 112,499 shares in the last quarter. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have weighed in on ALGN shares. Evercore ISI dropped their price target on Align Technology from $370.00 to $300.00 and set an “outperform” rating for the company in a research note on Monday, June 10th. UBS Group increased their price objective on shares of Align Technology from $280.00 to $320.00 and gave the company a “neutral” rating in a report on Monday, April 15th. Morgan Stanley reduced their target price on Align Technology from $328.00 to $310.00 and set an “overweight” rating on the stock in a report on Thursday. Piper Sandler dropped their price target on Align Technology from $330.00 to $315.00 and set an “overweight” rating for the company in a research note on Thursday. Finally, OTR Global reaffirmed a “mixed” rating on shares of Align Technology in a research note on Tuesday, June 4th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $322.78.

Align Technology Price Performance

Shares of NASDAQ:ALGN traded up $3.51 during trading on Monday, hitting $223.96. The company had a trading volume of 1,136,212 shares, compared to its average volume of 780,557. The stock has a market cap of $16.86 billion, a price-to-earnings ratio of 36.90, a price-to-earnings-growth ratio of 4.88 and a beta of 1.66. The company has a fifty day simple moving average of $248.16 and a two-hundred day simple moving average of $280.25. Align Technology, Inc. has a one year low of $176.34 and a one year high of $384.90.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.32 by $0.09. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The company had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same period last year, the company earned $1.73 earnings per share. Align Technology’s revenue was up 2.6% on a year-over-year basis. On average, equities research analysts anticipate that Align Technology, Inc. will post 7.84 earnings per share 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.