Verition Fund Management LLC Acquires 11,057 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Verition Fund Management LLC raised its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 462.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,450 shares of the medical equipment provider’s stock after acquiring an additional 11,057 shares during the quarter. Verition Fund Management LLC’s holdings in Align Technology were worth $3,421,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. FMR LLC raised its holdings in Align Technology by 43.0% during the third quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock valued at $310,736,000 after acquiring an additional 367,508 shares during the period. Bank of New York Mellon Corp raised its holdings in Align Technology by 1.4% during the second quarter. Bank of New York Mellon Corp now owns 1,148,282 shares of the medical equipment provider’s stock valued at $277,230,000 after acquiring an additional 15,540 shares during the period. Ninety One UK Ltd grew its position in shares of Align Technology by 1.0% during the second quarter. Ninety One UK Ltd now owns 1,147,124 shares of the medical equipment provider’s stock valued at $276,950,000 after purchasing an additional 10,919 shares in the last quarter. Disciplined Growth Investors Inc. MN increased its holdings in shares of Align Technology by 0.5% in the second quarter. Disciplined Growth Investors Inc. MN now owns 707,542 shares of the medical equipment provider’s stock worth $170,822,000 after purchasing an additional 3,600 shares during the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC lifted its position in shares of Align Technology by 4,391.3% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 488,251 shares of the medical equipment provider’s stock worth $117,879,000 after buying an additional 477,380 shares in the last quarter. 88.43% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on ALGN. Morgan Stanley reduced their price objective on Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Stifel Nicolaus reduced their price target on shares of Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a research report on Thursday, October 24th. Robert W. Baird lowered their price objective on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. Piper Sandler reduced their target price on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Finally, Evercore ISI decreased their target price on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $276.38.

Align Technology Trading Down 0.1 %

Shares of NASDAQ:ALGN opened at $234.01 on Wednesday. The company has a market capitalization of $17.47 billion, a price-to-earnings ratio of 39.93, a PEG ratio of 6.07 and a beta of 1.66. Align Technology, Inc. has a 12 month low of $196.09 and a 12 month high of $335.40. The firm’s 50-day moving average is $225.75 and its 200 day moving average is $235.46.

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

Align Technology 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.