1,561 Shares in Align Technology, Inc. (NASDAQ:ALGN) Purchased by Merit Financial Group LLC

Merit Financial Group LLC bought a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN) in the fourth quarter, Holdings Channel reports. The fund bought 1,561 shares of the medical equipment provider’s stock, valued at approximately $325,000.

Several other large investors have also recently made changes to their positions in ALGN. Wellington Management Group LLP increased its position 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 acquiring an additional 866,663 shares in the last quarter. Holocene Advisors LP bought a new position in shares of Align Technology during the third quarter valued at $137,287,000. FMR LLC lifted its holdings in shares of 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 purchasing an additional 367,508 shares in the last quarter. Point72 Asset Management L.P. boosted its position in shares of Align Technology by 96.3% during the third quarter. Point72 Asset Management L.P. now owns 674,319 shares of the medical equipment provider’s stock valued at $171,493,000 after buying an additional 330,807 shares during the last quarter. Finally, Senvest Management LLC raised its holdings in shares of Align Technology by 76.4% during the third quarter. Senvest Management LLC now owns 459,243 shares of the medical equipment provider’s stock valued at $116,795,000 after purchasing an additional 198,893 shares during the last quarter. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on ALGN shares. Leerink Partnrs raised Align Technology from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. Evercore ISI dropped their price objective on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Mizuho initiated coverage on shares of Align Technology in a report on Wednesday, December 4th. They set an “outperform” rating and a $295.00 target price for the company. Morgan Stanley dropped their price target on shares of Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Finally, Stifel Nicolaus reduced their price objective on Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a research note on Thursday, October 24th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Align Technology has an average rating of “Moderate Buy” and a consensus price target of $267.45.

Align Technology Stock Performance

ALGN stock opened at $233.30 on Friday. The company’s fifty day moving average price is $222.87 and its 200-day moving average price is $227.92. Align Technology, Inc. has a one year low of $196.09 and a one year high of $335.40. The company has a market capitalization of $17.42 billion, a PE ratio of 39.81, a price-to-earnings-growth ratio of 5.14 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, beating the consensus estimate of $2.31 by $0.04. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. The business had revenue of $977.87 million during the quarter, compared to the consensus estimate of $990.05 million. During the same quarter in the prior year, the firm earned $1.62 EPS. The business’s revenue was up 1.8% on a year-over-year basis. On average, research analysts predict that Align Technology, Inc. will post 7.47 EPS for the current fiscal year.

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.