American Assets Inc. Buys New Shares in Align Technology, Inc. (NASDAQ:ALGN)

American Assets Inc. purchased a new position in shares of Align Technology, Inc. (NASDAQ:ALGN) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 2,000 shares of the medical equipment provider’s stock, valued at approximately $417,000. Align Technology accounts for approximately 0.1% of American Assets Inc.’s investment portfolio, making the stock its 20th largest position.

A number of other hedge funds and other institutional investors have also bought and sold shares of ALGN. Impax Asset Management Group plc grew its holdings in Align Technology by 26.8% during the third quarter. Impax Asset Management Group plc now owns 114,057 shares of the medical equipment provider’s stock worth $29,007,000 after purchasing an additional 24,115 shares during the period. Principal Financial Group Inc. lifted its holdings in Align Technology by 2.7% during the 3rd quarter. Principal Financial Group Inc. now owns 82,020 shares of the medical equipment provider’s stock worth $20,859,000 after purchasing an additional 2,168 shares during the last quarter. Kornitzer Capital Management Inc. KS bought a new stake in Align Technology in the 3rd quarter valued at $205,000. Portside Wealth Group LLC acquired a new position in Align Technology in the 3rd quarter valued at $238,000. Finally, ARK Investment Management LLC increased its position in Align Technology by 5.3% during the 3rd quarter. ARK Investment Management LLC now owns 6,413 shares of the medical equipment provider’s stock worth $1,631,000 after buying an additional 322 shares during the period. Institutional investors own 88.43% of the company’s stock.

Align Technology Stock Up 1.0 %

ALGN stock opened at $173.75 on Friday. The company has a market cap of $12.79 billion, a PE ratio of 30.97, a price-to-earnings-growth ratio of 2.24 and a beta of 1.69. The business has a 50-day simple moving average of $208.02 and a 200 day simple moving average of $221.29. Align Technology, Inc. has a 52 week low of $167.32 and a 52 week high of $335.40.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 EPS for the quarter, missing the consensus estimate of $2.43 by ($0.47). Align Technology had a return on equity of 13.84% and a net margin of 10.54%. On average, analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on ALGN. Morgan Stanley dropped their target price on Align Technology from $280.00 to $272.00 and set an “overweight” rating for the company in a report on Thursday, February 6th. Mizuho began coverage on Align Technology in a report on Wednesday, December 4th. They set an “outperform” rating and a $295.00 target price for the company. Evercore ISI lifted their target price on Align Technology from $240.00 to $260.00 and gave the stock an “outperform” rating in a report on Thursday, February 6th. Piper Sandler dropped their target price on Align Technology from $275.00 to $270.00 and set an “overweight” rating for the company in a report on Thursday, February 6th. Finally, Leerink Partners raised Align Technology from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $235.00 to $280.00 in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $269.91.

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.