Redmile Group LLC Has $28.61 Million Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Redmile Group LLC boosted its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 74.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 87,255 shares of the medical equipment provider’s stock after acquiring an additional 37,173 shares during the quarter. Redmile Group LLC owned 0.12% of Align Technology worth $28,613,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Mather Group LLC. acquired a new stake in Align Technology in the first quarter valued at $26,000. LRI Investments LLC acquired a new stake in shares of Align Technology in the first quarter valued at about $29,000. Crewe Advisors LLC bought a new position in shares of Align Technology during the first quarter worth about $41,000. Lindbrook Capital LLC lifted its stake in shares of Align Technology by 47.2% in the first quarter. Lindbrook Capital LLC now owns 187 shares of the medical equipment provider’s stock worth $61,000 after acquiring an additional 60 shares during the period. Finally, Venturi Wealth Management LLC boosted its holdings in Align Technology by 97.2% in the fourth quarter. Venturi Wealth Management LLC now owns 280 shares of the medical equipment provider’s stock valued at $77,000 after acquiring an additional 138 shares during the last quarter. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. UBS Group boosted their price target on shares of Align Technology from $280.00 to $320.00 and gave the stock a “neutral” rating in a research report on Monday, April 15th. Evercore ISI dropped their target price on shares of Align Technology from $370.00 to $300.00 and set an “outperform” rating on the stock in a report on Monday, June 10th. Robert W. Baird decreased their price target on Align Technology from $370.00 to $325.00 and set an “outperform” rating for the company in a report on Monday, July 22nd. Stifel Nicolaus lowered their price objective on Align Technology from $400.00 to $350.00 and set a “buy” rating for the company in a research report on Thursday. Finally, StockNews.com lowered Align Technology from a “buy” rating to a “hold” rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $322.78.

Align Technology Trading Up 1.6 %

ALGN stock traded up $3.51 during trading on Monday, reaching $223.96. 1,136,212 shares of the stock were exchanged, compared to its average volume of 780,557. The firm’s 50 day moving average is $248.16 and its 200 day moving average is $280.25. The firm has a market cap of $16.86 billion, a P/E ratio of 36.90, a price-to-earnings-growth ratio of 4.88 and a beta of 1.66. Align Technology, Inc. has a twelve month low of $176.34 and a twelve month high of $384.90.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share 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 for the quarter, compared to analyst estimates of $1.04 billion. During the same period in the prior year, the firm earned $1.73 earnings per share. Align Technology’s revenue for the quarter was up 2.6% on a year-over-year basis. As a group, analysts predict that Align Technology, Inc. will post 7.84 earnings per share for the current fiscal 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.