Assenagon Asset Management S.A. Acquires 66,756 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Assenagon Asset Management S.A. boosted its stake in Align Technology, Inc. (NASDAQ:ALGN) by 54.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 189,022 shares of the medical equipment provider’s stock after acquiring an additional 66,756 shares during the period. Assenagon Asset Management S.A. owned 0.25% of Align Technology worth $39,413,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Quarry LP lifted its holdings in Align Technology by 53.0% in the second quarter. Quarry LP now owns 127 shares of the medical equipment provider’s stock worth $31,000 after buying an additional 44 shares during the period. Empirical Finance LLC lifted its stake in shares of Align Technology by 2.1% in the 3rd quarter. Empirical Finance LLC now owns 2,486 shares of the medical equipment provider’s stock valued at $632,000 after purchasing an additional 50 shares during the period. Lake Street Advisors Group LLC boosted its position in shares of Align Technology by 5.6% during the third quarter. Lake Street Advisors Group LLC now owns 1,042 shares of the medical equipment provider’s stock valued at $265,000 after purchasing an additional 55 shares in the last quarter. Benjamin F. Edwards & Company Inc. grew its stake in Align Technology by 8.9% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 687 shares of the medical equipment provider’s stock worth $166,000 after purchasing an additional 56 shares during the period. Finally, Crestwood Advisors Group LLC raised its holdings in Align Technology by 6.6% in the third quarter. Crestwood Advisors Group LLC now owns 1,000 shares of the medical equipment provider’s stock worth $254,000 after purchasing an additional 62 shares in the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Price Performance

Shares of NASDAQ:ALGN opened at $218.91 on Friday. Align Technology, Inc. has a 1 year low of $196.09 and a 1 year high of $335.40. The company has a market cap of $16.34 billion, a P/E ratio of 37.36, a PEG ratio of 4.64 and a beta of 1.67. The stock’s fifty day moving average price is $222.10 and its 200-day moving average price is $228.44.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (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 for the quarter, compared to analysts’ expectations of $990.05 million. During the same quarter in the prior year, the business earned $1.62 EPS. The business’s revenue for the quarter was up 1.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Align Technology, Inc. will post 7.44 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have recently commented on ALGN shares. Leerink Partnrs upgraded shares of Align Technology from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. Leerink Partners upgraded shares of Align Technology from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $235.00 to $280.00 in a report on Monday, January 6th. Morgan Stanley lowered their target price on shares of Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. Piper Sandler cut their price target on Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Finally, Bank of America lifted their price objective on Align Technology from $200.00 to $206.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $268.20.

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.