Align Technology, Inc. (NASDAQ:ALGN) Stock Position Lifted by Senvest Management LLC

Senvest Management LLC lifted its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 76.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 459,243 shares of the medical equipment provider’s stock after acquiring an additional 198,893 shares during the quarter. Align Technology makes up approximately 4.1% of Senvest Management LLC’s holdings, making the stock its 9th biggest position. Senvest Management LLC’s holdings in Align Technology were worth $116,795,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ALGN. Achmea Investment Management B.V. raised its holdings in Align Technology by 3.4% during the second quarter. Achmea Investment Management B.V. now owns 10,335 shares of the medical equipment provider’s stock valued at $2,495,000 after acquiring an additional 339 shares during the period. Tidal Investments LLC raised its stake in Align Technology by 122.9% during the 1st quarter. Tidal Investments LLC now owns 4,408 shares of the medical equipment provider’s stock valued at $1,445,000 after purchasing an additional 2,430 shares during the period. Swedbank AB lifted its holdings in Align Technology by 2.0% in the 2nd quarter. Swedbank AB now owns 299,115 shares of the medical equipment provider’s stock worth $72,215,000 after purchasing an additional 6,005 shares in the last quarter. Baker Avenue Asset Management LP bought a new position in Align Technology in the 3rd quarter worth approximately $4,250,000. Finally, Cetera Investment Advisers grew its holdings in Align Technology by 914.2% during the 1st quarter. Cetera Investment Advisers now owns 12,627 shares of the medical equipment provider’s stock valued at $4,140,000 after buying an additional 11,382 shares in the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Trading Down 1.0 %

Shares of NASDAQ:ALGN opened at $225.89 on Friday. The company has a 50-day moving average price of $228.54 and a 200 day moving average price of $237.82. Align Technology, Inc. has a 12 month low of $196.09 and a 12 month high of $335.40. The company has a market cap of $16.86 billion, a price-to-earnings ratio of 38.55, a PEG ratio of 5.91 and a beta of 1.65.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data 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. The business had revenue of $977.87 million during the quarter, compared to analyst estimates of $990.05 million. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The company’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same period last year, the company earned $1.62 EPS. As a group, equities analysts forecast that Align Technology, Inc. will post 7.45 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently commented on ALGN. Evercore ISI lowered their target price 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. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research note on Monday, November 4th. Morgan Stanley dropped their price objective 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. Stifel Nicolaus reduced their target price on Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a report on Thursday, October 24th. Finally, Robert W. Baird decreased their target price on Align Technology from $325.00 to $276.00 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 assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $276.38.

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.