Readystate Asset Management LP Invests $11.55 Million in Align Technology, Inc. (NASDAQ:ALGN)

Readystate Asset Management LP acquired a new position in Align Technology, Inc. (NASDAQ:ALGN) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 45,400 shares of the medical equipment provider’s stock, valued at approximately $11,546,000. Readystate Asset Management LP owned 0.06% of Align Technology as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in ALGN. 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. Cetera Advisors LLC purchased a new position in Align Technology during the 1st quarter valued at approximately $337,000. Mather Group LLC. grew its holdings in Align Technology by 52.5% during the 2nd quarter. Mather Group LLC. now owns 122 shares of the medical equipment provider’s stock valued at $29,000 after buying an additional 42 shares in the last quarter. CWM LLC grew its holdings in Align Technology by 10.9% during the 2nd quarter. CWM LLC now owns 4,218 shares of the medical equipment provider’s stock valued at $1,018,000 after buying an additional 415 shares in the last quarter. Finally, Valeo Financial Advisors LLC purchased a new position in Align Technology during the 2nd quarter valued at approximately $301,000. Institutional investors own 88.43% of the company’s stock.

Align Technology Stock Performance

Shares of ALGN stock opened at $235.29 on Thursday. Align Technology, Inc. has a 52-week low of $196.09 and a 52-week high of $335.40. The firm has a market capitalization of $17.56 billion, a P/E ratio of 40.15, a P/E/G ratio of 6.07 and a beta of 1.66. The stock has a 50 day moving average price of $225.61 and a 200 day moving average price of $235.45.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The firm had revenue of $977.87 million during the quarter, compared to analyst estimates of $990.05 million. During the same period last year, the company earned $1.62 EPS. Align Technology’s quarterly revenue was up 1.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Align Technology, Inc. will post 7.45 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on ALGN shares. Robert W. Baird cut their price target on Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. StockNews.com upgraded Align Technology from a “hold” rating to a “buy” rating in a report on Thursday, September 19th. Mizuho assumed coverage on Align Technology in a report on Wednesday. They issued an “outperform” rating and a $295.00 target price for the company. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a report on Monday, November 4th. Finally, Evercore ISI dropped their target price on Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $278.44.

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.