New York Life Investment Management LLC boosted its stake in shares of Align Technology, Inc. (NASDAQ:ALGN – Free Report) by 1,736.9% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 168,132 shares of the medical equipment provider’s stock after purchasing an additional 158,979 shares during the period. New York Life Investment Management LLC’s holdings in Align Technology were worth $22,364,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently made changes to their positions in the business. Hollencrest Capital Management acquired a new position in Align Technology in the 1st quarter valued at about $34,000. Osterweis Capital Management Inc. acquired a new position in Align Technology in the 2nd quarter valued at $36,000. Entrust Financial LLC grew its holdings in Align Technology by 272.9% in the 3rd quarter. Entrust Financial LLC now owns 220 shares of the medical equipment provider’s stock valued at $30,000 after buying an additional 161 shares in the last quarter. Global Retirement Partners LLC bought a new position in Align Technology during the 2nd quarter worth $38,000. Finally, Bessemer Group Inc. increased its position in Align Technology by 37.2% during the 1st quarter. Bessemer Group Inc. now owns 247 shares of the medical equipment provider’s stock worth $43,000 after buying an additional 67 shares during the period. 88.43% of the stock is owned by institutional investors and hedge funds.
Align Technology Stock Performance
Shares of NASDAQ:ALGN opened at $174.26 on Wednesday. The firm has a 50 day moving average of $151.00 and a 200-day moving average of $168.55. Align Technology, Inc. has a 12 month low of $130.23 and a 12 month high of $200.43. The stock has a market capitalization of $12.28 billion, a PE ratio of 25.37, a PEG ratio of 1.89 and a beta of 1.74.
Align Technology (NASDAQ:ALGN – Get Free Report) last announced its quarterly earnings data on Wednesday, October 28th. The medical equipment provider reported $2.80 EPS for the quarter, beating the consensus estimate of $2.77 by $0.03. Align Technology had a net margin of 11.83% and a return on equity of 15.96%. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same period in the previous year, the business earned $2.61 earnings per share. The company’s revenue was up 1.9% on a year-over-year basis. On average, research analysts predict that Align Technology, Inc. will post 9.21 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently issued reports on ALGN shares. Weiss Ratings raised shares of Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, October 9th. Leerink Partners lowered their price target on shares of Align Technology from $235.00 to $215.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 14th. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a report on Thursday, October 29th. Mizuho decreased their target price on shares of Align Technology from $220.00 to $200.00 and set an “outperform” rating on the stock in a research report on Thursday, October 22nd. Finally, Zacks Research cut shares of Align Technology from a “hold” rating to a “strong sell” rating in a report on Thursday, October 15th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $193.08.
Check Out Our Latest Research Report on ALGN
Align Technology Profile
Align Technology, Inc. develops, manufactures and markets digital orthodontic and restorative dentistry products. Its best-known offering is the Invisalign system, which uses a series of custom-made clear aligners to straighten teeth. The company also sells Vivera retainers and iTero intraoral scanners, which support digital dental imaging and treatment planning. Founded in 1997, Align helped popularize clear-aligner orthodontic treatment as an alternative to traditional braces. Its digital dentistry portfolio also includes exocad software, used by dental professionals and laboratories to design dental restorations.
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