Arrowstreet Capital Limited Partnership Acquires 41,532 Shares of Align Technology, Inc. $ALGN

Arrowstreet Capital Limited Partnership boosted its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 189.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 63,501 shares of the medical equipment provider’s stock after buying an additional 41,532 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.09% of Align Technology worth $12,023,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Rothschild Investment LLC increased its holdings in shares of Align Technology by 140.3% during the 2nd quarter. Rothschild Investment LLC now owns 149 shares of the medical equipment provider’s stock valued at $28,000 after acquiring an additional 87 shares during the last quarter. True Wealth Design LLC boosted its position in Align Technology by 7,650.0% during the second quarter. True Wealth Design LLC now owns 155 shares of the medical equipment provider’s stock worth $29,000 after purchasing an additional 153 shares during the period. Cromwell Holdings LLC grew its holdings in Align Technology by 2,900.0% during the second quarter. Cromwell Holdings LLC now owns 180 shares of the medical equipment provider’s stock valued at $34,000 after purchasing an additional 174 shares during the last quarter. SVB Wealth LLC acquired a new position in Align Technology during the first quarter valued at approximately $36,000. Finally, MAI Capital Management raised its position in shares of Align Technology by 84.8% in the second quarter. MAI Capital Management now owns 255 shares of the medical equipment provider’s stock valued at $48,000 after purchasing an additional 117 shares during the period. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Stock Performance

ALGN opened at $159.00 on Wednesday. The firm’s fifty day moving average is $138.30 and its two-hundred day moving average is $154.98. The firm has a market cap of $11.41 billion, a PE ratio of 30.81, a price-to-earnings-growth ratio of 1.92 and a beta of 1.86. Align Technology, Inc. has a twelve month low of $122.00 and a twelve month high of $246.19.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, October 29th. The medical equipment provider reported $2.61 EPS for the quarter, topping the consensus estimate of $2.38 by $0.23. The firm had revenue of $995.69 million for the quarter, compared to the consensus estimate of $980.75 million. Align Technology had a net margin of 9.50% and a return on equity of 13.96%. The business’s quarterly revenue was up 1.8% on a year-over-year basis. During the same period last year, the company posted $2.35 EPS. Equities analysts forecast that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Jefferies Financial Group increased their price target on shares of Align Technology from $140.00 to $155.00 in a report on Thursday, October 30th. Piper Sandler reaffirmed an “overweight” rating and issued a $200.00 price target (up previously from $190.00) on shares of Align Technology in a report on Thursday, October 30th. Barclays initiated coverage on Align Technology in a report on Monday. They set an “equal weight” rating and a $170.00 price objective on the stock. Mizuho dropped their price objective on shares of Align Technology from $210.00 to $170.00 and set an “outperform” rating for the company in a research note on Monday, October 13th. Finally, Wall Street Zen raised Align Technology from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $175.00.

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.