Senvest Management LLC Increases Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Senvest Management LLC increased its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 76.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 459,243 shares of the medical equipment provider’s stock after acquiring an additional 198,893 shares during the quarter. Align Technology comprises about 4.1% of Senvest Management LLC’s investment portfolio, making the stock its 9th biggest holding. Senvest Management LLC owned about 0.62% of Align Technology worth $116,795,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Canada Pension Plan Investment Board raised its stake in Align Technology by 67.7% during the first quarter. Canada Pension Plan Investment Board now owns 101,229 shares of the medical equipment provider’s stock valued at $33,195,000 after buying an additional 40,852 shares during the last quarter. LRI Investments LLC purchased a new position in shares of Align Technology in the 1st quarter worth about $29,000. Lazard Asset Management LLC boosted its stake in Align Technology by 190.7% in the 1st quarter. Lazard Asset Management LLC now owns 54,126 shares of the medical equipment provider’s stock worth $17,748,000 after purchasing an additional 35,507 shares in the last quarter. BOKF NA grew its position in Align Technology by 18.8% during the 1st quarter. BOKF NA now owns 13,437 shares of the medical equipment provider’s stock valued at $4,295,000 after purchasing an additional 2,131 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in Align Technology by 10.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 437,219 shares of the medical equipment provider’s stock valued at $143,373,000 after purchasing an additional 43,144 shares in the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Stock Performance

Shares of NASDAQ:ALGN opened at $225.89 on Friday. The stock’s 50-day simple moving average is $228.54 and its two-hundred day simple moving average is $237.82. The stock has a market capitalization 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, Inc. has a 52-week low of $196.09 and a 52-week high of $335.40.

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, topping analysts’ consensus estimates of $2.31 by $0.04. The company had revenue of $977.87 million for the quarter, compared to the consensus estimate of $990.05 million. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. The firm’s revenue was up 1.8% compared to the same quarter last year. During the same quarter last year, the firm posted $1.62 earnings per share. As a group, equities analysts forecast that Align Technology, Inc. will post 7.45 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Piper Sandler dropped their target price on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Robert W. Baird lowered their price objective 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. Evercore ISI reduced 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. Stifel Nicolaus decreased their price target on Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a research note on Thursday, October 24th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a research report on Monday, November 4th. One analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price 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.