Meridiem Investment Management Ltd. Purchases 297,472 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Meridiem Investment Management Ltd. increased its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 63.7% during the 4th quarter, Holdings Channel reports. The firm owned 764,732 shares of the medical equipment provider’s stock after acquiring an additional 297,472 shares during the period. Align Technology comprises 2.9% of Meridiem Investment Management Ltd.’s investment portfolio, making the stock its 18th biggest position. Meridiem Investment Management Ltd.’s holdings in Align Technology were worth $159,470,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of ALGN. Wellington Management Group LLP raised its holdings in Align Technology by 49.0% during the third quarter. Wellington Management Group LLP now owns 2,634,600 shares of the medical equipment provider’s stock valued at $670,031,000 after acquiring an additional 866,663 shares during the period. Holocene Advisors LP bought a new stake in Align Technology during the 3rd quarter valued at approximately $137,287,000. FMR LLC raised its stake in Align Technology by 43.0% during the 3rd quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock valued at $310,736,000 after purchasing an additional 367,508 shares during the period. Point72 Asset Management L.P. lifted its holdings in Align Technology by 96.3% in the 3rd quarter. Point72 Asset Management L.P. now owns 674,319 shares of the medical equipment provider’s stock worth $171,493,000 after purchasing an additional 330,807 shares in the last quarter. Finally, Senvest Management LLC boosted its stake in Align Technology by 76.4% in the 3rd quarter. Senvest Management LLC now owns 459,243 shares of the medical equipment provider’s stock worth $116,795,000 after purchasing an additional 198,893 shares during the period. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Stock Up 0.9 %

ALGN stock opened at $206.77 on Monday. Align Technology, Inc. has a twelve month low of $196.09 and a twelve month high of $335.40. The stock has a market capitalization of $15.44 billion, a price-to-earnings ratio of 36.86, a price-to-earnings-growth ratio of 4.79 and a beta of 1.67. The firm’s fifty day simple moving average is $218.77 and its two-hundred day simple moving average is $224.91.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 EPS for the quarter, missing the consensus estimate of $2.43 by ($0.47). Align Technology had a net margin of 10.54% and a return on equity of 13.84%. As a group, equities research analysts expect that Align Technology, Inc. will post 8.09 EPS for the current year.

Wall Street Analyst Weigh In

ALGN has been the topic of several recent analyst reports. Evercore ISI lifted their price objective on shares of Align Technology from $240.00 to $260.00 and gave the company an “outperform” rating in a research report on Thursday, February 6th. Morgan Stanley reduced their price target on shares of Align Technology from $280.00 to $272.00 and set an “overweight” rating on the stock in a report on Thursday, February 6th. Jefferies Financial Group dropped their price objective on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a report on Thursday, January 23rd. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a report on Thursday, February 6th. Finally, Stifel Nicolaus dropped 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. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $269.91.

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.