Point72 Asia Singapore Pte. Ltd. Has $440,000 Position in Align Technology, Inc. (NASDAQ:ALGN)

Point72 Asia Singapore Pte. Ltd. lifted its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 57.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,732 shares of the medical equipment provider’s stock after purchasing an additional 630 shares during the period. Point72 Asia Singapore Pte. Ltd.’s holdings in Align Technology were worth $440,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the business. Kayne Anderson Rudnick Investment Management LLC increased its position in Align Technology by 4,391.3% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 488,251 shares of the medical equipment provider’s stock worth $117,879,000 after buying an additional 477,380 shares during the period. FMR LLC grew its stake in shares of Align Technology by 43.0% in the third quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock worth $310,736,000 after acquiring an additional 367,508 shares during the last quarter. Senvest Management LLC increased its position in Align Technology by 76.4% during the third quarter. Senvest Management LLC now owns 459,243 shares of the medical equipment provider’s stock worth $116,795,000 after acquiring an additional 198,893 shares during the period. Point72 Asset Management L.P. raised its stake in Align Technology by 127.4% during the 2nd quarter. Point72 Asset Management L.P. now owns 343,512 shares of the medical equipment provider’s stock valued at $82,934,000 after purchasing an additional 192,474 shares during the last quarter. Finally, Sofinnova Investments Inc. boosted its holdings in Align Technology by 128.9% in the 2nd quarter. Sofinnova Investments Inc. now owns 218,524 shares of the medical equipment provider’s stock valued at $52,758,000 after purchasing an additional 123,046 shares during the period. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Price Performance

Shares of ALGN stock opened at $234.14 on Tuesday. The stock’s fifty day simple moving average is $226.43 and its 200 day simple moving average is $236.00. Align Technology, Inc. has a one year low of $196.09 and a one year high of $335.40. The firm has a market cap of $17.48 billion, a price-to-earnings ratio of 39.96, a P/E/G ratio of 6.03 and a beta of 1.65.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, beating 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 company had revenue of $977.87 million during the quarter, compared to analysts’ expectations of $990.05 million. During the same period last year, the business earned $1.62 earnings per share. The business’s revenue was up 1.8% on a year-over-year basis. On average, research analysts anticipate that Align Technology, Inc. will post 7.45 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on ALGN. Evercore ISI dropped their price objective on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Morgan Stanley lowered their price target on Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a report on Monday, November 4th. Piper Sandler decreased their price objective on Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Finally, StockNews.com upgraded Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. One analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $276.38.

About Align Technology

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.