Verition Fund Management LLC Raises Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Verition Fund Management LLC raised its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 462.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 13,450 shares of the medical equipment provider’s stock after purchasing an additional 11,057 shares during the period. Verition Fund Management LLC’s holdings in Align Technology were worth $3,421,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in ALGN. Cullen Frost Bankers Inc. boosted its stake in Align Technology by 854.5% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock valued at $25,000 after purchasing an additional 94 shares during the last quarter. Innealta Capital LLC purchased a new stake in Align Technology during the 2nd quarter valued at $26,000. Rothschild Investment LLC purchased a new stake in Align Technology during the 2nd quarter valued at $26,000. Mather Group LLC. boosted its stake in Align Technology by 52.5% during the 2nd quarter. Mather Group LLC. now owns 122 shares of the medical equipment provider’s stock valued at $29,000 after purchasing an additional 42 shares during the last quarter. Finally, University of Texas Texas AM Investment Management Co. purchased a new stake in Align Technology during the 2nd quarter valued at $31,000. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Align Technology Stock Performance

Shares of Align Technology stock opened at $234.01 on Wednesday. Align Technology, Inc. has a one year low of $196.09 and a one year high of $335.40. The stock’s fifty day moving average is $225.75 and its 200 day moving average is $235.46. The stock has a market cap of $17.47 billion, a P/E ratio of 39.93, a P/E/G ratio of 6.07 and a beta of 1.66.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $990.05 million. During the same period last year, the firm earned $1.62 EPS. Align Technology’s revenue for the quarter was up 1.8% compared to the same quarter last year. Analysts predict that Align Technology, Inc. will post 7.45 EPS for the current year.

Wall Street Analyst Weigh In

ALGN has been the topic of several recent analyst reports. Evercore ISI cut their target price on Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Robert W. Baird dropped their price target on Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Needham & Company LLC restated a “hold” rating on shares of Align Technology in a research note on Monday, November 4th. Piper Sandler dropped their price target on Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Finally, Stifel Nicolaus dropped their price target on Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $276.38.

Align Technology Company 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.