Trust Point Inc. Acquires New Stake in Align Technology, Inc. (NASDAQ:ALGN)

Trust Point Inc. acquired a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 1,736 shares of the medical equipment provider's stock, valued at approximately $362,000.

A number of other hedge funds also recently bought and sold shares of ALGN. Wellington Management Group LLP raised its stake in shares of 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 worth $670,031,000 after acquiring an additional 866,663 shares in the last quarter. Holocene Advisors LP purchased a new position in Align Technology in the 3rd quarter worth $137,287,000. FMR LLC lifted its stake in 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 purchasing an additional 367,508 shares during the last quarter. Point72 Asset Management L.P. lifted its stake in Align Technology by 96.3% in the third 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 during the last quarter. Finally, Senvest Management LLC boosted 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 valued at $116,795,000 after buying an additional 198,893 shares during the period. Institutional investors own 88.43% of the company's stock.

Align Technology Stock Down 3.6 %

Shares of ALGN stock traded down $7.83 during mid-day trading on Friday, reaching $210.55. 1,396,008 shares of the company's stock traded hands, compared to its average volume of 760,952. The company's 50-day moving average price is $221.25 and its 200-day moving average price is $225.66. The company has a market cap of $15.72 billion, a P/E ratio of 37.53, a P/E/G ratio of 4.79 and a beta of 1.67. Align Technology, Inc. has a 12 month low of $196.09 and a 12 month high of $335.40.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share for the quarter, missing analysts' consensus estimates of $2.43 by ($0.47). Align Technology had a net margin of 10.54% and a return on equity of 13.84%. Equities analysts predict that Align Technology, Inc. will post 8.09 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Piper Sandler lowered their target price on Align Technology from $275.00 to $270.00 and set an "overweight" rating for the company in a research note on Thursday. Leerink Partnrs upgraded shares of Align Technology from a "hold" rating to a "strong-buy" rating in a report on Monday, January 6th. Bank of America boosted their price objective on shares of Align Technology from $200.00 to $206.00 and gave the company an "underperform" rating in a research report on Friday, December 13th. Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a report on Thursday. Finally, Morgan Stanley reduced their price target on Align Technology from $280.00 to $272.00 and set an "overweight" rating on the stock in a report on Thursday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, nine have issued a buy rating and one has issued 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 price target of $271.40.

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.