Harbert Fund Advisors Inc. Invests $730,000 in Align Technology, Inc. (NASDAQ:ALGN)

Harbert Fund Advisors Inc. bought a new position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,500 shares of the medical equipment provider's stock, valued at approximately $730,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of ALGN. Norges Bank purchased a new position in Align Technology during the 4th quarter worth $190,792,000. Meridiem Investment Management Ltd. increased its stake in shares of Align Technology by 63.7% during the 4th quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider's stock worth $159,470,000 after purchasing an additional 297,472 shares in the last quarter. Resona Asset Management Co. Ltd. acquired a new stake in shares of Align Technology during the fourth quarter valued at $47,853,000. Raymond James Financial Inc. purchased a new stake in Align Technology in the 4th quarter worth approximately $42,243,000. Finally, Invesco Ltd. boosted its position in shares of Align Technology by 17.1% in the fourth quarter. Invesco Ltd. now owns 1,082,162 shares of the medical equipment provider's stock worth $225,642,000 after acquiring an additional 158,312 shares during the last quarter. Institutional investors and hedge funds own 88.43% of the company's stock.

Align Technology Price Performance

NASDAQ:ALGN traded up $4.11 during trading hours on Wednesday, reaching $168.26. 463,200 shares of the company were exchanged, compared to its average volume of 868,166. The company has a market capitalization of $12.32 billion, a P/E ratio of 29.99, a P/E/G ratio of 2.24 and a beta of 1.73. The business has a 50 day moving average of $175.16 and a 200 day moving average of $206.13. Align Technology, Inc. has a 1-year low of $141.74 and a 1-year high of $327.49.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings data on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share (EPS) 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%. As a group, equities research analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on ALGN shares. Morgan Stanley reduced their target price 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 cut their price objective on Align Technology from $285.00 to $260.00 and set a "buy" rating on the stock in a research note on Thursday, January 23rd. Leerink Partnrs upgraded Align Technology from a "hold" rating to a "strong-buy" rating in a research note on Monday, January 6th. Evercore ISI upped their price objective on shares of Align Technology from $240.00 to $260.00 and gave the stock an "outperform" rating in a report on Thursday, February 6th. Finally, Leerink Partners raised Align Technology from a "market perform" rating to an "outperform" rating and lifted their target price for the stock from $235.00 to $280.00 in a report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $256.90.

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.