ExodusPoint Capital Management LP Has $26.03 Million Stock Position in Align Technology, Inc. (NASDAQ:ALGN)

ExodusPoint Capital Management LP boosted its stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 56.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 124,818 shares of the medical equipment provider's stock after purchasing an additional 44,903 shares during the period. ExodusPoint Capital Management LP owned approximately 0.17% of Align Technology worth $26,026,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of ALGN. Motley Fool Asset Management LLC grew its position in Align Technology by 6.9% in the fourth quarter. Motley Fool Asset Management LLC now owns 1,099 shares of the medical equipment provider's stock valued at $229,000 after acquiring an additional 71 shares in the last quarter. Huntington National Bank grew its holdings in Align Technology by 103.8% during the 4th quarter. Huntington National Bank now owns 326 shares of the medical equipment provider's stock valued at $68,000 after purchasing an additional 166 shares in the last quarter. Trexquant Investment LP purchased a new stake in Align Technology during the 4th quarter worth $7,218,000. Headlands Technologies LLC purchased a new position in Align Technology in the 4th quarter valued at about $2,232,000. Finally, Geode Capital Management LLC boosted its position in Align Technology by 2.2% in the 4th quarter. Geode Capital Management LLC now owns 1,790,014 shares of the medical equipment provider's stock valued at $372,299,000 after buying an additional 39,209 shares during the last quarter. Institutional investors and hedge funds own 88.43% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Leerink Partnrs upgraded Align Technology from a "hold" rating to a "strong-buy" rating in a research note on Monday, January 6th. Evercore ISI raised their price target on shares of Align Technology from $240.00 to $260.00 and gave the stock an "outperform" rating in a research report on Thursday, February 6th. Piper Sandler reaffirmed an "overweight" rating and issued a $235.00 price target (down from $270.00) on shares of Align Technology in a report on Tuesday, March 18th. Bank of America increased their price objective on shares of Align Technology from $200.00 to $206.00 and gave the company an "underperform" rating in a research note on Friday, December 13th. Finally, Wells Fargo & Company began coverage on shares of Align Technology in a research report on Friday, February 14th. They issued an "overweight" rating and a $255.00 target price for the company. One analyst has rated the stock with a sell rating, two have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $262.64.

Align Technology Price Performance

Shares of NASDAQ ALGN traded down $1.96 during midday trading on Tuesday, hitting $151.39. 434,906 shares of the company's stock were exchanged, compared to its average volume of 847,348. Align Technology, Inc. has a twelve month low of $143.00 and a twelve month high of $331.64. The firm has a market cap of $11.08 billion, a P/E ratio of 27.01, a PEG ratio of 2.24 and a beta of 1.73. The stock's 50 day moving average price is $184.92 and its 200-day moving average price is $210.65.

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 (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%. On average, analysts expect that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

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.