Allstate Corp Purchases New Position in Align Technology, Inc. (NASDAQ:ALGN)

Allstate Corp purchased a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 2,094 shares of the medical equipment provider's stock, valued at approximately $437,000.

A number of other large investors have also recently added to or reduced their stakes in ALGN. Picton Mahoney Asset Management raised its position in Align Technology by 69.9% in the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock valued at $30,000 after purchasing an additional 58 shares during the period. Neo Ivy Capital Management acquired a new stake in shares of Align Technology during the 3rd quarter worth about $32,000. Private Trust Co. NA raised its holdings in Align Technology by 113.4% in the 4th quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider's stock valued at $36,000 after buying an additional 93 shares during the period. Versant Capital Management Inc lifted its position in Align Technology by 212.2% in the fourth quarter. Versant Capital Management Inc now owns 231 shares of the medical equipment provider's stock valued at $48,000 after buying an additional 157 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. purchased a new position in Align Technology during the fourth quarter worth about $52,000. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on ALGN shares. Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a research note on Thursday, February 6th. Jefferies Financial Group decreased their price target 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. Bank of America lifted their price objective on Align Technology from $200.00 to $206.00 and gave the company an "underperform" rating in a research note on Friday, December 13th. Evercore ISI increased their target price on Align Technology from $240.00 to $260.00 and gave the stock an "outperform" rating in a research note on Thursday, February 6th. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $235.00 target price (down from $270.00) on shares of Align Technology in a research report on Tuesday, March 18th. 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 assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $262.64.

Align Technology Trading Down 0.1 %

NASDAQ:ALGN traded down $0.16 during mid-day trading on Monday, hitting $153.35. The stock had a trading volume of 2,101,421 shares, compared to its average volume of 849,451. Align Technology, Inc. has a twelve month low of $143.00 and a twelve month high of $331.64. The stock has a 50-day simple moving average of $184.92 and a two-hundred day simple moving average of $210.65. The company has a market capitalization of $11.23 billion, a PE ratio of 27.34, a PEG ratio of 2.24 and a beta of 1.73.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its quarterly earnings data 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%. Sell-side analysts predict 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.