Cibc World Markets Corp Increases Stock Position in Align Technology, Inc. (NASDAQ:ALGN)

Cibc World Markets Corp increased its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 15.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 11,091 shares of the medical equipment provider's stock after buying an additional 1,519 shares during the period. Cibc World Markets Corp's holdings in Align Technology were worth $2,313,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in ALGN. Picton Mahoney Asset Management increased its position in shares of Align Technology by 69.9% in the 4th 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 last quarter. Smartleaf Asset Management LLC increased its holdings in Align Technology by 9.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 766 shares of the medical equipment provider's stock valued at $158,000 after buying an additional 64 shares during the last quarter. Beech Hill Advisors Inc. raised its stake in Align Technology by 0.6% in the fourth quarter. Beech Hill Advisors Inc. now owns 11,632 shares of the medical equipment provider's stock valued at $2,425,000 after buying an additional 65 shares in the last quarter. New York Life Investment Management LLC lifted its holdings in Align Technology by 0.7% during the 4th quarter. New York Life Investment Management LLC now owns 9,406 shares of the medical equipment provider's stock worth $1,961,000 after buying an additional 68 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its position in shares of Align Technology by 1.2% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 7,799 shares of the medical equipment provider's stock worth $1,626,000 after acquiring an additional 91 shares in the last quarter. Institutional investors and hedge funds own 88.43% of the company's stock.

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Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Wells Fargo & Company started coverage on Align Technology in a research report on Friday, February 14th. They set an "overweight" rating and a $255.00 target price on the stock. Evercore ISI boosted their price objective 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. Leerink Partners raised shares of Align Technology from a "market perform" rating to an "outperform" rating and increased their target price for the company from $235.00 to $280.00 in a research report on Monday, January 6th. Mizuho cut their price target on shares of Align Technology from $295.00 to $250.00 and set an "outperform" rating on the stock in a research note on Tuesday. Finally, Morgan Stanley decreased their price objective on shares of Align Technology from $280.00 to $272.00 and set an "overweight" rating for the company in a research note on Thursday, February 6th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $262.64.

Align Technology Trading Down 0.2 %

Shares of NASDAQ ALGN traded down $0.37 during midday trading on Tuesday, reaching $170.00. 570,567 shares of the company were exchanged, compared to its average volume of 1,014,787. The stock has a market cap of $12.51 billion, a P/E ratio of 30.30, a PEG ratio of 2.24 and a beta of 1.69. Align Technology, Inc. has a 1 year low of $158.13 and a 1 year high of $331.64. The stock has a fifty day simple moving average of $197.91 and a 200 day simple moving average of $216.13.

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 the consensus estimate 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, analysts forecast that Align Technology, Inc. will post 7.98 earnings per share for the current year.

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.