Edgestream Partners L.P. Buys 8,507 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Edgestream Partners L.P. lifted its holdings in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 113.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 15,985 shares of the medical equipment provider's stock after acquiring an additional 8,507 shares during the period. Edgestream Partners L.P.'s holdings in Align Technology were worth $4,065,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Kayne Anderson Rudnick Investment Management LLC lifted its position in Align Technology by 4,391.3% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 488,251 shares of the medical equipment provider's stock worth $117,879,000 after purchasing an additional 477,380 shares during the period. FMR LLC lifted its holdings in shares of Align Technology by 43.0% during the 3rd quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider's stock worth $310,736,000 after acquiring an additional 367,508 shares during the period. Senvest Management LLC boosted its position in shares of Align Technology by 76.4% during the 3rd quarter. Senvest Management LLC now owns 459,243 shares of the medical equipment provider's stock worth $116,795,000 after acquiring an additional 198,893 shares in the last quarter. Point72 Asset Management L.P. increased its stake in Align Technology by 127.4% in the second quarter. Point72 Asset Management L.P. now owns 343,512 shares of the medical equipment provider's stock valued at $82,934,000 after acquiring an additional 192,474 shares during the last quarter. Finally, Sofinnova Investments Inc. increased its stake in Align Technology by 128.9% in the second quarter. Sofinnova Investments Inc. now owns 218,524 shares of the medical equipment provider's stock valued at $52,758,000 after acquiring an additional 123,046 shares during the last quarter. 88.43% of the stock is owned by institutional investors.

Align Technology Price Performance

Shares of ALGN traded up $3.11 during trading hours on Friday, hitting $232.77. The stock had a trading volume of 312,009 shares, compared to its average volume of 800,036. The firm has a 50 day simple moving average of $226.43 and a 200-day simple moving average of $236.00. Align Technology, Inc. has a 1-year low of $196.09 and a 1-year high of $335.40. The firm has a market capitalization of $17.38 billion, a P/E ratio of 39.72, a price-to-earnings-growth ratio of 6.03 and a beta of 1.65.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, beating analysts' consensus estimates of $2.31 by $0.04. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The firm had revenue of $977.87 million during the quarter, compared to analysts' expectations of $990.05 million. During the same quarter last year, the firm posted $1.62 earnings per share. The company's revenue for the quarter was up 1.8% compared to the same quarter last year. Equities analysts predict that Align Technology, Inc. will post 7.45 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Piper Sandler reduced their target price on Align Technology from $285.00 to $275.00 and set an "overweight" rating on the stock in a report on Thursday, October 24th. Stifel Nicolaus reduced their price objective on Align Technology from $285.00 to $275.00 and set a "buy" rating on the stock in a research note on Thursday, October 24th. Evercore ISI lowered their target price on Align Technology from $270.00 to $250.00 and set an "outperform" rating for the company in a research note on Thursday, October 24th. Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a report on Monday, November 4th. Finally, Morgan Stanley decreased their price target on shares of Align Technology from $310.00 to $280.00 and set an "overweight" rating on the stock in a report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $276.38.

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.