FORA Capital LLC Makes New $590,000 Investment in Align Technology, Inc. (NASDAQ:ALGN)

FORA Capital LLC purchased a new stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,320 shares of the medical equipment provider's stock, valued at approximately $590,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Tidal Investments LLC lifted its holdings in Align Technology by 122.9% in the first quarter. Tidal Investments LLC now owns 4,408 shares of the medical equipment provider's stock valued at $1,445,000 after acquiring an additional 2,430 shares during the period. Comerica Bank boosted its stake in shares of Align Technology by 4.9% during the 1st quarter. Comerica Bank now owns 28,842 shares of the medical equipment provider's stock worth $9,458,000 after acquiring an additional 1,352 shares in the last quarter. LRI Investments LLC purchased a new stake in shares of Align Technology during the 1st quarter worth about $29,000. Cetera Investment Advisers grew its position in shares of Align Technology by 914.2% during the 1st quarter. Cetera Investment Advisers now owns 12,627 shares of the medical equipment provider's stock valued at $4,140,000 after acquiring an additional 11,382 shares during the period. Finally, Cetera Advisors LLC acquired a new position in Align Technology in the 1st quarter worth about $337,000. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Trading Up 1.4 %

ALGN stock traded up $3.11 during midday trading on Friday, hitting $232.77. 312,009 shares of the company's stock were exchanged, compared to its average volume of 786,209. Align Technology, Inc. has a 1-year low of $196.09 and a 1-year high of $335.40. The business has a 50-day simple moving average of $226.43 and a two-hundred day simple moving average of $236.60. The stock has a market capitalization of $17.38 billion, a PE ratio of 39.72, a P/E/G ratio of 5.95 and a beta of 1.65.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.31 by $0.04. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. The firm had revenue of $977.87 million for the quarter, compared to analyst estimates of $990.05 million. During the same period in the previous year, the firm earned $1.62 EPS. Align Technology's revenue was up 1.8% on a year-over-year basis. As a group, research analysts expect that Align Technology, Inc. will post 7.45 EPS for the current fiscal year.

Analyst Ratings Changes

ALGN has been the topic of several research analyst reports. Morgan Stanley dropped their price objective on Align Technology from $310.00 to $280.00 and set an "overweight" rating on the stock in a report on Thursday, October 24th. StockNews.com raised shares of Align Technology from a "hold" rating to a "buy" rating in a report on Thursday, September 19th. Piper Sandler decreased their price objective on shares of Align Technology from $285.00 to $275.00 and set an "overweight" rating on the stock in a report on Thursday, October 24th. Robert W. Baird cut their target price on shares of Align Technology from $325.00 to $276.00 and set an "outperform" rating for the company in a research note on Thursday, October 24th. Finally, Stifel Nicolaus decreased their price target on shares of Align Technology from $285.00 to $275.00 and set a "buy" rating on the stock in a research note on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target 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.