Intech Investment Management LLC Buys 2,134 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Intech Investment Management LLC lifted its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 185.1% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 3,287 shares of the medical equipment provider's stock after acquiring an additional 2,134 shares during the period. Intech Investment Management LLC's holdings in Align Technology were worth $685,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Wellington Management Group LLP boosted its stake in Align Technology by 49.0% in the third quarter. Wellington Management Group LLP now owns 2,634,600 shares of the medical equipment provider's stock worth $670,031,000 after buying an additional 866,663 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Align Technology by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 1,750,805 shares of the medical equipment provider's stock valued at $443,810,000 after purchasing an additional 21,605 shares in the last quarter. FMR LLC grew 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 valued at $310,736,000 after purchasing an additional 367,508 shares during the last quarter. Ninety One UK Ltd raised its position in Align Technology by 3.7% in the 4th quarter. Ninety One UK Ltd now owns 1,220,601 shares of the medical equipment provider's stock worth $254,508,000 after purchasing an additional 43,524 shares during the period. Finally, Meridiem Investment Management Ltd. lifted its stake in Align Technology by 63.7% in the fourth quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider's stock worth $159,470,000 after purchasing an additional 297,472 shares during the last quarter. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

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Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on ALGN shares. Jefferies Financial Group dropped their target price on Align Technology from $285.00 to $260.00 and set a "buy" rating for the company in a report on Thursday, January 23rd. Wells Fargo & Company began coverage on shares of Align Technology in a report on Friday, February 14th. They issued an "overweight" rating and a $255.00 target price on the stock. Bank of America lifted their target price on shares of Align Technology from $200.00 to $206.00 and gave the stock an "underperform" rating in a research note on Friday, December 13th. Leerink Partnrs raised shares of Align Technology from a "hold" rating to a "strong-buy" rating in a research report on Monday, January 6th. Finally, Piper Sandler restated an "overweight" rating and issued a $235.00 price objective (down previously from $270.00) on shares of Align Technology in a research report on Tuesday, March 18th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $262.64.

Align Technology Stock Down 1.3 %

Shares of NASDAQ:ALGN traded down $2.17 during trading on Thursday, hitting $164.29. The stock had a trading volume of 659,689 shares, compared to its average volume of 805,358. Align Technology, Inc. has a 12 month low of $158.13 and a 12 month high of $331.64. The company has a market capitalization of $12.09 billion, a PE ratio of 29.29, a PEG ratio of 2.24 and a beta of 1.69. The firm's fifty day moving average is $196.12 and its 200 day moving average is $215.43.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings data 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 return on equity of 13.84% and a net margin of 10.54%. Equities research analysts expect that Align Technology, Inc. will post 7.98 EPS for the current fiscal 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.