Jennison Associates LLC Acquires Shares of 106,159 Align Technology, Inc. (NASDAQ:ALGN)

Jennison Associates LLC acquired a new stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 106,159 shares of the medical equipment provider's stock, valued at approximately $22,135,000. Jennison Associates LLC owned 0.14% of Align Technology at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Baker Avenue Asset Management LP acquired a new position in Align Technology in the third quarter valued at approximately $4,250,000. Swedbank AB increased its stake in shares of Align Technology by 30.1% in the 3rd quarter. Swedbank AB now owns 389,115 shares of the medical equipment provider's stock valued at $98,960,000 after acquiring an additional 90,000 shares in the last quarter. KBC Group NV lifted its position in shares of Align Technology by 11.8% during the 3rd quarter. KBC Group NV now owns 53,458 shares of the medical equipment provider's stock valued at $13,595,000 after acquiring an additional 5,663 shares during the period. Nordea Investment Management AB boosted its stake in Align Technology by 3.5% during the fourth quarter. Nordea Investment Management AB now owns 273,664 shares of the medical equipment provider's stock worth $56,870,000 after acquiring an additional 9,139 shares in the last quarter. Finally, Fisher Asset Management LLC grew its holdings in Align Technology by 2.6% in the third quarter. Fisher Asset Management LLC now owns 105,770 shares of the medical equipment provider's stock worth $26,900,000 after purchasing an additional 2,717 shares during the period. Institutional investors own 88.43% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Morgan Stanley dropped their price objective on shares of Align Technology from $280.00 to $272.00 and set an "overweight" rating on the stock in a report on Thursday. Leerink Partnrs upgraded Align Technology from a "hold" rating to a "strong-buy" rating in a report on Monday, January 6th. Piper Sandler decreased their price objective on Align Technology from $275.00 to $270.00 and set an "overweight" rating for the company in a report on Thursday. Mizuho initiated coverage on Align Technology in a research report on Wednesday, December 4th. They set an "outperform" rating and a $295.00 target price on the stock. Finally, Bank of America lifted their price target on shares of Align Technology from $200.00 to $206.00 and gave the company an "underperform" rating in a research report on Friday, December 13th. One research analyst has rated the stock with a sell rating, two have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Align Technology currently has an average rating of "Moderate Buy" and a consensus target price of $271.40.

Align Technology Trading Down 3.6 %

Shares of ALGN traded down $7.83 on Friday, reaching $210.55. 1,396,008 shares of the company's stock traded hands, compared to its average volume of 760,952. The stock's 50 day simple moving average is $221.25 and its two-hundred day simple moving average is $225.66. The stock has a market cap of $15.72 billion, a PE ratio of 37.53, a PEG ratio of 4.79 and a beta of 1.67. Align Technology, Inc. has a 52-week low of $196.09 and a 52-week high of $335.40.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 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%. Analysts forecast that Align Technology, Inc. will post 8.09 earnings per share for the current 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.