Raymond James Financial Inc. Acquires New Position in Align Technology, Inc. (NASDAQ:ALGN)

Raymond James Financial Inc. bought a new stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 202,593 shares of the medical equipment provider's stock, valued at approximately $42,243,000. Raymond James Financial Inc. owned approximately 0.27% of Align Technology at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Picton Mahoney Asset Management raised its holdings in Align Technology by 69.9% during the 4th quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock worth $30,000 after purchasing an additional 58 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new position in Align Technology during the 4th quarter valued at about $35,000. Private Trust Co. NA grew its holdings in Align Technology by 113.4% during the fourth quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider's stock worth $36,000 after buying an additional 93 shares in the last quarter. Versant Capital Management Inc lifted its position in shares of Align Technology by 212.2% during the fourth quarter. Versant Capital Management Inc now owns 231 shares of the medical equipment provider's stock valued at $48,000 after purchasing an additional 157 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. purchased a new position in shares of Align Technology in the 4th quarter worth approximately $52,000. Institutional investors own 88.43% of the company's stock.

Align Technology Stock Up 2.5 %

Shares of NASDAQ ALGN traded up $4.23 during midday trading on Friday, reaching $171.41. 816,188 shares of the stock were exchanged, compared to its average volume of 875,945. The firm has a market cap of $12.55 billion, a price-to-earnings ratio of 30.55, a PEG ratio of 2.24 and a beta of 1.73. The firm has a 50-day simple moving average of $172.70 and a two-hundred day simple moving average of $204.78. Align Technology, Inc. has a twelve month low of $141.74 and a twelve month high of $327.49.

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 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%. Research analysts expect that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Wells Fargo & Company began coverage on Align Technology in a research report on Friday, February 14th. They issued an "overweight" rating and a $255.00 target price for the company. Piper Sandler restated an "overweight" rating and set a $235.00 price target (down from $270.00) on shares of Align Technology in a research report on Tuesday, March 18th. Jefferies Financial Group lowered their target price on shares of Align Technology from $285.00 to $260.00 and set a "buy" rating on the stock in a research note on Thursday, January 23rd. Mizuho dropped their price target on Align Technology from $295.00 to $250.00 and set an "outperform" rating for the company in a research note on Tuesday, March 25th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a research note on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $256.90.

Align Technology Company 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.