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

Raymond James Financial Inc. acquired a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 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.

Other large investors also recently modified their holdings of the company. Wellington Management Group LLP increased its stake in Align Technology by 49.0% in the 3rd quarter. Wellington Management Group LLP now owns 2,634,600 shares of the medical equipment provider's stock worth $670,031,000 after purchasing an additional 866,663 shares during the period. Holocene Advisors LP purchased a new position in Align Technology in the 3rd quarter worth approximately $137,287,000. FMR LLC increased its stake in Align Technology by 43.0% in the 3rd quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider's stock worth $310,736,000 after purchasing an additional 367,508 shares during the period. Point72 Asset Management L.P. increased its stake in Align Technology by 96.3% in the 3rd quarter. Point72 Asset Management L.P. now owns 674,319 shares of the medical equipment provider's stock worth $171,493,000 after purchasing an additional 330,807 shares during the period. Finally, Meridiem Investment Management Ltd. increased its stake in Align Technology by 63.7% in the 4th 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 period. 88.43% of the stock is owned by hedge funds and other institutional investors.

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Align Technology Trading Up 3.5 %

Align Technology stock traded up $5.69 during mid-day trading on Friday, hitting $166.20. The company had a trading volume of 1,300,512 shares, compared to its average volume of 786,672. The stock's 50 day moving average price is $203.61 and its two-hundred day moving average price is $218.87. Align Technology, Inc. has a 12 month low of $158.13 and a 12 month high of $335.40. The company has a market capitalization of $12.23 billion, a PE ratio of 29.63, a price-to-earnings-growth ratio of 2.24 and a beta of 1.69.

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 the consensus estimate 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 anticipate that Align Technology, Inc. will post 7.98 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on ALGN. Bank of America lifted their price objective on Align Technology from $200.00 to $206.00 and gave the stock an "underperform" rating in a research report on Friday, December 13th. Jefferies Financial Group cut their price objective on Align Technology from $285.00 to $260.00 and set a "buy" rating on the stock in a research report on Thursday, January 23rd. Piper Sandler cut their price objective on Align Technology from $275.00 to $270.00 and set an "overweight" rating on the stock in a research report on Thursday, February 6th. Leerink Partnrs upgraded Align Technology from a "hold" rating to a "strong-buy" rating in a research report on Monday, January 6th. Finally, Mizuho began coverage on Align Technology in a research report on Wednesday, December 4th. They issued an "outperform" rating and a $295.00 price objective on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Align Technology presently has a consensus rating of "Moderate Buy" and an average target price of $269.91.

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.