Readystate Asset Management LP Invests $11.55 Million in Align Technology, Inc. (NASDAQ:ALGN)

Readystate Asset Management LP purchased a new position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 45,400 shares of the medical equipment provider's stock, valued at approximately $11,546,000. Readystate Asset Management LP owned approximately 0.06% of Align Technology as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of ALGN. Cullen Frost Bankers Inc. boosted its stake in Align Technology by 854.5% in the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider's stock valued at $25,000 after acquiring an additional 94 shares in the last quarter. Innealta Capital LLC purchased a new position in Align Technology during the second quarter worth about $26,000. Rothschild Investment LLC purchased a new position in Align Technology during the second quarter worth about $26,000. True Wealth Design LLC raised its holdings in Align Technology by 10,700.0% during the third quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider's stock worth $27,000 after purchasing an additional 107 shares in the last quarter. Finally, Mather Group LLC. grew its position in Align Technology by 52.5% during the second quarter. Mather Group LLC. now owns 122 shares of the medical equipment provider's stock worth $29,000 after buying an additional 42 shares during the period. Institutional investors and hedge funds own 88.43% of the company's stock.

Align Technology Stock Down 3.3 %

Shares of ALGN stock traded down $7.73 during mid-day trading on Thursday, reaching $227.56. The company's stock had a trading volume of 175,391 shares, compared to its average volume of 781,743. The company's 50 day simple moving average is $225.61 and its 200-day simple moving average is $235.45. Align Technology, Inc. has a 12-month low of $196.09 and a 12-month high of $335.40. The firm has a market capitalization of $16.99 billion, a PE ratio of 40.15, a price-to-earnings-growth ratio of 6.06 and a beta of 1.66.

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

Analyst Ratings Changes

Several brokerages have weighed in on ALGN. Mizuho assumed coverage on shares of Align Technology in a research report on Wednesday. They set an "outperform" rating and a $295.00 target price on the stock. Stifel Nicolaus lowered 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 report on Thursday, October 24th. Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a research report on Monday, November 4th. StockNews.com upgraded shares of Align Technology from a "hold" rating to a "buy" rating in a research report on Thursday, September 19th. Finally, Morgan Stanley decreased their target price on shares of Align Technology from $310.00 to $280.00 and set an "overweight" rating on the stock in a research report on Thursday, October 24th. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $278.44.

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.