Senvest Management LLC Grows Stock Position in Align Technology, Inc. (NASDAQ:ALGN)

Senvest Management LLC boosted its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 58.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 726,243 shares of the medical equipment provider's stock after acquiring an additional 267,000 shares during the quarter. Align Technology makes up approximately 4.7% of Senvest Management LLC's holdings, making the stock its 6th biggest holding. Senvest Management LLC owned about 0.97% of Align Technology worth $151,429,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of ALGN. Covestor Ltd increased its stake in shares of Align Technology by 14.6% in the 4th quarter. Covestor Ltd now owns 415 shares of the medical equipment provider's stock valued at $87,000 after acquiring an additional 53 shares during the last quarter. Picton Mahoney Asset Management grew its position in Align Technology by 69.9% in the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock valued at $30,000 after purchasing an additional 58 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings in Align Technology by 9.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 766 shares of the medical equipment provider's stock worth $158,000 after acquiring an additional 64 shares in the last quarter. Beech Hill Advisors Inc. boosted its position in Align Technology by 0.6% during the fourth quarter. Beech Hill Advisors Inc. now owns 11,632 shares of the medical equipment provider's stock valued at $2,425,000 after purchasing an additional 65 shares during the last quarter. Finally, New York Life Investment Management LLC grew its stake in Align Technology by 0.7% in the fourth quarter. New York Life Investment Management LLC now owns 9,406 shares of the medical equipment provider's stock valued at $1,961,000 after purchasing an additional 68 shares in the last quarter. 88.43% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on ALGN shares. Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a research report on Thursday, February 6th. Mizuho reduced their target price on shares of Align Technology from $295.00 to $250.00 and set an "outperform" rating for the company in a research report on Tuesday, March 25th. Morgan Stanley lowered their price target on shares of Align Technology from $280.00 to $272.00 and set an "overweight" rating on the stock in a research report on Thursday, February 6th. Wells Fargo & Company initiated coverage on shares of Align Technology in a report on Friday, February 14th. They issued an "overweight" rating and a $255.00 price objective for the company. Finally, Leerink Partners raised shares of Align Technology from a "market perform" rating to an "outperform" rating and raised their target price for the stock from $235.00 to $280.00 in a report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Align Technology currently has an average rating of "Moderate Buy" and a consensus target price of $256.90.

Align Technology Trading Up 2.5 %

Shares of ALGN traded up $4.23 during trading hours on Friday, reaching $171.41. 816,188 shares of the company's stock traded hands, compared to its average volume of 875,945. Align Technology, Inc. has a 12 month low of $141.74 and a 12 month high of $327.49. The stock has a market cap of $12.55 billion, a PE ratio of 30.55, a price-to-earnings-growth ratio of 2.24 and a beta of 1.73. The firm's 50 day simple moving average is $172.70 and its 200-day simple moving average is $204.78.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share 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%. As a group, analysts expect that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

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.