Stevens Capital Management LP Takes $470,000 Position in Align Technology, Inc. (NASDAQ:ALGN)

Stevens Capital Management LP purchased a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 2,252 shares of the medical equipment provider's stock, valued at approximately $470,000.

Several other institutional investors also recently modified their holdings of the business. Picton Mahoney Asset Management grew its position in Align Technology by 69.9% in 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 period. Smartleaf Asset Management LLC boosted its stake in shares of Align Technology by 9.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 766 shares of the medical equipment provider's stock worth $158,000 after buying an additional 64 shares during the last quarter. Beech Hill Advisors Inc. grew its holdings in shares of Align Technology by 0.6% in the fourth quarter. Beech Hill Advisors Inc. now owns 11,632 shares of the medical equipment provider's stock worth $2,425,000 after acquiring an additional 65 shares during the period. New York Life Investment Management LLC increased its position in Align Technology by 0.7% during 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 acquiring an additional 68 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in Align Technology by 1.2% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 7,799 shares of the medical equipment provider's stock valued at $1,626,000 after acquiring an additional 91 shares during the period. 88.43% of the stock is owned by hedge funds and other institutional investors.

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Align Technology Stock Down 3.1 %

NASDAQ ALGN traded down $5.08 during trading hours on Friday, reaching $159.21. The company's stock had a trading volume of 1,330,655 shares, compared to its average volume of 828,242. Align Technology, Inc. has a 1 year low of $157.66 and a 1 year high of $331.64. The company has a market capitalization of $11.72 billion, a price-to-earnings ratio of 28.38, a PEG ratio of 2.24 and a beta of 1.69. The firm's 50-day moving average price is $193.72 and its 200-day moving average price is $214.64.

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 fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ALGN. Mizuho reduced their price target 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. Piper Sandler reaffirmed an "overweight" rating and set a $235.00 target price (down from $270.00) on shares of Align Technology in a report on Tuesday, March 18th. Morgan Stanley dropped 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 note on Thursday, February 6th. Jefferies Financial Group reduced their price objective on Align Technology from $285.00 to $260.00 and set a "buy" rating for the company in a research note on Thursday, January 23rd. Finally, Wells Fargo & Company assumed coverage on Align Technology in a research report on Friday, February 14th. They set an "overweight" rating and a $255.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned 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.com, the company has an average rating of "Moderate Buy" and a consensus price target of $262.64.

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.