Trexquant Investment LP Purchases New Stake in Align Technology, Inc. (NASDAQ:ALGN)

Trexquant Investment LP bought a new position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 34,618 shares of the medical equipment provider's stock, valued at approximately $7,218,000.

A number of other large investors have also recently modified their holdings of the business. Headlands Technologies LLC acquired a new stake in Align Technology in the fourth quarter valued at about $2,232,000. Geode Capital Management LLC boosted its stake in shares of Align Technology by 2.2% in the 4th quarter. Geode Capital Management LLC now owns 1,790,014 shares of the medical equipment provider's stock valued at $372,299,000 after purchasing an additional 39,209 shares in the last quarter. National Bank of Canada FI grew its holdings in shares of Align Technology by 10.3% during the 4th quarter. National Bank of Canada FI now owns 45,016 shares of the medical equipment provider's stock valued at $9,386,000 after purchasing an additional 4,190 shares during the last quarter. Allianz SE acquired a new position in Align Technology during the 4th quarter worth approximately $380,000. Finally, Allstate Corp bought a new position in Align Technology in the 4th quarter valued at approximately $437,000. Institutional investors and hedge funds own 88.43% of the company's stock.

Align Technology Stock Up 14.4 %

Align Technology stock traded up $20.71 during trading hours on Wednesday, reaching $165.03. 2,156,932 shares of the company's stock were exchanged, compared to its average volume of 859,503. The firm's 50 day simple moving average is $179.39 and its 200 day simple moving average is $208.51. Align Technology, Inc. has a twelve month low of $141.74 and a twelve month high of $331.64. The firm has a market capitalization of $12.08 billion, a PE ratio of 29.42, a PEG ratio of 2.24 and a beta of 1.73.

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%. Analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Mizuho decreased their target price on shares of Align Technology from $295.00 to $250.00 and set an "outperform" rating on the stock in a research note on Tuesday, March 25th. Leerink Partners upgraded Align Technology from a "market perform" rating to an "outperform" rating and increased their target price for the company from $235.00 to $280.00 in a research report on Monday, January 6th. Morgan Stanley reduced their price target on Align Technology from $280.00 to $272.00 and set an "overweight" rating on the stock in a report on Thursday, February 6th. Piper Sandler reiterated an "overweight" rating and issued a $235.00 price objective (down previously from $270.00) on shares of Align Technology in a report on Tuesday, March 18th. Finally, Jefferies Financial Group cut 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 report on Thursday, January 23rd. One research analyst has rated the stock with a sell rating, two have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $262.64.

About Align Technology

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.