Align Technology, Inc. (NASDAQ:ALGN) Shares Purchased by Verition Fund Management LLC

Verition Fund Management LLC increased its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 462.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,450 shares of the medical equipment provider's stock after acquiring an additional 11,057 shares during the quarter. Verition Fund Management LLC's holdings in Align Technology were worth $3,421,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ALGN. Northwest & Ethical Investments L.P. purchased a new position in shares of Align Technology during the 3rd quarter valued at $1,043,000. Public Sector Pension Investment Board grew its position in shares of Align Technology by 11.8% during the third quarter. Public Sector Pension Investment Board now owns 2,839 shares of the medical equipment provider's stock worth $722,000 after purchasing an additional 300 shares in the last quarter. FORA Capital LLC purchased a new position in Align Technology in the 3rd quarter worth approximately $590,000. Townsquare Capital LLC boosted its stake in Align Technology by 61.4% in the 3rd quarter. Townsquare Capital LLC now owns 12,506 shares of the medical equipment provider's stock worth $3,181,000 after purchasing an additional 4,758 shares during the period. Finally, Brooklyn Investment Group bought a new position in Align Technology in the 3rd quarter worth approximately $77,000. Institutional investors own 88.43% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on ALGN shares. StockNews.com upgraded shares of Align Technology from a "hold" rating to a "buy" rating in a research report on Thursday, September 19th. Mizuho began coverage on Align Technology in a report on Wednesday. They issued an "outperform" rating and a $295.00 target price on the stock. Evercore ISI dropped their price target on Align Technology from $270.00 to $250.00 and set an "outperform" rating for the company in a research note on Thursday, October 24th. Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a research note on Monday, November 4th. Finally, Stifel Nicolaus lowered their target price on Align Technology from $285.00 to $275.00 and set a "buy" rating for the company in a research report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $278.44.

Align Technology Price Performance

Shares of NASDAQ:ALGN traded up $1.28 during trading on Wednesday, reaching $235.29. 611,848 shares of the company were exchanged, compared to its average volume of 784,374. The firm has a market capitalization of $17.56 billion, a PE ratio of 39.93, a P/E/G ratio of 6.07 and a beta of 1.66. The business's fifty day simple moving average is $225.75 and its 200-day simple moving average is $235.46. Align Technology, Inc. has a 12-month low of $196.09 and a 12-month high of $335.40.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, beating analysts' consensus estimates of $2.31 by $0.04. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. The business had revenue of $977.87 million for the quarter, compared to the consensus estimate of $990.05 million. During the same quarter last year, the firm posted $1.62 EPS. The company's revenue for the quarter was up 1.8% on a year-over-year basis. On average, sell-side analysts anticipate that Align Technology, Inc. will post 7.45 EPS for the current fiscal year.

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.