Weiss Asset Management LP Takes Position in Align Technology, Inc. (NASDAQ:ALGN)

Weiss Asset Management LP bought a new stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor bought 10,765 shares of the medical equipment provider's stock, valued at approximately $2,738,000.

Several other hedge funds have also bought and sold shares of the company. Cullen Frost Bankers Inc. boosted its stake in shares of Align Technology by 854.5% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider's stock worth $25,000 after acquiring an additional 94 shares during the period. Innealta Capital LLC acquired a new stake in Align Technology during the 2nd quarter valued at $26,000. Rothschild Investment LLC bought a new position in Align Technology during the second quarter worth $26,000. True Wealth Design LLC increased its holdings in shares of Align Technology by 10,700.0% in the third quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider's stock valued at $27,000 after purchasing an additional 107 shares during the last quarter. Finally, Mather Group LLC. raised its position in shares of Align Technology by 52.5% in the second quarter. Mather Group LLC. now owns 122 shares of the medical equipment provider's stock valued at $29,000 after purchasing an additional 42 shares during the period. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ALGN has been the subject of several research analyst reports. Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a report on Monday, November 4th. Morgan Stanley decreased their target price on Align Technology from $310.00 to $280.00 and set an "overweight" rating on the stock in a research report on Thursday, October 24th. Piper Sandler lowered their target price on Align Technology from $285.00 to $275.00 and set an "overweight" rating on the stock in a research note on Thursday, October 24th. StockNews.com upgraded Align Technology from a "hold" rating to a "buy" rating in a research note on Thursday, September 19th. Finally, Stifel Nicolaus lowered their price objective on Align Technology from $285.00 to $275.00 and set a "buy" rating on the stock in a research report on Thursday, October 24th. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $278.44.

Align Technology Price Performance

ALGN stock traded up $4.54 during midday trading on Friday, reaching $232.35. The company had a trading volume of 560,642 shares, compared to its average volume of 740,587. Align Technology, Inc. has a 1-year low of $196.09 and a 1-year high of $335.40. The stock has a 50 day moving average price of $224.73 and a 200-day moving average price of $234.96. The company has a market capitalization of $17.34 billion, a price-to-earnings ratio of 39.65, a price-to-earnings-growth ratio of 6.10 and a beta of 1.66.

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

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.