Align Technology, Inc. (NASDAQ:ALGN) Shares Acquired by Cibc World Markets Corp

Cibc World Markets Corp grew its position in Align Technology, Inc. (NASDAQ:ALGN) by 15.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 11,091 shares of the medical equipment provider’s stock after purchasing an additional 1,519 shares during the period. Cibc World Markets Corp’s holdings in Align Technology were worth $2,313,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Natixis Advisors LLC increased its holdings in shares of Align Technology by 71.5% in the fourth quarter. Natixis Advisors LLC now owns 31,996 shares of the medical equipment provider’s stock valued at $6,671,000 after purchasing an additional 13,342 shares during the period. Picton Mahoney Asset Management increased its holdings in shares of 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 during the period. First Eagle Investment Management LLC increased its holdings in shares of Align Technology by 8.9% in the fourth quarter. First Eagle Investment Management LLC now owns 4,264 shares of the medical equipment provider’s stock valued at $889,000 after purchasing an additional 350 shares during the period. LBP AM SA acquired a new position in shares of Align Technology in the fourth quarter valued at about $1,352,000. Finally, Tredje AP fonden increased its holdings in shares of Align Technology by 24.0% in the fourth quarter. Tredje AP fonden now owns 95,198 shares of the medical equipment provider’s stock valued at $19,850,000 after purchasing an additional 18,423 shares during the period. 88.43% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ALGN has been the topic of a number of recent research reports. Morgan Stanley lowered their target price on Align Technology from $280.00 to $272.00 and set an “overweight” rating on the stock in a research note on Thursday, February 6th. Leerink Partnrs upgraded Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. Evercore ISI upped their target price on Align Technology from $240.00 to $260.00 and gave the stock an “outperform” rating in a research note on Thursday, February 6th. Leerink Partners upgraded Align Technology from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $235.00 to $280.00 in a research note on Monday, January 6th. Finally, Piper Sandler restated an “overweight” rating and issued a $235.00 target price (down previously from $270.00) on shares of Align Technology in a research note on Tuesday. One 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. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $266.73.

Align Technology Trading Up 1.6 %

Shares of ALGN stock opened at $168.81 on Friday. The company has a market capitalization of $12.42 billion, a P/E ratio of 30.09, a P/E/G ratio of 2.24 and a beta of 1.69. The business’s 50 day moving average is $199.65 and its two-hundred day moving average is $217.11. Align Technology, Inc. has a 12-month low of $158.13 and a 12-month high of $335.40.

Align Technology (NASDAQ:ALGN) last released its 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 net margin of 10.54% and a return on equity of 13.84%. On average, research analysts predict that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal 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.