ExodusPoint Capital Management LP Buys 44,903 Shares of Align Technology, Inc. (NASDAQ:ALGN)

ExodusPoint Capital Management LP lifted its stake in Align Technology, Inc. (NASDAQ:ALGN) by 56.2% during the fourth quarter, Holdings Channel reports. The fund owned 124,818 shares of the medical equipment provider’s stock after acquiring an additional 44,903 shares during the quarter. ExodusPoint Capital Management LP’s holdings in Align Technology were worth $26,026,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in Align Technology during the fourth quarter valued at approximately $190,792,000. Wellington Management Group LLP boosted its holdings in shares of Align Technology by 49.0% during the 3rd quarter. Wellington Management Group LLP now owns 2,634,600 shares of the medical equipment provider’s stock worth $670,031,000 after buying an additional 866,663 shares during the period. Point72 Asset Management L.P. grew its stake in Align Technology by 96.3% in the 3rd quarter. Point72 Asset Management L.P. now owns 674,319 shares of the medical equipment provider’s stock valued at $171,493,000 after buying an additional 330,807 shares during the last quarter. Meridiem Investment Management Ltd. raised its holdings in Align Technology by 63.7% in the 4th quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider’s stock worth $159,470,000 after acquiring an additional 297,472 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in Align Technology during the 4th quarter worth $42,243,000. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Align Technology Price Performance

Shares of Align Technology stock opened at $163.98 on Thursday. The company’s fifty day moving average price is $189.66 and its two-hundred day moving average price is $213.03. The firm has a market capitalization of $12.07 billion, a PE ratio of 29.23, a price-to-earnings-growth ratio of 2.24 and a beta of 1.69. Align Technology, Inc. has a 52-week low of $153.77 and a 52-week high of $331.64.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). Align Technology had a net margin of 10.54% and a return on equity of 13.84%. Analysts predict that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Bank of America raised their price target on Align Technology from $200.00 to $206.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. Evercore ISI raised their target price on Align Technology from $240.00 to $260.00 and gave the company an “outperform” rating in a report on Thursday, February 6th. Wells Fargo & Company began coverage on Align Technology in a report on Friday, February 14th. They set an “overweight” rating and a $255.00 price target for the company. Morgan Stanley lowered their price objective 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. Finally, Leerink Partners upgraded shares of Align Technology from a “market perform” rating to an “outperform” rating and upped their target price for the company from $235.00 to $280.00 in a research note on Monday, January 6th. One equities 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. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target 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.