Holocene Advisors LP Makes New $137.29 Million Investment in Align Technology, Inc. (NASDAQ:ALGN)

Holocene Advisors LP bought a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 539,819 shares of the medical equipment provider’s stock, valued at approximately $137,287,000. Holocene Advisors LP owned approximately 0.72% of Align Technology at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of ALGN. Mather Group LLC. lifted its position in Align Technology by 52.5% during the second quarter. Mather Group LLC. now owns 122 shares of the medical equipment provider’s stock valued at $29,000 after buying an additional 42 shares during the period. Quarry LP increased its stake in shares of Align Technology by 53.0% in the 2nd quarter. Quarry LP now owns 127 shares of the medical equipment provider’s stock worth $31,000 after acquiring an additional 44 shares in the last quarter. Crewe Advisors LLC lifted its position in Align Technology by 36.8% during the 2nd quarter. Crewe Advisors LLC now owns 171 shares of the medical equipment provider’s stock valued at $41,000 after acquiring an additional 46 shares during the period. Empirical Finance LLC boosted its stake in Align Technology by 2.1% during the third quarter. Empirical Finance LLC now owns 2,486 shares of the medical equipment provider’s stock worth $632,000 after acquiring an additional 50 shares in the last quarter. Finally, Daiwa Securities Group Inc. grew its holdings in Align Technology by 0.6% in the second quarter. Daiwa Securities Group Inc. now owns 8,876 shares of the medical equipment provider’s stock worth $2,143,000 after purchasing an additional 54 shares during the period. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on ALGN. Evercore ISI lowered their target price on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Morgan Stanley lowered their price objective on Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. Piper Sandler dropped their target price on Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Stifel Nicolaus reduced their price target on Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a report on Thursday, October 24th. Finally, Robert W. Baird dropped their price target on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $276.38.

Align Technology Price Performance

Align Technology stock opened at $232.77 on Monday. Align Technology, Inc. has a one year low of $196.09 and a one year high of $335.40. The business’s fifty day moving average is $226.43 and its 200 day moving average is $236.00. The stock has a market capitalization of $17.38 billion, a PE ratio of 39.72, a price-to-earnings-growth ratio of 6.03 and a beta of 1.65.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (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 firm 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 business’s quarterly revenue was up 1.8% compared to the same quarter last year. As a group, sell-side analysts expect 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.