Invenomic Capital Management LP Increases Stock Holdings in Align Technology, Inc. $ALGN

Invenomic Capital Management LP raised its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 25.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 40,356 shares of the medical equipment provider’s stock after purchasing an additional 8,169 shares during the quarter. Invenomic Capital Management LP owned approximately 0.06% of Align Technology worth $5,053,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Rothschild Investment LLC increased its position in shares of Align Technology by 140.3% during the second quarter. Rothschild Investment LLC now owns 149 shares of the medical equipment provider’s stock valued at $28,000 after buying an additional 87 shares during the period. Sentry Investment Management LLC grew its holdings in shares of Align Technology by 73.1% during the 3rd quarter. Sentry Investment Management LLC now owns 187 shares of the medical equipment provider’s stock worth $25,000 after acquiring an additional 79 shares during the period. CYBER HORNET ETFs LLC purchased a new stake in Align Technology in the second quarter worth $36,000. MUFG Securities EMEA plc bought a new position in Align Technology in the second quarter worth $38,000. Finally, Steigerwald Gordon & Koch Inc. bought a new position in Align Technology in the third quarter worth $26,000. 88.43% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on ALGN. Stifel Nicolaus boosted their target price on shares of Align Technology from $200.00 to $210.00 and gave the company a “buy” rating in a report on Thursday, February 5th. Wells Fargo & Company lifted their price target on shares of Align Technology from $181.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, February 5th. Leerink Partners boosted their price objective on shares of Align Technology from $210.00 to $225.00 and gave the stock an “outperform” rating in a research note on Thursday, February 5th. UBS Group boosted their price target on Align Technology from $175.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday, February 5th. Finally, Barclays raised their price objective on Align Technology from $170.00 to $200.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 25th. Six analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, Align Technology presently has an average rating of “Hold” and an average target price of $198.08.

Insider Transactions at Align Technology

In related news, EVP John Morici sold 7,969 shares of the stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $189.31, for a total transaction of $1,508,611.39. Following the sale, the executive vice president directly owned 8,237 shares of the company’s stock, valued at approximately $1,559,346.47. This represents a 49.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.66% of the company’s stock.

Align Technology Stock Down 1.6%

NASDAQ ALGN opened at $164.23 on Monday. The company has a 50-day moving average price of $175.96 and a 200-day moving average price of $153.33. Align Technology, Inc. has a 52 week low of $122.00 and a 52 week high of $208.30. The firm has a market capitalization of $11.71 billion, a P/E ratio of 29.02, a PEG ratio of 1.79 and a beta of 1.79.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, February 4th. The medical equipment provider reported $3.29 earnings per share for the quarter, topping analysts’ consensus estimates of $2.99 by $0.30. The firm had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. Align Technology had a net margin of 10.17% and a return on equity of 15.16%. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.44 earnings per share. As a group, equities research analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current year.

Align Technology Company Profile

Align Technology, Inc (NASDAQ: ALGN) pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company’s signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.