Prosight Management LP Purchases Shares of 19,442 Align Technology, Inc. $ALGN

Prosight Management LP purchased a new stake in Align Technology, Inc. (NASDAQ:ALGN) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 19,442 shares of the medical equipment provider’s stock, valued at approximately $2,435,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ALGN. Sentry Investment Management LLC increased its position in Align Technology by 73.1% during the 3rd quarter. Sentry Investment Management LLC now owns 187 shares of the medical equipment provider’s stock valued at $25,000 after purchasing an additional 79 shares during the period. Steigerwald Gordon & Koch Inc. acquired a new position in shares of Align Technology in the 3rd quarter worth approximately $26,000. Rothschild Investment LLC boosted its stake in shares of Align Technology by 140.3% in the 2nd quarter. Rothschild Investment LLC now owns 149 shares of the medical equipment provider’s stock valued at $28,000 after purchasing an additional 87 shares during the last quarter. Quent Capital LLC acquired a new stake in shares of Align Technology during the third quarter worth $30,000. Finally, TD Private Client Wealth LLC increased its position in shares of Align Technology by 135.6% during the third quarter. TD Private Client Wealth LLC now owns 238 shares of the medical equipment provider’s stock worth $30,000 after buying an additional 137 shares during the period. 88.43% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently issued reports on ALGN. UBS Group boosted their target price on shares of Align Technology from $175.00 to $185.00 and gave the company a “neutral” rating in a report on Thursday, February 5th. Piper Sandler increased their price target on Align Technology from $200.00 to $220.00 and gave the stock an “overweight” rating in a report on Thursday, February 5th. Stifel Nicolaus boosted their price objective on Align Technology from $200.00 to $210.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. Robert W. Baird set a $218.00 target price on Align Technology in a research report on Thursday, February 5th. Finally, Leerink Partners raised their target price on Align Technology from $210.00 to $225.00 and gave the stock an “outperform” rating in a research note on Thursday, February 5th. Six research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, Align Technology has a consensus rating of “Hold” and an average price target of $198.08.

Insider Buying and Selling

In related news, EVP John Morici sold 7,969 shares of the company’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $189.31, for a total transaction of $1,508,611.39. Following the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.66% of the stock is owned by insiders.

Align Technology Stock Down 1.6%

Shares of NASDAQ ALGN opened at $164.23 on Friday. The firm has a market cap of $11.71 billion, a PE ratio of 29.02, a P/E/G ratio of 1.82 and a beta of 1.79. The company’s fifty day simple moving average is $175.96 and its 200 day simple moving average is $153.17. Align Technology, Inc. has a 12-month low of $122.00 and a 12-month high of $208.30.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, February 4th. The medical equipment provider reported $3.29 earnings per share for the quarter, beating the consensus estimate of $2.99 by $0.30. The firm had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. Align Technology had a net margin of 10.17% and a return on equity of 15.16%. The business’s revenue was up 5.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.44 earnings per share. On average, equities analysts predict that Align Technology, Inc. will post 7.98 earnings per share 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.