Proficio Capital Partners LLC Makes New $15.78 Million Investment in Align Technology, Inc. (NASDAQ:ALGN)

Proficio Capital Partners LLC purchased a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 75,689 shares of the medical equipment provider’s stock, valued at approximately $15,782,000. Proficio Capital Partners LLC owned about 0.10% of Align Technology as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ALGN. Wellington Management Group LLP grew its position in Align Technology by 49.0% during the third quarter. Wellington Management Group LLP now owns 2,634,600 shares of the medical equipment provider’s stock valued at $670,031,000 after buying an additional 866,663 shares during the period. Geode Capital Management LLC boosted its stake in shares of Align Technology by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 1,750,805 shares of the medical equipment provider’s stock worth $443,810,000 after acquiring an additional 21,605 shares during the last quarter. FMR LLC grew its position in shares of Align Technology by 43.0% during the 3rd quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock valued at $310,736,000 after acquiring an additional 367,508 shares during the period. Ninety One UK Ltd increased its stake in shares of Align Technology by 3.7% in the 4th quarter. Ninety One UK Ltd now owns 1,220,601 shares of the medical equipment provider’s stock worth $254,508,000 after purchasing an additional 43,524 shares in the last quarter. Finally, 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 purchasing an additional 297,472 shares during the period. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Stock Performance

ALGN opened at $187.03 on Friday. The stock has a market capitalization of $13.96 billion, a price-to-earnings ratio of 33.34, a PEG ratio of 2.24 and a beta of 1.67. The company has a fifty day moving average of $211.95 and a 200 day moving average of $223.41. Align Technology, Inc. has a fifty-two week low of $183.24 and a fifty-two week high of $335.40.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data 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%. On average, equities research analysts forecast that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Piper Sandler cut their price target on Align Technology from $275.00 to $270.00 and set an “overweight” rating for the company in a report on Thursday, February 6th. Leerink Partners upgraded Align Technology from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $235.00 to $280.00 in a research note on Monday, January 6th. Jefferies Financial Group reduced their target price on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a report on Thursday, January 23rd. Leerink Partnrs raised shares of Align Technology from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. Finally, Mizuho started coverage on shares of Align Technology in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $295.00 price objective for the company. One analyst has rated the stock with a sell rating, two have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $269.91.

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.