Assenagon Asset Management S.A. Purchases 66,756 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Assenagon Asset Management S.A. boosted its position in Align Technology, Inc. (NASDAQ:ALGN) by 54.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 189,022 shares of the medical equipment provider’s stock after purchasing an additional 66,756 shares during the period. Assenagon Asset Management S.A.’s holdings in Align Technology were worth $39,413,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Wellington Management Group LLP boosted its holdings in shares of Align Technology by 49.0% in the third 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 last quarter. Holocene Advisors LP purchased a new position in shares of Align Technology during the 3rd quarter worth $137,287,000. Kayne Anderson Rudnick Investment Management LLC grew its position in shares of Align Technology by 4,391.3% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 488,251 shares of the medical equipment provider’s stock valued at $117,879,000 after acquiring an additional 477,380 shares during the period. FMR LLC increased its stake in shares of Align Technology by 43.0% in the 3rd quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock worth $310,736,000 after purchasing an additional 367,508 shares in the last quarter. Finally, Point72 Asset Management L.P. raised its holdings 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 worth $171,493,000 after purchasing an additional 330,807 shares during the period. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Stock Performance

Shares of NASDAQ ALGN opened at $218.91 on Friday. The company has a market cap of $16.34 billion, a P/E ratio of 37.36, a P/E/G ratio of 4.64 and a beta of 1.67. Align Technology, Inc. has a 52-week low of $196.09 and a 52-week high of $335.40. The firm’s fifty day moving average is $222.10 and its two-hundred day moving average is $228.44.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.04. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The firm had revenue of $977.87 million for the quarter, compared to analysts’ expectations of $990.05 million. During the same period in the previous year, the firm posted $1.62 earnings per share. The business’s revenue was up 1.8% compared to the same quarter last year. As a group, analysts forecast that Align Technology, Inc. will post 7.44 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ALGN has been the subject of a number of analyst reports. StockNews.com upgraded Align Technology from a “hold” rating to a “buy” rating in a research report on Thursday, September 19th. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a report on Monday, November 4th. Mizuho assumed coverage on shares of Align Technology in a research note on Wednesday, December 4th. They set an “outperform” rating and a $295.00 target price on the stock. Leerink Partners upgraded shares of Align Technology from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $235.00 to $280.00 in a research report on Monday, January 6th. Finally, Leerink Partnrs upgraded shares of Align Technology from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 6th. Two research analysts have rated the stock with a sell rating, two have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $268.20.

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.