Braidwell LP Purchases 36,472 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Braidwell LP increased its position in Align Technology, Inc. (NASDAQ:ALGN) by 13.3% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 311,679 shares of the medical equipment provider’s stock after buying an additional 36,472 shares during the quarter. Align Technology comprises 2.2% of Braidwell LP’s holdings, making the stock its 14th largest position. Braidwell LP’s holdings in Align Technology were worth $79,266,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of ALGN. Tidal Investments LLC increased its stake in Align Technology by 122.9% in the 1st quarter. Tidal Investments LLC now owns 4,408 shares of the medical equipment provider’s stock worth $1,445,000 after purchasing an additional 2,430 shares during the period. Comerica Bank increased its stake in Align Technology by 4.9% in the 1st quarter. Comerica Bank now owns 28,842 shares of the medical equipment provider’s stock worth $9,458,000 after purchasing an additional 1,352 shares during the period. LRI Investments LLC purchased a new position in Align Technology in the 1st quarter worth approximately $29,000. Cetera Investment Advisers increased its stake in Align Technology by 914.2% in the 1st quarter. Cetera Investment Advisers now owns 12,627 shares of the medical equipment provider’s stock worth $4,140,000 after purchasing an additional 11,382 shares during the period. Finally, Cetera Advisors LLC purchased a new position in Align Technology in the 1st quarter worth approximately $337,000. Institutional investors own 88.43% of the company’s stock.

Align Technology Stock Up 0.8 %

Shares of ALGN stock opened at $229.66 on Friday. The stock has a market cap of $17.14 billion, a price-to-earnings ratio of 39.19, a PEG ratio of 5.95 and a beta of 1.65. The business’s fifty day moving average is $226.83 and its 200 day moving average is $236.87. Align Technology, Inc. has a twelve month low of $196.09 and a twelve month high of $335.40.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share 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 company had revenue of $977.87 million for the quarter, compared to analysts’ expectations of $990.05 million. During the same period in the prior year, the firm earned $1.62 earnings per share. The firm’s revenue for the quarter was up 1.8% on a year-over-year basis. Equities research analysts expect that Align Technology, Inc. will post 7.45 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have commented on ALGN. Robert W. Baird decreased their price target on Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. StockNews.com raised Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research note on Monday, November 4th. Morgan Stanley reduced their target price on Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Finally, Evercore ISI reduced their target price on Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $276.38.

Align Technology Profile

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.