Cinctive Capital Management LP Invests $5.95 Million in Align Technology, Inc. (NASDAQ:ALGN)

Cinctive Capital Management LP acquired a new stake in Align Technology, Inc. (NASDAQ:ALGN) during the 3rd quarter, HoldingsChannel.com reports. The fund acquired 23,394 shares of the medical equipment provider’s stock, valued at approximately $5,950,000.

A number of other large investors also recently bought and sold shares of the stock. Achmea Investment Management B.V. raised its stake in shares of Align Technology by 3.4% in the 2nd quarter. Achmea Investment Management B.V. now owns 10,335 shares of the medical equipment provider’s stock valued at $2,495,000 after acquiring an additional 339 shares during the period. Tidal Investments LLC increased its holdings 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 valued at $1,445,000 after purchasing an additional 2,430 shares during the last quarter. Swedbank AB raised its position in Align Technology by 2.0% in the second quarter. Swedbank AB now owns 299,115 shares of the medical equipment provider’s stock valued at $72,215,000 after purchasing an additional 6,005 shares during the period. Baker Avenue Asset Management LP acquired a new position in Align Technology during the third quarter worth $4,250,000. Finally, Cetera Investment Advisers boosted its position in shares of Align Technology by 914.2% during the first quarter. Cetera Investment Advisers now owns 12,627 shares of the medical equipment provider’s stock worth $4,140,000 after buying an additional 11,382 shares during the period. Institutional investors and hedge funds own 88.43% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on ALGN shares. Robert W. Baird decreased their target price 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. Evercore ISI dropped their price objective on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. StockNews.com upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a report on Thursday, September 19th. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a research report on Monday, November 4th. Finally, Stifel Nicolaus reduced their price objective on Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a research note on Thursday, October 24th. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Align Technology currently has a consensus rating of “Hold” and a consensus price target of $276.38.

Align Technology Stock Up 1.4 %

Shares of NASDAQ ALGN opened at $232.77 on Monday. The business has a 50-day moving average price of $226.43 and a 200 day moving average price of $236.00. The stock has a market cap of $17.38 billion, a PE ratio of 39.72, a price-to-earnings-growth ratio of 6.03 and a beta of 1.65. Align Technology, Inc. has a 52-week low of $196.09 and a 52-week 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 analysts’ consensus estimates of $2.31 by $0.04. The firm had revenue of $977.87 million during the quarter, compared to analysts’ expectations of $990.05 million. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. Align Technology’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.62 EPS. Sell-side analysts anticipate that Align Technology, Inc. will post 7.45 earnings per share for the current year.

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.