Neo Ivy Capital Management Makes New Investment in Align Technology, Inc. (NASDAQ:ALGN)

Neo Ivy Capital Management purchased a new stake in Align Technology, Inc. (NASDAQ:ALGN) during the third quarter, according to its most recent 13F filing with the SEC. The firm purchased 122 shares of the medical equipment provider’s stock, valued at approximately $32,000.

A number of other institutional investors have also modified their holdings of ALGN. Wellington Management Group LLP boosted its stake in 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 valued at $670,031,000 after acquiring an additional 866,663 shares in the last quarter. Holocene Advisors LP purchased a new stake in shares of Align Technology during the 3rd quarter valued at $137,287,000. Kayne Anderson Rudnick Investment Management LLC boosted its position in shares of Align Technology by 4,391.3% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 488,251 shares of the medical equipment provider’s stock worth $117,879,000 after purchasing an additional 477,380 shares in the last quarter. FMR LLC grew its stake in Align Technology by 43.0% during the 3rd quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock worth $310,736,000 after buying an additional 367,508 shares during the last quarter. Finally, Point72 Asset Management L.P. increased its position in Align Technology by 96.3% during the 3rd quarter. Point72 Asset Management L.P. now owns 674,319 shares of the medical equipment provider’s stock valued at $171,493,000 after buying an additional 330,807 shares in the last quarter. 88.43% of the stock is currently owned by institutional investors.

Align Technology Stock Performance

NASDAQ ALGN opened at $235.72 on Friday. The firm has a market capitalization of $17.60 billion, a P/E ratio of 40.23, a PEG ratio of 6.02 and a beta of 1.66. The stock has a 50-day simple moving average of $224.26 and a two-hundred day simple moving average of $234.57. Align Technology, Inc. has a fifty-two week low of $196.09 and a fifty-two week high of $335.40.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $990.05 million. During the same period last year, the business earned $1.62 earnings per share. Align Technology’s quarterly revenue was up 1.8% on a year-over-year basis. As a group, analysts forecast that Align Technology, Inc. will post 7.45 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ALGN has been the topic of a number of research analyst reports. Morgan Stanley dropped their price target 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. Mizuho began coverage on shares of Align Technology in a research note on Wednesday, December 4th. They set an “outperform” rating and a $295.00 price target on the stock. Piper Sandler lowered their price objective on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research report on Monday, November 4th. Finally, Stifel Nicolaus lowered their price target on Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a research report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Align Technology currently has an average rating of “Moderate Buy” and a consensus price target of $278.44.

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.