CIBC Asset Management Inc Increases Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

CIBC Asset Management Inc raised its stake in Align Technology, Inc. (NASDAQ:ALGN) by 4.6% during the 4th quarter, HoldingsChannel.com reports. The firm owned 10,890 shares of the medical equipment provider’s stock after acquiring an additional 479 shares during the period. CIBC Asset Management Inc’s holdings in Align Technology were worth $2,271,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Wellington Management Group LLP increased 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 purchasing an additional 866,663 shares during the last quarter. Geode Capital Management LLC increased its stake in Align Technology by 1.2% in the third quarter. Geode Capital Management LLC now owns 1,750,805 shares of the medical equipment provider’s stock valued at $443,810,000 after purchasing an additional 21,605 shares during the last quarter. FMR LLC increased its stake in Align Technology by 43.0% in the third quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock valued at $310,736,000 after purchasing an additional 367,508 shares during the last quarter. Ninety One UK Ltd increased its stake in Align Technology by 3.7% in the fourth quarter. Ninety One UK Ltd now owns 1,220,601 shares of the medical equipment provider’s stock valued at $254,508,000 after purchasing an additional 43,524 shares during the last quarter. Finally, Meridiem Investment Management Ltd. increased its stake in Align Technology by 63.7% in the fourth quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider’s stock valued at $159,470,000 after purchasing an additional 297,472 shares during the last quarter. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on ALGN. Mizuho began coverage on shares of Align Technology in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $295.00 price target on the stock. Leerink Partners raised Align Technology from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $235.00 to $280.00 in a report on Monday, January 6th. Evercore ISI increased their price objective on Align Technology from $240.00 to $260.00 and gave the company an “outperform” rating in a report on Thursday, February 6th. Bank of America increased their price objective on Align Technology from $200.00 to $206.00 and gave the company an “underperform” rating in a report on Friday, December 13th. Finally, Leerink Partnrs raised Align Technology from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $269.91.

Align Technology Price Performance

NASDAQ ALGN opened at $190.43 on Friday. The firm has a market capitalization of $14.22 billion, a P/E ratio of 33.94, a P/E/G ratio of 2.38 and a beta of 1.67. Align Technology, Inc. has a 1-year low of $186.82 and a 1-year high of $335.40. The business’s 50-day simple moving average is $215.05 and its 200-day simple moving average is $224.17.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share for the quarter, missing the consensus estimate 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 expect that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology Company 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.