ARK Investment Management LLC Increases Stake in Align Technology, Inc. (NASDAQ:ALGN)

ARK Investment Management LLC boosted its stake in Align Technology, Inc. (NASDAQ:ALGN) by 7.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 6,918 shares of the medical equipment provider’s stock after purchasing an additional 505 shares during the quarter. ARK Investment Management LLC’s holdings in Align Technology were worth $1,442,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. True Wealth Design LLC raised its position in shares of Align Technology by 10,700.0% in the 3rd quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider’s stock worth $27,000 after buying an additional 107 shares during the period. Neo Ivy Capital Management purchased a new position in shares of Align Technology in the 3rd quarter worth about $32,000. Versant Capital Management Inc lifted its stake in shares of Align Technology by 212.2% in the 4th quarter. Versant Capital Management Inc now owns 231 shares of the medical equipment provider’s stock valued at $48,000 after purchasing an additional 157 shares in the last quarter. Newbridge Financial Services Group Inc. purchased a new stake in shares of Align Technology during the 4th quarter worth about $52,000. Finally, Quarry LP increased its position in Align Technology by 74.8% during the 3rd quarter. Quarry LP now owns 222 shares of the medical equipment provider’s stock worth $56,000 after purchasing an additional 95 shares in the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

Analyst Ratings Changes

ALGN has been the topic of a number of research reports. Leerink Partners raised shares of Align Technology from a “market perform” rating to an “outperform” rating and raised their target price for the company from $235.00 to $280.00 in a research note on Monday, January 6th. Jefferies Financial Group cut their price objective on Align Technology from $285.00 to $260.00 and set a “buy” rating on the stock in a research report on Thursday, January 23rd. Bank of America upped their target price on Align Technology from $200.00 to $206.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a report on Thursday, February 6th. Finally, Evercore ISI boosted their price target on Align Technology from $240.00 to $260.00 and gave the stock an “outperform” rating in a research report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Align Technology has a consensus rating of “Moderate Buy” and an average price target of $269.91.

Align Technology Stock Up 2.5 %

ALGN stock opened at $191.21 on Thursday. The stock’s 50 day moving average is $212.99 and its two-hundred day moving average is $223.84. Align Technology, Inc. has a 52-week low of $183.26 and a 52-week high of $335.40. The company has a market capitalization of $14.27 billion, a PE ratio of 34.08, a P/E/G ratio of 2.24 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). Align Technology had a return on equity of 13.84% and a net margin of 10.54%. As a group, sell-side analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current year.

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.