Y Intercept Hong Kong Ltd Acquires Shares of 2,471 Align Technology, Inc. (NASDAQ:ALGN)

Y Intercept Hong Kong Ltd acquired a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 2,471 shares of the medical equipment provider’s stock, valued at approximately $515,000.

A number of other hedge funds have also bought and sold shares of ALGN. Wellington Management Group LLP increased its position in Align Technology by 49.0% during 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 during the last quarter. Holocene Advisors LP bought a new position in Align Technology during the third quarter valued at $137,287,000. FMR LLC increased its position in Align Technology by 43.0% during the third quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock valued at $310,736,000 after acquiring an additional 367,508 shares during the last quarter. Point72 Asset Management L.P. increased its position in Align Technology by 96.3% during the third quarter. Point72 Asset Management L.P. now owns 674,319 shares of the medical equipment provider’s stock valued at $171,493,000 after acquiring an additional 330,807 shares during the last quarter. Finally, Meridiem Investment Management Ltd. boosted its stake in shares of Align Technology by 63.7% during 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 period. Institutional investors own 88.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Piper Sandler lowered their target price on shares of Align Technology from $275.00 to $270.00 and set an “overweight” rating for the company in a research note on Thursday, February 6th. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research note on Thursday, February 6th. Morgan Stanley lowered their target price on shares of Align Technology from $280.00 to $272.00 and set an “overweight” rating for the company in a research note on Thursday, February 6th. Bank of America boosted their target price on shares of Align Technology from $200.00 to $206.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. Finally, Evercore ISI boosted their target price on shares of Align Technology from $240.00 to $260.00 and gave the company an “outperform” rating in a research note on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Align Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $269.91.

Align Technology Stock Performance

Shares of Align Technology stock opened at $187.03 on Friday. The company has a market capitalization of $13.96 billion, a PE ratio of 33.34, a P/E/G ratio of 2.24 and a beta of 1.67. The company has a 50-day simple moving average of $211.95 and a two-hundred day simple moving average of $223.41. Align Technology, Inc. has a one year low of $183.24 and a one year high of $335.40.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 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%. On average, equities analysts predict that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal 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.