EFG Asset Management North America Corp. Raises Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

EFG Asset Management North America Corp. boosted its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 6.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,411 shares of the medical equipment provider’s stock after buying an additional 966 shares during the quarter. EFG Asset Management North America Corp.’s holdings in Align Technology were worth $3,214,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in ALGN. Stevens Capital Management LP acquired a new stake in Align Technology in the 4th quarter valued at approximately $470,000. LPL Financial LLC boosted its position in shares of Align Technology by 6.7% during the fourth quarter. LPL Financial LLC now owns 38,784 shares of the medical equipment provider’s stock worth $8,087,000 after buying an additional 2,437 shares during the period. Mizuho Markets Cayman LP acquired a new stake in shares of Align Technology in the fourth quarter valued at $239,000. Fox Run Management L.L.C. acquired a new stake in shares of Align Technology in the fourth quarter valued at $1,142,000. Finally, KLP Kapitalforvaltning AS acquired a new position in Align Technology during the 4th quarter worth about $4,942,000. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Align Technology Stock Performance

Shares of ALGN opened at $170.37 on Tuesday. Align Technology, Inc. has a fifty-two week low of $158.13 and a fifty-two week high of $331.64. The firm has a 50-day simple moving average of $197.91 and a 200-day simple moving average of $216.13. The company has a market capitalization of $12.54 billion, a price-to-earnings ratio of 30.37, a price-to-earnings-growth ratio of 2.24 and a beta of 1.69.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share 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%. Equities research analysts forecast that Align Technology, Inc. will post 7.98 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ALGN. Piper Sandler reaffirmed an “overweight” rating and issued a $235.00 target price (down from $270.00) on shares of Align Technology in a research report on Tuesday, March 18th. Leerink Partners raised shares of Align Technology from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $235.00 to $280.00 in a research note on Monday, January 6th. Evercore ISI raised their price target on shares of Align Technology from $240.00 to $260.00 and gave the company an “outperform” rating in a research report on Thursday, February 6th. Morgan Stanley cut their price objective on Align Technology from $280.00 to $272.00 and set an “overweight” rating on the stock in a research report on Thursday, February 6th. Finally, Wells Fargo & Company began coverage on Align Technology in a report on Friday, February 14th. They issued an “overweight” rating and a $255.00 target price for the company. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $266.73.

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.