Senvest Management LLC Acquires 267,000 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Senvest Management LLC boosted its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 58.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 726,243 shares of the medical equipment provider’s stock after purchasing an additional 267,000 shares during the period. Align Technology makes up approximately 4.7% of Senvest Management LLC’s holdings, making the stock its 6th biggest position. Senvest Management LLC owned about 0.97% of Align Technology worth $151,429,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of Align Technology in the fourth quarter worth approximately $190,792,000. Meridiem Investment Management Ltd. grew its position in Align Technology by 63.7% during the 4th quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider’s stock worth $159,470,000 after purchasing an additional 297,472 shares in the last quarter. Resona Asset Management Co. Ltd. acquired a new stake in Align Technology during the 4th quarter valued at $47,853,000. Raymond James Financial Inc. acquired a new stake in shares of Align Technology in the fourth quarter worth $42,243,000. Finally, Invesco Ltd. grew its holdings in shares of Align Technology by 17.1% during the fourth quarter. Invesco Ltd. now owns 1,082,162 shares of the medical equipment provider’s stock valued at $225,642,000 after buying an additional 158,312 shares in the last quarter. 88.43% of the stock is currently owned by institutional investors.

Align Technology Stock Performance

ALGN opened at $164.14 on Monday. Align Technology, Inc. has a fifty-two week low of $141.74 and a fifty-two week high of $327.49. The stock has a fifty day moving average of $177.26 and a 200-day moving average of $207.05. The company has a market capitalization of $12.02 billion, a P/E ratio of 29.26, a P/E/G ratio of 2.24 and a beta of 1.73.

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

Analysts Set New Price Targets

Several research firms have recently commented on ALGN. Jefferies Financial Group lowered their price target on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating on the stock in a report on Thursday, January 23rd. Mizuho cut their price target on Align Technology from $295.00 to $250.00 and set an “outperform” rating for the company in a research note on Tuesday, March 25th. Leerink Partnrs raised Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. Morgan Stanley cut their price objective on shares of 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 assumed coverage on shares of Align Technology in a research note on Friday, February 14th. They set an “overweight” rating and a $255.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $262.64.

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.