Los Angeles Capital Management LLC Buys 2,046 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Los Angeles Capital Management LLC lifted its stake in Align Technology, Inc. (NASDAQ:ALGN) by 76.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,721 shares of the medical equipment provider’s stock after purchasing an additional 2,046 shares during the period. Los Angeles Capital Management LLC’s holdings in Align Technology were worth $1,548,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in ALGN. Vanguard Group Inc. lifted its stake in Align Technology by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 8,349,785 shares of the medical equipment provider’s stock worth $2,287,841,000 after acquiring an additional 104,132 shares during the period. Brown Advisory Inc. lifted its stake in Align Technology by 41.4% in the fourth quarter. Brown Advisory Inc. now owns 1,509,080 shares of the medical equipment provider’s stock worth $413,488,000 after acquiring an additional 441,754 shares during the period. Morgan Stanley lifted its stake in Align Technology by 9.8% in the third quarter. Morgan Stanley now owns 1,018,161 shares of the medical equipment provider’s stock worth $310,866,000 after acquiring an additional 90,581 shares during the period. Northern Trust Corp lifted its stake in Align Technology by 2.7% in the third quarter. Northern Trust Corp now owns 831,469 shares of the medical equipment provider’s stock worth $253,864,000 after acquiring an additional 21,490 shares during the period. Finally, Norges Bank purchased a new stake in Align Technology in the fourth quarter worth about $223,610,000. 88.43% of the stock is currently owned by institutional investors.

Align Technology Stock Down 0.2 %

ALGN opened at $242.19 on Friday. Align Technology, Inc. has a 52-week low of $176.34 and a 52-week high of $413.20. The company has a market cap of $18.23 billion, a P/E ratio of 39.90, a price-to-earnings-growth ratio of 4.49 and a beta of 1.62. The firm’s 50-day moving average price is $272.89 and its 200-day moving average price is $282.94.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, April 24th. The medical equipment provider reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.08. Align Technology had a net margin of 11.80% and a return on equity of 14.15%. The firm had revenue of $997.43 million for the quarter, compared to the consensus estimate of $971.97 million. On average, research analysts anticipate that Align Technology, Inc. will post 7.86 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on ALGN. Morgan Stanley upped their price objective on shares of Align Technology from $344.00 to $360.00 and gave the stock an “overweight” rating in a research note on Thursday, April 25th. UBS Group increased their price target on shares of Align Technology from $280.00 to $320.00 and gave the company a “neutral” rating in a research report on Monday, April 15th. Robert W. Baird increased their price target on shares of Align Technology from $333.00 to $370.00 and gave the company an “outperform” rating in a research report on Thursday, April 25th. OTR Global reissued a “mixed” rating on shares of Align Technology in a research report on Tuesday, June 4th. Finally, SVB Leerink initiated coverage on shares of Align Technology in a research report on Monday, February 26th. They set a “market perform” rating and a $310.00 price target for the company. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Align Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $346.50.

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.