Merit Financial Group LLC Takes $325,000 Position in Align Technology, Inc. (NASDAQ:ALGN)

Merit Financial Group LLC bought a new position in Align Technology, Inc. (NASDAQ:ALGN) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 1,561 shares of the medical equipment provider’s stock, valued at approximately $325,000.

Several other institutional investors have also recently added to or reduced their stakes in ALGN. Avanza Fonder AB acquired a new position in shares of Align Technology during the fourth quarter worth approximately $1,776,000. Beech Hill Advisors Inc. grew its holdings in shares of Align Technology by 0.6% during the fourth quarter. Beech Hill Advisors Inc. now owns 11,632 shares of the medical equipment provider’s stock valued at $2,425,000 after buying an additional 65 shares during the last quarter. Assenagon Asset Management S.A. increased its position in shares of Align Technology by 54.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 189,022 shares of the medical equipment provider’s stock worth $39,413,000 after acquiring an additional 66,756 shares in the last quarter. Fulcrum Capital LLC raised its holdings in shares of Align Technology by 5.6% in the 4th quarter. Fulcrum Capital LLC now owns 9,212 shares of the medical equipment provider’s stock worth $1,921,000 after acquiring an additional 489 shares during the last quarter. Finally, Czech National Bank lifted its position in Align Technology by 6.4% in the 4th quarter. Czech National Bank now owns 15,216 shares of the medical equipment provider’s stock valued at $3,173,000 after acquiring an additional 913 shares in the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ALGN. Evercore ISI lowered their target price on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Leerink Partnrs upgraded Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. Robert W. Baird reduced their target price on Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Morgan Stanley dropped their price target on Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Finally, Mizuho started coverage on Align Technology in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $295.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Align Technology currently has an average rating of “Moderate Buy” and a consensus price target of $267.45.

Align Technology Stock Down 0.7 %

Align Technology stock opened at $233.30 on Friday. The firm has a fifty day simple moving average of $222.87 and a two-hundred day simple moving average of $227.92. Align Technology, Inc. has a twelve month low of $196.09 and a twelve month high of $335.40. The company has a market capitalization of $17.42 billion, a PE ratio of 39.81, a P/E/G ratio of 5.14 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. The firm had revenue of $977.87 million during the quarter, compared to analyst estimates of $990.05 million. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The business’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.62 earnings per share. As a group, equities analysts expect that Align Technology, Inc. will post 7.47 earnings per share for the current fiscal year.

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.