Trexquant Investment LP Purchases New Stake in Align Technology, Inc. (NASDAQ:ALGN)

Trexquant Investment LP acquired a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN) during the fourth quarter, Holdings Channel reports. The fund acquired 34,618 shares of the medical equipment provider’s stock, valued at approximately $7,218,000.

Other hedge funds also recently added to or reduced their stakes in the company. Picton Mahoney Asset Management lifted its position in shares of Align Technology by 69.9% during the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider’s stock worth $30,000 after purchasing an additional 58 shares during the last quarter. Neo Ivy Capital Management acquired a new stake in Align Technology during the third quarter valued at approximately $32,000. Private Trust Co. NA lifted its holdings in Align Technology by 113.4% during the 4th quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider’s stock worth $36,000 after buying an additional 93 shares during the last quarter. Versant Capital Management Inc grew its position in shares of Align Technology by 212.2% in the 4th quarter. Versant Capital Management Inc now owns 231 shares of the medical equipment provider’s stock worth $48,000 after acquiring an additional 157 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. bought a new stake in shares of Align Technology in the 4th quarter valued at approximately $52,000. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Price Performance

ALGN opened at $154.24 on Friday. Align Technology, Inc. has a 12 month low of $150.80 and a 12 month high of $331.64. The stock’s 50 day moving average price is $188.04 and its 200 day moving average price is $212.63. The stock has a market cap of $11.35 billion, a P/E ratio of 27.49, a P/E/G ratio of 2.24 and a beta of 1.69.

Align Technology (NASDAQ:ALGN) last issued its quarterly 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 net margin of 10.54% and a return on equity of 13.84%. Equities analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current year.

Analyst Ratings Changes

Several equities analysts recently issued reports on ALGN shares. Leerink Partners upgraded Align Technology from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $235.00 to $280.00 in a research note on Monday, January 6th. Jefferies Financial Group reduced their price target on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating on the stock in a research report on Thursday, January 23rd. Mizuho dropped their price objective on shares of Align Technology from $295.00 to $250.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 25th. Evercore ISI raised their target price on shares of Align Technology from $240.00 to $260.00 and gave the stock an “outperform” rating in a report on Thursday, February 6th. Finally, Morgan Stanley lowered their target price on Align Technology from $280.00 to $272.00 and set an “overweight” rating for the company in a report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average 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.