Allstate Corp Takes $437,000 Position in Align Technology, Inc. (NASDAQ:ALGN)

Allstate Corp bought a new position in Align Technology, Inc. (NASDAQ:ALGN) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 2,094 shares of the medical equipment provider’s stock, valued at approximately $437,000.

A number of other institutional investors have also modified their holdings of ALGN. Picton Mahoney Asset Management lifted its holdings in shares of Align Technology by 69.9% during the 4th quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider’s stock valued at $30,000 after acquiring an additional 58 shares in the last quarter. Neo Ivy Capital Management purchased a new position in Align Technology in the third quarter valued at about $32,000. Private Trust Co. NA lifted its stake in shares of Align Technology by 113.4% during the fourth quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider’s stock worth $36,000 after purchasing an additional 93 shares in the last quarter. Versant Capital Management Inc boosted its position in shares of Align Technology by 212.2% in the fourth quarter. Versant Capital Management Inc now owns 231 shares of the medical equipment provider’s stock worth $48,000 after buying an additional 157 shares during the period. Finally, Newbridge Financial Services Group Inc. acquired a new stake in shares of Align Technology in the fourth quarter valued at about $52,000. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on ALGN shares. Leerink Partnrs upgraded shares of Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. Leerink Partners raised shares of Align Technology from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $235.00 to $280.00 in a research report on Monday, January 6th. Wells Fargo & Company began coverage on Align Technology in a research note on Friday, February 14th. They set an “overweight” rating and a $255.00 price objective on the stock. Morgan Stanley decreased their target price on Align Technology from $280.00 to $272.00 and set an “overweight” rating for the company in a research report on Thursday, February 6th. Finally, Bank of America upped their price target on Align Technology from $200.00 to $206.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. One analyst has rated the stock with a sell rating, two have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Align Technology presently has a consensus rating of “Moderate Buy” and an average price target of $262.64.

Align Technology Stock Up 3.7 %

Shares of ALGN opened at $163.98 on Thursday. Align Technology, Inc. has a 52-week low of $153.77 and a 52-week high of $331.64. The firm has a market capitalization of $12.07 billion, a PE ratio of 29.23, a P/E/G ratio of 2.24 and a beta of 1.69. The firm has a 50-day moving average price of $189.66 and a 200 day moving average price of $213.03.

Align Technology (NASDAQ:ALGN) last released its 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 return on equity of 13.84% and a net margin of 10.54%. On average, equities analysts expect that Align Technology, Inc. will post 7.98 EPS for the current year.

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.