106,159 Shares in Align Technology, Inc. (NASDAQ:ALGN) Bought by Jennison Associates LLC

Jennison Associates LLC bought a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 106,159 shares of the medical equipment provider’s stock, valued at approximately $22,135,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Empirical Finance LLC lifted its stake in Align Technology by 2.1% during the third quarter. Empirical Finance LLC now owns 2,486 shares of the medical equipment provider’s stock valued at $632,000 after buying an additional 50 shares in the last quarter. Lake Street Advisors Group LLC raised its stake in shares of Align Technology by 5.6% during the 3rd quarter. Lake Street Advisors Group LLC now owns 1,042 shares of the medical equipment provider’s stock worth $265,000 after purchasing an additional 55 shares in the last quarter. Crestwood Advisors Group LLC lifted its holdings in shares of Align Technology by 6.6% during the 3rd quarter. Crestwood Advisors Group LLC now owns 1,000 shares of the medical equipment provider’s stock valued at $254,000 after buying an additional 62 shares during the last quarter. Mather Group LLC. grew its stake in shares of Align Technology by 51.6% in the 3rd quarter. Mather Group LLC. now owns 185 shares of the medical equipment provider’s stock valued at $47,000 after buying an additional 63 shares in the last quarter. Finally, Beech Hill Advisors Inc. increased its holdings in Align Technology by 0.6% in the fourth quarter. Beech Hill Advisors Inc. now owns 11,632 shares of the medical equipment provider’s stock worth $2,425,000 after buying an additional 65 shares during the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Price Performance

Shares of ALGN stock opened at $216.36 on Thursday. The stock’s fifty day simple moving average is $222.19 and its 200 day simple moving average is $226.22. Align Technology, Inc. has a one year low of $196.09 and a one year high of $335.40. The firm has a market cap of $16.15 billion, a price-to-earnings ratio of 36.92, a P/E/G ratio of 4.80 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share for the quarter, missing the consensus estimate of $2.43 by ($0.47). Align Technology had a return on equity of 13.99% and a net margin of 11.15%. On average, research analysts anticipate that Align Technology, Inc. will post 7.47 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have commented on ALGN shares. Morgan Stanley decreased their target price on shares of Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a research report on Thursday, October 24th. Jefferies Financial Group decreased their price objective on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a report on Thursday, January 23rd. Stifel Nicolaus cut their target price on Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a report on Thursday, October 24th. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a research report on Monday, November 4th. Finally, Evercore ISI lowered their price objective on Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. One equities research analyst has 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. Based on data from MarketBeat.com, Align Technology has an average rating of “Moderate Buy” and a consensus price target of $271.70.

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.