VELA Investment Management LLC Purchases New Position in Align Technology, Inc. (NASDAQ:ALGN)

VELA Investment Management LLC bought a new position in shares of Align Technology, Inc. (NASDAQ:ALGN) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 1,334 shares of the medical equipment provider’s stock, valued at approximately $278,000.

Several other hedge funds have also added to or reduced their stakes in ALGN. True Wealth Design LLC boosted its position in Align Technology by 10,700.0% during the 3rd quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider’s stock worth $27,000 after buying an additional 107 shares during the period. Neo Ivy Capital Management acquired a new stake in Align Technology during the 3rd quarter worth approximately $32,000. Versant Capital Management Inc boosted its position in Align Technology by 212.2% during the 4th 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. Newbridge Financial Services Group Inc. acquired a new stake in Align Technology during the 4th quarter worth approximately $52,000. Finally, Quarry LP boosted its position in Align Technology by 74.8% during the 3rd quarter. Quarry LP now owns 222 shares of the medical equipment provider’s stock worth $56,000 after buying an additional 95 shares during the period. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently commented on ALGN. Wells Fargo & Company began coverage on shares of Align Technology in a research report on Friday, February 14th. They set an “overweight” rating and a $255.00 target price on the stock. Leerink Partners upgraded shares of Align Technology from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $235.00 to $280.00 in a research report on Monday, January 6th. Mizuho assumed coverage on shares of Align Technology in a research report on Wednesday, December 4th. They issued an “outperform” rating and a $295.00 price target on the stock. Needham & Company LLC restated a “hold” rating on shares of Align Technology in a research report on Thursday, February 6th. Finally, Piper Sandler dropped their price target on shares of Align Technology from $275.00 to $270.00 and set an “overweight” rating on the stock in a research report on Thursday, February 6th. One investment 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. Based on data from MarketBeat, Align Technology presently has a consensus rating of “Moderate Buy” and an average price target of $269.91.

Align Technology Stock Down 2.8 %

Align Technology stock opened at $185.77 on Friday. Align Technology, Inc. has a 12-month low of $183.26 and a 12-month high of $335.40. The firm’s fifty day moving average is $212.44 and its 200 day moving average is $223.57. The company has a market capitalization of $13.87 billion, a PE ratio of 33.11, a PEG ratio of 2.24 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last released its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share (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%. Sell-side analysts expect that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

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.