Wexford Capital LP Makes New $211,000 Investment in Align Technology, Inc. (NASDAQ:ALGN)

Wexford Capital LP purchased a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 828 shares of the medical equipment provider’s stock, valued at approximately $211,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. FMR LLC grew its holdings in Align Technology by 43.0% during the third quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock worth $310,736,000 after acquiring an additional 367,508 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Align Technology by 1.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,148,282 shares of the medical equipment provider’s stock worth $277,230,000 after purchasing an additional 15,540 shares during the last quarter. Ninety One UK Ltd raised its holdings in shares of Align Technology by 1.0% in the 2nd quarter. Ninety One UK Ltd now owns 1,147,124 shares of the medical equipment provider’s stock worth $276,950,000 after purchasing an additional 10,919 shares in the last quarter. Disciplined Growth Investors Inc. MN lifted its stake in Align Technology by 0.5% during the second quarter. Disciplined Growth Investors Inc. MN now owns 707,542 shares of the medical equipment provider’s stock valued at $170,822,000 after purchasing an additional 3,600 shares during the last quarter. Finally, Point72 Asset Management L.P. boosted its holdings in Align Technology by 96.3% during the third quarter. Point72 Asset Management L.P. now owns 674,319 shares of the medical equipment provider’s stock worth $171,493,000 after buying an additional 330,807 shares in the last quarter. Institutional investors own 88.43% of the company’s stock.

Align Technology Price Performance

Shares of ALGN stock opened at $232.35 on Friday. Align Technology, Inc. has a fifty-two week low of $196.09 and a fifty-two week high of $335.40. The stock’s 50-day moving average is $225.18 and its two-hundred day moving average is $235.40. The firm has a market cap of $17.35 billion, a P/E ratio of 39.65, a PEG ratio of 6.06 and a beta of 1.66.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.04. The firm had revenue of $977.87 million for the quarter, compared to analyst estimates of $990.05 million. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. The company’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.62 earnings per share. As a group, research analysts expect that Align Technology, Inc. will post 7.45 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ALGN. Piper Sandler dropped their price target on Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Mizuho started coverage on shares of Align Technology in a research note on Wednesday. They set an “outperform” rating and a $295.00 price objective for the company. Robert W. Baird dropped their target price on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Needham & Company LLC restated a “hold” rating on shares of Align Technology in a report on Monday, November 4th. Finally, Evercore ISI reduced their price target on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Align Technology presently has an average rating of “Moderate Buy” and a consensus price target of $278.44.

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.