Jennison Associates LLC Makes New Investment in Align Technology, Inc. (NASDAQ:ALGN)

Jennison Associates LLC bought a new position in shares of Align Technology, Inc. (NASDAQ:ALGN) during the fourth quarter, according to its most recent Form 13F filing 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. Jennison Associates LLC owned 0.14% of Align Technology as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Algert Global LLC acquired a new stake in Align Technology during the second quarter worth about $333,000. Sanctuary Advisors LLC bought a new position in shares of Align Technology during the second quarter valued at approximately $926,000. Park Avenue Securities LLC raised its position in shares of Align Technology by 3.4% during the 3rd quarter. Park Avenue Securities LLC now owns 2,640 shares of the medical equipment provider’s stock worth $671,000 after purchasing an additional 88 shares during the period. Czech National Bank lifted its holdings in shares of Align Technology by 7.2% in the 3rd quarter. Czech National Bank now owns 14,303 shares of the medical equipment provider’s stock worth $3,638,000 after purchasing an additional 961 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in Align Technology by 27.1% during the 3rd quarter. GAMMA Investing LLC now owns 998 shares of the medical equipment provider’s stock valued at $254,000 after purchasing an additional 213 shares during the period. 88.43% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Bank of America increased their target price on Align Technology from $200.00 to $206.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. Piper Sandler cut their price objective on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a research report on Thursday, October 24th. Stifel Nicolaus decreased their target price on shares of Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a research report on Thursday, October 24th. Jefferies Financial Group cut their price target on Align Technology from $285.00 to $260.00 and set a “buy” rating on the stock in a report on Thursday, January 23rd. Finally, Morgan Stanley decreased their price objective on Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $271.70.

Align Technology Stock Performance

Shares of ALGN stock opened at $216.36 on Thursday. Align Technology, Inc. has a 1 year low of $196.09 and a 1 year high of $335.40. The business’s fifty day moving average is $222.19 and its 200-day moving average is $226.22. The stock has a market cap of $16.15 billion, a PE ratio of 36.92, a price-to-earnings-growth ratio of 4.80 and a beta of 1.67.

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 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%. Equities research analysts predict that Align Technology, Inc. will post 7.47 earnings per share for the current 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.