GAMMA Investing LLC Acquires New Stake in Align Technology, Inc. (NASDAQ:ALGN)

GAMMA Investing LLC acquired a new stake in Align Technology, Inc. (NASDAQ:ALGN) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 497 shares of the medical equipment provider’s stock, valued at approximately $133,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Deepwater Asset Management LLC grew its holdings in Align Technology by 46.8% during the 4th quarter. Deepwater Asset Management LLC now owns 48,981 shares of the medical equipment provider’s stock worth $13,421,000 after acquiring an additional 15,608 shares during the period. London & Capital Asset Management Ltd grew its holdings in Align Technology by 7.1% during the 4th quarter. London & Capital Asset Management Ltd now owns 58,025 shares of the medical equipment provider’s stock worth $15,899,000 after acquiring an additional 3,843 shares during the period. Morgan Stanley grew its holdings in Align Technology by 9.8% during the 3rd quarter. Morgan Stanley now owns 1,018,161 shares of the medical equipment provider’s stock worth $310,866,000 after acquiring an additional 90,581 shares during the period. Illinois Municipal Retirement Fund grew its holdings in Align Technology by 20.9% during the 4th quarter. Illinois Municipal Retirement Fund now owns 33,344 shares of the medical equipment provider’s stock worth $9,136,000 after acquiring an additional 5,759 shares during the period. Finally, Country Trust Bank grew its holdings in Align Technology by 27.7% during the 4th quarter. Country Trust Bank now owns 80,830 shares of the medical equipment provider’s stock worth $22,147,000 after acquiring an additional 17,515 shares during the period. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Align Technology Stock Performance

Shares of NASDAQ ALGN opened at $309.02 on Friday. Align Technology, Inc. has a fifty-two week low of $176.34 and a fifty-two week high of $413.20. The stock has a market cap of $23.25 billion, a price-to-earnings ratio of 50.91, a PEG ratio of 5.56 and a beta of 1.65. The firm’s 50-day simple moving average is $313.38 and its 200 day simple moving average is $270.87.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, January 31st. The medical equipment provider reported $1.91 earnings per share for the quarter, beating the consensus estimate of $1.78 by $0.13. Align Technology had a net margin of 11.80% and a return on equity of 14.15%. The business had revenue of $956.73 million for the quarter, compared to analysts’ expectations of $928.57 million. On average, sell-side analysts predict that Align Technology, Inc. will post 7.69 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ALGN. SVB Leerink began coverage on Align Technology in a report on Monday, February 26th. They set a “market perform” rating and a $310.00 price target for the company. Robert W. Baird increased their price target on Align Technology from $333.00 to $370.00 and gave the stock an “outperform” rating in a report on Thursday. Stifel Nicolaus increased their price target on Align Technology from $350.00 to $400.00 and gave the stock a “buy” rating in a report on Thursday, April 18th. Piper Sandler reissued an “overweight” rating and set a $375.00 price objective (up previously from $355.00) on shares of Align Technology in a research report on Thursday. Finally, UBS Group increased their price objective on shares of Align Technology from $280.00 to $320.00 and gave the stock a “neutral” rating in a research report on Monday, April 15th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $353.00.

Insider Activity at Align Technology

In related news, EVP Emory Wright sold 2,524 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $287.45, for a total value of $725,523.80. Following the transaction, the executive vice president now owns 709 shares of the company’s stock, valued at approximately $203,802.05. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Align Technology news, EVP Emory Wright sold 2,524 shares of the stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $287.45, for a total value of $725,523.80. Following the completion of the sale, the executive vice president now owns 709 shares in the company, valued at approximately $203,802.05. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Joseph Lacob sold 15,000 shares of the stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $303.22, for a total transaction of $4,548,300.00. Following the completion of the sale, the director now owns 131,994 shares of the company’s stock, valued at approximately $40,023,220.68. The disclosure for this sale can be found here. In the last quarter, insiders have sold 27,524 shares of company stock valued at $8,403,924. 0.64% of the stock is owned by corporate insiders.

Align Technology 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.