Raymond James Financial Inc. Invests $42.24 Million in Align Technology, Inc. (NASDAQ:ALGN)

Raymond James Financial Inc. purchased a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN) in the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 202,593 shares of the medical equipment provider’s stock, valued at approximately $42,243,000.

Several other hedge funds have also bought and sold shares of ALGN. Picton Mahoney Asset Management boosted its position in shares of Align Technology by 69.9% in the 4th quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider’s stock worth $30,000 after purchasing an additional 58 shares in the last quarter. Aster Capital Management DIFC Ltd purchased a new position in Align Technology during the fourth quarter valued at $35,000. Private Trust Co. NA boosted its holdings in Align Technology by 113.4% in the fourth quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider’s stock worth $36,000 after acquiring an additional 93 shares in the last quarter. Versant Capital Management Inc grew its stake in shares of Align Technology by 212.2% in the fourth quarter. Versant Capital Management Inc now owns 231 shares of the medical equipment provider’s stock worth $48,000 after acquiring an additional 157 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. bought a new position in shares of Align Technology during the fourth quarter valued at $52,000. Institutional investors own 88.43% of the company’s stock.

Wall Street Analysts Forecast Growth

ALGN has been the topic of several recent analyst reports. Morgan Stanley cut their price objective on shares of Align Technology from $280.00 to $272.00 and set an “overweight” rating on the stock in a research report on Thursday, February 6th. Piper Sandler reissued an “overweight” rating and set a $235.00 price target (down previously from $270.00) on shares of Align Technology in a research report on Tuesday, March 18th. Evercore ISI boosted their price objective on shares of Align Technology from $240.00 to $260.00 and gave the stock an “outperform” rating in a report on Thursday, February 6th. Mizuho cut their target price on Align Technology from $295.00 to $250.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 25th. Finally, Leerink Partnrs upgraded Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $256.90.

Align Technology Stock Down 0.9 %

Align Technology stock opened at $164.15 on Wednesday. The business has a 50-day simple moving average of $175.16 and a two-hundred day simple moving average of $206.13. Align Technology, Inc. has a 52-week low of $141.74 and a 52-week high of $327.49. The company has a market cap of $12.02 billion, a P/E ratio of 29.26, a P/E/G ratio of 2.24 and a beta of 1.73.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 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%. Research analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

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.