Portolan Capital Management LLC Makes New $15.36 Million Investment in Align Technology, Inc. (NASDAQ:ALGN)

Portolan Capital Management LLC bought a new position in shares of Align Technology, Inc. (NASDAQ:ALGN) during the 3rd quarter, HoldingsChannel.com reports. The institutional investor bought 60,386 shares of the medical equipment provider’s stock, valued at approximately $15,357,000. Align Technology accounts for about 1.1% of Portolan Capital Management LLC’s holdings, making the stock its 24th largest position.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Mather Group LLC. boosted its stake in Align Technology by 52.5% during the 2nd quarter. Mather Group LLC. now owns 122 shares of the medical equipment provider’s stock worth $29,000 after purchasing an additional 42 shares during the last quarter. Quarry LP boosted its stake in Align Technology by 53.0% during the 2nd quarter. Quarry LP now owns 127 shares of the medical equipment provider’s stock worth $31,000 after purchasing an additional 44 shares during the last quarter. Crewe Advisors LLC boosted its position in shares of Align Technology by 36.8% during the 2nd quarter. Crewe Advisors LLC now owns 171 shares of the medical equipment provider’s stock valued at $41,000 after acquiring an additional 46 shares during the last quarter. Empirical Finance LLC boosted its position in shares of Align Technology by 2.1% during the 3rd quarter. Empirical Finance LLC now owns 2,486 shares of the medical equipment provider’s stock valued at $632,000 after acquiring an additional 50 shares during the last quarter. Finally, Daiwa Securities Group Inc. boosted its position in shares of Align Technology by 0.6% during the 2nd quarter. Daiwa Securities Group Inc. now owns 8,876 shares of the medical equipment provider’s stock valued at $2,143,000 after acquiring an additional 54 shares during the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Price Performance

NASDAQ ALGN opened at $234.01 on Wednesday. The firm’s 50-day moving average is $225.75 and its two-hundred day moving average is $235.46. Align Technology, Inc. has a 12 month low of $196.09 and a 12 month high of $335.40. The stock has a market capitalization of $17.47 billion, a P/E ratio of 39.93, a PEG ratio of 6.07 and a beta of 1.66.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. The company 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 business’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.62 earnings per share. As a group, analysts anticipate that Align Technology, Inc. will post 7.45 EPS for the current year.

Analyst Ratings Changes

Several research analysts have recently weighed in on ALGN shares. Stifel Nicolaus lowered their price target on shares of Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a research report on Thursday, October 24th. Mizuho started coverage on shares of Align Technology in a research report on Wednesday. They set an “outperform” rating and a $295.00 price target on the stock. Morgan Stanley lowered their price target on shares of Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a research report on Thursday, October 24th. Piper Sandler lowered their price target 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. Finally, Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research report on Monday, November 4th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, Align Technology has a consensus rating of “Moderate Buy” and an average price target of $278.44.

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.