Metis Global Partners LLC Raises Position in Align Technology, Inc. (NASDAQ:ALGN)

Metis Global Partners LLC grew its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 3.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,878 shares of the medical equipment provider’s stock after purchasing an additional 98 shares during the period. Metis Global Partners LLC’s holdings in Align Technology were worth $600,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Empirical Finance LLC lifted its holdings 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 purchasing an additional 50 shares during the last quarter. Crestwood Advisors Group LLC lifted its holdings in shares of Align Technology by 6.6% during the 3rd quarter. Crestwood Advisors Group LLC now owns 1,000 shares of the medical equipment provider’s stock valued at $254,000 after purchasing an additional 62 shares during the last quarter. Beech Hill Advisors Inc. lifted its holdings in shares of Align Technology by 0.6% during the 4th quarter. Beech Hill Advisors Inc. now owns 11,632 shares of the medical equipment provider’s stock valued at $2,425,000 after purchasing an additional 65 shares during the last quarter. New York Life Investment Management LLC lifted its holdings in shares of Align Technology by 0.7% during the 4th quarter. New York Life Investment Management LLC now owns 9,406 shares of the medical equipment provider’s stock valued at $1,961,000 after purchasing an additional 68 shares during the last quarter. Finally, Covestor Ltd lifted its holdings in shares of Align Technology by 26.6% during the 3rd quarter. Covestor Ltd now owns 362 shares of the medical equipment provider’s stock valued at $92,000 after purchasing an additional 76 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Stock Performance

NASDAQ ALGN opened at $174.19 on Thursday. The stock has a 50-day simple moving average of $209.65 and a two-hundred day simple moving average of $222.18. The firm has a market capitalization of $12.82 billion, a P/E ratio of 31.05, a PEG ratio of 2.24 and a beta of 1.69. Align Technology, Inc. has a fifty-two week low of $167.32 and a fifty-two week high of $335.40.

Align Technology (NASDAQ:ALGN) last posted 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%. As a group, analysts forecast that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Analyst Upgrades and Downgrades

ALGN has been the subject of a number of research analyst reports. Wells Fargo & Company initiated coverage on Align Technology in a research note on Friday, February 14th. They issued an “overweight” rating and a $255.00 target price for the company. Needham & Company LLC restated a “hold” rating on shares of Align Technology in a research note on Thursday, February 6th. Bank of America raised their target price on Align Technology from $200.00 to $206.00 and gave the stock an “underperform” rating in a research note on Friday, December 13th. Jefferies Financial Group reduced their target price on Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a research note on Thursday, January 23rd. Finally, Leerink Partnrs upgraded Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $269.91.

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.