Invenomic Capital Management LP Increases Position in Align Technology, Inc. $ALGN

Invenomic Capital Management LP boosted its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 25.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 40,356 shares of the medical equipment provider’s stock after purchasing an additional 8,169 shares during the quarter. Invenomic Capital Management LP’s holdings in Align Technology were worth $5,053,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in ALGN. Sentry Investment Management LLC increased its holdings in Align Technology by 73.1% in the 3rd quarter. Sentry Investment Management LLC now owns 187 shares of the medical equipment provider’s stock worth $25,000 after acquiring an additional 79 shares in the last quarter. Steigerwald Gordon & Koch Inc. acquired a new stake in shares of Align Technology in the third quarter valued at about $26,000. Rothschild Investment LLC increased its stake in shares of Align Technology by 140.3% during the second quarter. Rothschild Investment LLC now owns 149 shares of the medical equipment provider’s stock worth $28,000 after purchasing an additional 87 shares in the last quarter. Quent Capital LLC purchased a new stake in shares of Align Technology during the third quarter worth about $30,000. Finally, TD Private Client Wealth LLC raised its position in shares of Align Technology by 135.6% during the 3rd quarter. TD Private Client Wealth LLC now owns 238 shares of the medical equipment provider’s stock worth $30,000 after purchasing an additional 137 shares during the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

Insider Activity

In related news, EVP John Morici sold 7,969 shares of the firm’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $189.31, for a total transaction of $1,508,611.39. Following the completion of the sale, the executive vice president directly owned 8,237 shares of the company’s stock, valued at approximately $1,559,346.47. This trade represents a 49.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.66% of the company’s stock.

Wall Street Analyst Weigh In

ALGN has been the topic of several research analyst reports. Jefferies Financial Group lifted their price objective on Align Technology from $155.00 to $185.00 and gave the stock a “hold” rating in a report on Thursday, February 5th. Morgan Stanley lifted their price target on Align Technology from $154.00 to $169.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 5th. Stifel Nicolaus increased their price objective on Align Technology from $200.00 to $210.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. Piper Sandler lifted their target price on shares of Align Technology from $200.00 to $220.00 and gave the stock an “overweight” rating in a research note on Thursday, February 5th. Finally, Wall Street Zen upgraded shares of Align Technology from a “buy” rating to a “strong-buy” rating in a research report on Saturday, March 7th. Six research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Align Technology has a consensus rating of “Hold” and an average target price of $198.08.

Align Technology Price Performance

Shares of NASDAQ ALGN opened at $164.23 on Monday. The company has a market capitalization of $11.71 billion, a P/E ratio of 29.02, a P/E/G ratio of 1.79 and a beta of 1.79. The company has a 50 day simple moving average of $175.96 and a 200-day simple moving average of $153.33. Align Technology, Inc. has a 1 year low of $122.00 and a 1 year high of $208.30.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, February 4th. The medical equipment provider reported $3.29 earnings per share for the quarter, topping the consensus estimate of $2.99 by $0.30. Align Technology had a return on equity of 15.16% and a net margin of 10.17%.The company had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same period in the prior year, the business posted $2.44 earnings per share. The firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. As a group, research analysts expect that Align Technology, Inc. will post 7.98 EPS for the current year.

About Align Technology

Align Technology, Inc (NASDAQ: ALGN) pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company’s signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.