Allstate Corp Takes $437,000 Position in Align Technology, Inc. (NASDAQ:ALGN)

Allstate Corp acquired a new position in shares of Align Technology, Inc. (NASDAQ:ALGN) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 2,094 shares of the medical equipment provider’s stock, valued at approximately $437,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Public Sector Pension Investment Board grew its stake in shares of Align Technology by 11.8% in the third quarter. Public Sector Pension Investment Board now owns 2,839 shares of the medical equipment provider’s stock worth $722,000 after acquiring an additional 300 shares during the last quarter. Verition Fund Management LLC grew its position in Align Technology by 462.1% in the 3rd quarter. Verition Fund Management LLC now owns 13,450 shares of the medical equipment provider’s stock worth $3,421,000 after purchasing an additional 11,057 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec acquired a new position in shares of Align Technology during the third quarter valued at about $1,562,000. Benjamin Edwards Inc. lifted its stake in shares of Align Technology by 240.4% in the third quarter. Benjamin Edwards Inc. now owns 919 shares of the medical equipment provider’s stock valued at $234,000 after buying an additional 649 shares during the period. Finally, Investment Management Corp of Ontario grew its position in Align Technology by 42.6% during the third quarter. Investment Management Corp of Ontario now owns 2,342 shares of the medical equipment provider’s stock worth $596,000 after buying an additional 700 shares in the last quarter. Institutional investors own 88.43% of the company’s stock.

Align Technology Trading Up 3.7 %

NASDAQ ALGN opened at $163.98 on Thursday. The firm has a market cap of $12.07 billion, a price-to-earnings ratio of 29.23, a PEG ratio of 2.24 and a beta of 1.69. Align Technology, Inc. has a 1-year low of $153.77 and a 1-year high of $331.64. The company has a 50 day moving average of $189.66 and a 200-day moving average of $213.03.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.43 by ($0.47). Align Technology had a net margin of 10.54% and a return on equity of 13.84%. On average, analysts forecast that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have commented on the company. Piper Sandler reiterated an “overweight” rating and issued a $235.00 price objective (down previously from $270.00) on shares of Align Technology in a research report on Tuesday, March 18th. 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 report on Thursday, January 23rd. Bank of America boosted their price target on shares of Align Technology from $200.00 to $206.00 and gave the company an “underperform” rating in a report on Friday, December 13th. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a report on Thursday, February 6th. Finally, Leerink Partners raised shares of Align Technology from a “market perform” rating to an “outperform” rating and upped their target price for the company from $235.00 to $280.00 in a research note on Monday, January 6th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $262.64.

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.