Moors & Cabot Inc. Purchases New Shares in Align Technology, Inc. (NASDAQ:ALGN)

Posted by on May 22nd, 2023

Moors & Cabot Inc. purchased a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN – Get Rating) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 428 shares of the medical equipment provider’s stock, valued at approximately $281,000.

Several other hedge funds also recently made changes to their positions in the company. General Partner Inc. bought a new stake in Align Technology in the fourth quarter worth $29,000. Cullen Frost Bankers Inc. lifted its holdings in shares of Align Technology by 188.0% during the third quarter. Cullen Frost Bankers Inc. now owns 144 shares of the medical equipment provider’s stock valued at $30,000 after purchasing an additional 94 shares in the last quarter. Edge Capital Group LLC lifted its holdings in shares of Align Technology by 1,488.9% during the fourth quarter. Edge Capital Group LLC now owns 143 shares of the medical equipment provider’s stock valued at $30,000 after purchasing an additional 134 shares in the last quarter. Elequin Securities LLC bought a new position in shares of Align Technology during the fourth quarter valued at $34,000. Finally, Tsfg LLC increased its position in Align Technology by 40.0% in the fourth quarter. Tsfg LLC now owns 175 shares of the medical equipment provider’s stock worth $37,000 after buying an additional 50 shares in the last quarter. 84.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on ALGN. Stifel Nicolaus upped their price target on Align Technology from $375.00 to $390.00 and gave the stock a “buy” rating in a research report on Tuesday, April 18th. CICC Research started coverage on Align Technology in a research report on Thursday, March 23rd. They set a “market perform” rating for the company. VNET Group reiterated a “maintains” rating on shares of Align Technology in a research report on Thursday, April 27th. Robert W. Baird increased their target price on Align Technology from $260.00 to $335.00 and gave the stock an “outperform” rating in a research report on Thursday, February 2nd. Finally, Bank of America increased their target price on Align Technology from $190.00 to $225.00 in a research report on Thursday, April 27th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Align Technology presently has an average rating of “Moderate Buy” and a consensus target price of $347.78.

Align Technology Price Performance

NASDAQ:ALGN opened at $290.99 on Monday. The firm has a market capitalization of $22.27 billion, a price-to-earnings ratio of 71.85, a PEG ratio of 2.51 and a beta of 1.60. Align Technology, Inc. has a 1 year low of $172.05 and a 1 year high of $368.87. The business has a 50 day simple moving average of $320.57 and a 200-day simple moving average of $271.78.

About Align Technology

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Align Technology, Inc engages in the design, manufacture, and market of orthodontics, restorative, and aesthetic dentistry products. It operates through the Clear Aligner, and Scanner and Services segments. The Clear Aligner segment consists of Invisalign full, teen, and assist products, and Vivera retainers for treating malocclusion.

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Institutional Ownership by Quarter for Align Technology (NASDAQ:ALGN)

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