Rs Investment Management Co buys $51,237,650 stake in Align Technology (ALGN)

Align Technology (ALGN) : Rs Investment Management Co scooped up 32,545 additional shares in Align Technology during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Jul 26, 2016. The investment management firm now holds a total of 601,734 shares of Align Technology which is valued at $51,237,650.Align Technology makes up approximately 0.50% of Rs Investment Management Co’s portfolio.

Other Hedge Funds, Including , Candriam Luxembourg S.c.a. reduced its stake in ALGN by selling 2,000 shares or 10.0% in the most recent quarter. The Hedge Fund company now holds 18,000 shares of ALGN which is valued at $1,532,700. Align Technology makes up approx 0.04% of Candriam Luxembourg S.c.a.’s portfolio.Msi Financial Services Inc reduced its stake in ALGN by selling 6 shares or 1.01% in the most recent quarter. The Hedge Fund company now holds 589 shares of ALGN which is valued at $50,153. Washington Trust Bank added ALGN to its portfolio by purchasing 55 company shares during the most recent quarter which is valued at $4,561.

Align Technology opened for trading at $85.25 and hit $89.58 on the upside on Friday, eventually ending the session at $89.15, with a gain of 4.54% or 3.87 points. The heightened volatility saw the trading volume jump to 18,11,124 shares. Company has a market cap of $7,148 M.

On the company’s financial health, Align Technology reported $0.62 EPS for the quarter, beating the analyst consensus estimate by $ 0.14 according to the earnings call on Jul 28, 2016. Analyst had a consensus of $0.48. The company had revenue of $269.40 million for the quarter, compared to analysts expectations of $258.76 million. The company’s revenue was up 28.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.39 EPS.

Many Wall Street Analysts have commented on Align Technology. Company shares were Reiterated by Stifel on Jul 28, 2016 to “Buy”, Firm has raised the Price Target to $ 95 from a previous price target of $82 .Credit Suisse Initiated Align Technology on May 11, 2016 to “Outperform”, Price Target of the shares are set at $84.

Align Technology Inc. (Align) is a medical device company. The Company designs manufactures and markets a system of clear aligner therapy intra-oral scanners and computer-aided design and computer-aided manufacturing (CAD/CAM) digital services for dentistry orthodontics and dental records storage. The Company operates through two segments: Clear Aligner known as the Invisalign system and Scanners and Services known as the iTero intraoral scanner and OrthoCAD services. The Company’s Clear Aligner segment provides malocclusion and orthodontic treatment. The Company’s Scanners and Services Segment offers iTero intraoral scanner which utilizes laser and optical scanning to capture the contours of the patient’s dentition gingival structures and the bite. It distributes products directly to customers including orthodontists and general practitioner dentists (GPs) as well as to restorative dentists including prosthodontists periodontists and oral surgeons.

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