Align Technology, Inc. (NASDAQ:ALGN) Shares Bought by Kayne Anderson Rudnick Investment Management LLC

Kayne Anderson Rudnick Investment Management LLC grew its position in Align Technology, Inc. (NASDAQ:ALGN) by 4,391.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 488,251 shares of the medical equipment provider’s stock after purchasing an additional 477,380 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC owned about 0.65% of Align Technology worth $117,879,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the business. Cullen Frost Bankers Inc. raised its position in shares of Align Technology by 854.5% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock valued at $25,000 after purchasing an additional 94 shares during the last quarter. Mather Group LLC. acquired a new position in Align Technology during the 1st quarter valued at approximately $26,000. Innealta Capital LLC purchased a new position in shares of Align Technology in the second quarter worth $26,000. Rothschild Investment LLC acquired a new stake in shares of Align Technology during the second quarter worth $26,000. Finally, Versant Capital Management Inc grew its holdings in shares of Align Technology by 547.1% during the second quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock valued at $27,000 after buying an additional 93 shares during the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Price Performance

NASDAQ:ALGN opened at $252.85 on Friday. The company has a 50 day moving average price of $232.50 and a 200-day moving average price of $264.85. Align Technology, Inc. has a 1-year low of $176.34 and a 1-year high of $335.40. The firm has a market cap of $19.04 billion, a price-to-earnings ratio of 41.66, a price-to-earnings-growth ratio of 5.13 and a beta of 1.64.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share for the quarter, beating analysts’ consensus estimates of $2.32 by $0.09. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The company had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter in the previous year, the company earned $1.73 earnings per share. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. On average, sell-side analysts anticipate that Align Technology, Inc. will post 7.61 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on ALGN shares. Robert W. Baird reduced their target price on Align Technology from $370.00 to $325.00 and set an “outperform” rating for the company in a research note on Monday, July 22nd. Morgan Stanley decreased their target price on Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a report on Thursday, July 25th. Evercore ISI dropped their target price on Align Technology from $370.00 to $300.00 and set an “outperform” rating on the stock in a research report on Monday, June 10th. Stifel Nicolaus reduced their price target on shares of Align Technology from $400.00 to $350.00 and set a “buy” rating for the company in a research report on Thursday, July 25th. Finally, OTR Global restated a “mixed” rating on shares of Align Technology in a research note on Tuesday, June 4th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $306.88.

Insider Buying and Selling

In other Align Technology news, Director C Raymond Larkin, Jr. purchased 6,500 shares of the stock in a transaction on Thursday, August 15th. The shares were bought at an average price of $235.33 per share, for a total transaction of $1,529,645.00. Following the completion of the transaction, the director now owns 28,247 shares of the company’s stock, valued at approximately $6,647,366.51. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.62% of the stock is currently owned by insiders.

Align Technology Company Profile

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.