Hsbc Holdings PLC Has $39.81 Million Stake in Align Technology, Inc. (NASDAQ:ALGN)

Hsbc Holdings PLC increased its stake in Align Technology, Inc. (NASDAQ:ALGN) by 15.8% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 164,637 shares of the medical equipment provider’s stock after purchasing an additional 22,519 shares during the quarter. Hsbc Holdings PLC owned approximately 0.22% of Align Technology worth $39,809,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in ALGN. Mather Group LLC. acquired a new stake in shares of Align Technology in the first quarter worth $26,000. LRI Investments LLC acquired a new position in Align Technology during the 1st quarter worth $29,000. Cullen Frost Bankers Inc. boosted its holdings in Align Technology by 854.5% during the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock valued at $25,000 after acquiring an additional 94 shares during the period. Rothschild Investment LLC acquired a new stake in shares of Align Technology in the second quarter valued at about $26,000. Finally, Innealta Capital LLC bought a new position in shares of Align Technology in the second quarter worth about $26,000. Institutional investors own 88.43% of the company’s stock.

Insider Buying and Selling at Align Technology

In related news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was bought at an average cost of $235.33 per share, with a total value of $1,529,645.00. Following the completion of the acquisition, the director now owns 28,247 shares in the company, valued at $6,647,366.51. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.62% of the company’s stock.

Align Technology Stock Performance

NASDAQ:ALGN opened at $252.85 on Friday. The company has a market capitalization of $19.04 billion, a price-to-earnings ratio of 41.66, a PEG ratio of 5.13 and a beta of 1.64. The company has a 50-day moving average of $232.50 and a 200-day moving average of $264.85. Align Technology, Inc. has a 52 week low of $176.34 and a 52 week high of $335.40.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 EPS for the quarter, topping 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 firm had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter last year, the company earned $1.73 earnings per share. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. Sell-side analysts forecast that Align Technology, Inc. will post 7.61 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. StockNews.com upgraded Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday. Robert W. Baird lowered their price objective on shares of Align Technology from $370.00 to $325.00 and set an “outperform” rating on the stock in a research note on Monday, July 22nd. Morgan Stanley dropped their target price on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating on the stock in a research report on Thursday, July 25th. 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 report on Thursday, July 25th. Finally, OTR Global restated a “mixed” rating on shares of Align Technology in a report on Tuesday, June 4th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Align Technology currently has an average rating of “Moderate Buy” and an average target price of $306.88.

Align Technology 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.