Intech Investment Management LLC Buys 11,472 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Intech Investment Management LLC raised its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 1,057.3% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 12,557 shares of the medical equipment provider’s stock after purchasing an additional 11,472 shares during the quarter. Intech Investment Management LLC’s holdings in Align Technology were worth $3,032,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Mather Group LLC. bought a new stake in Align Technology in the first quarter valued at about $26,000. LRI Investments LLC bought a new stake in Align Technology in the first quarter valued at about $29,000. Cullen Frost Bankers Inc. increased its stake in Align Technology by 854.5% in 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 bought a new stake in Align Technology in the second quarter valued at about $26,000. Finally, Innealta Capital LLC bought a new stake in Align Technology in the second quarter valued at about $26,000. Institutional investors own 88.43% of the company’s stock.

Insider Transactions at Align Technology

In other Align Technology news, Director C Raymond Larkin, Jr. acquired 6,500 shares of Align Technology stock in a transaction on Thursday, August 15th. The shares were purchased at an average cost of $235.33 per share, with a total value of $1,529,645.00. Following the completion of the purchase, the director now owns 28,247 shares in the company, valued at $6,647,366.51. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.62% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

ALGN has been the topic of a number of analyst reports. OTR Global reissued a “mixed” rating on shares of Align Technology in a research note on Tuesday, June 4th. Morgan Stanley reduced their price target 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. Piper Sandler restated an “overweight” rating and issued a $315.00 price target on shares of Align Technology in a research report on Friday, September 13th. Robert W. Baird reduced their price target on shares of Align Technology from $370.00 to $325.00 and set an “outperform” rating on the stock in a research report on Monday, July 22nd. Finally, Stifel Nicolaus reduced their price target on shares of Align Technology from $400.00 to $350.00 and set a “buy” rating on the stock in a research report on Thursday, July 25th. 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, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $306.88.

Align Technology Trading Down 1.7 %

Shares of ALGN stock opened at $252.85 on Monday. Align Technology, Inc. has a 1 year low of $176.34 and a 1 year high of $335.40. The firm’s 50 day moving average is $232.50 and its 200-day moving average is $264.34. The firm 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.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share (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 company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same period in the prior year, the business earned $1.73 earnings per share. Align Technology’s quarterly revenue was up 2.6% on a year-over-year basis. On average, equities research analysts forecast that Align Technology, Inc. will post 7.61 earnings per share for the current fiscal year.

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.