University of Texas Texas AM Investment Management Co. Acquires New Stake in Align Technology, Inc. (NASDAQ:ALGN)

University of Texas Texas AM Investment Management Co. bought a new position in shares of Align Technology, Inc. (NASDAQ:ALGN) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 130 shares of the medical equipment provider’s stock, valued at approximately $31,000.

Other large investors have also modified their holdings of the company. Bank of Nova Scotia lifted its position in Align Technology by 30.1% during the fourth quarter. Bank of Nova Scotia now owns 7,115 shares of the medical equipment provider’s stock worth $1,949,000 after buying an additional 1,646 shares in the last quarter. California State Teachers Retirement System boosted its position in shares of Align Technology by 1.9% during the 4th quarter. California State Teachers Retirement System now owns 118,267 shares of the medical equipment provider’s stock valued at $32,405,000 after acquiring an additional 2,191 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Align Technology by 9.6% in the fourth quarter. The Manufacturers Life Insurance Company now owns 82,944 shares of the medical equipment provider’s stock valued at $22,727,000 after purchasing an additional 7,237 shares during the period. Lake Street Advisors Group LLC acquired a new stake in Align Technology during the fourth quarter worth about $228,000. Finally, Tower Research Capital LLC TRC raised its stake in Align Technology by 134.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 10,106 shares of the medical equipment provider’s stock worth $2,769,000 after purchasing an additional 5,793 shares during the period. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Price Performance

Shares of NASDAQ:ALGN opened at $245.35 on Wednesday. The firm’s 50-day moving average is $232.66 and its two-hundred day moving average is $261.20. Align Technology, Inc. has a 1 year low of $176.34 and a 1 year high of $335.40. The firm has a market capitalization of $18.47 billion, a PE ratio of 40.42, a price-to-earnings-growth ratio of 5.77 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 for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $1.04 billion. During the same period in the prior year, the firm earned $1.73 EPS. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. Analysts expect that Align Technology, Inc. will post 7.61 EPS for the current fiscal year.

Insider Activity

In related news, Director C Raymond Larkin, Jr. bought 6,500 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was purchased at an average cost of $235.33 per share, with a total value of $1,529,645.00. Following the purchase, the director now directly owns 28,247 shares of the company’s stock, valued at approximately $6,647,366.51. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.62% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on ALGN shares. Morgan Stanley dropped their price target on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a research note on Thursday, July 25th. OTR Global reiterated a “mixed” rating on shares of Align Technology in a report on Tuesday, June 4th. Evercore ISI reduced their price objective on shares of Align Technology from $370.00 to $300.00 and set an “outperform” rating on the stock in a report on Monday, June 10th. Piper Sandler reaffirmed an “overweight” rating and set a $315.00 target price on shares of Align Technology in a research note on Friday, September 13th. Finally, StockNews.com upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a research report on Thursday, September 19th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Align Technology has a consensus rating of “Moderate Buy” and an average target price of $306.88.

About Align Technology

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.