Algert Global LLC Invests $333,000 in Align Technology, Inc. (NASDAQ:ALGN)

Algert Global LLC purchased a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 1,378 shares of the medical equipment provider’s stock, valued at approximately $333,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ALGN. Cullen Frost Bankers Inc. grew its stake in shares of 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 buying an additional 94 shares during the last quarter. Mather Group LLC. bought a new position in Align Technology in the 1st quarter valued at $26,000. Innealta Capital LLC purchased a new stake in Align Technology in the second quarter worth $26,000. Rothschild Investment LLC bought a new stake in shares of Align Technology during the second quarter worth $26,000. Finally, Versant Capital Management Inc boosted its stake 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 purchasing an additional 93 shares during the period. 88.43% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ALGN. Morgan Stanley decreased their price objective on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a report on Thursday, July 25th. Robert W. Baird lowered their price target on Align Technology from $370.00 to $325.00 and set an “outperform” rating for the company in a report on Monday, July 22nd. Evercore ISI dropped their price objective on Align Technology from $280.00 to $270.00 and set an “outperform” rating on the stock in a research note on Tuesday. Stifel Nicolaus decreased their target price on 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, StockNews.com raised Align Technology from a “hold” rating to a “buy” rating in a research report on Thursday, September 19th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $303.13.

Insider Transactions at Align Technology

In other Align Technology news, Director C Raymond Larkin, Jr. bought 6,500 shares of Align Technology stock in a transaction that occurred on Thursday, August 15th. The shares were bought at an average cost of $235.33 per share, with a total value of $1,529,645.00. Following the transaction, the director now directly owns 28,247 shares of the company’s stock, valued at approximately $6,647,366.51. This represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.62% of the company’s stock.

Align Technology Price Performance

ALGN opened at $234.06 on Wednesday. The firm has a market capitalization of $17.62 billion, a PE ratio of 38.56, a price-to-earnings-growth ratio of 5.77 and a beta of 1.64. The business’s 50-day moving average is $233.38 and its two-hundred day moving average is $258.86. Align Technology, Inc. has a 1 year low of $176.34 and a 1 year high of $335.40.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data 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 firm had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter in the previous year, the firm earned $1.73 EPS. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. As a group, sell-side analysts expect that Align Technology, Inc. will post 7.61 EPS for the current 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.