1,185 Shares in Align Technology, Inc. $ALGN Purchased by Motley Fool Asset Management LLC

Motley Fool Asset Management LLC acquired a new position in Align Technology, Inc. (NASDAQ:ALGN) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,185 shares of the medical equipment provider’s stock, valued at approximately $224,000.

Several other institutional investors have also bought and sold shares of ALGN. Ninety One UK Ltd lifted its holdings in Align Technology by 58.7% in the 1st quarter. Ninety One UK Ltd now owns 1,937,555 shares of the medical equipment provider’s stock valued at $307,800,000 after acquiring an additional 716,954 shares during the last quarter. Federated Hermes Inc. lifted its holdings in Align Technology by 510.3% in the 1st quarter. Federated Hermes Inc. now owns 707,514 shares of the medical equipment provider’s stock valued at $112,396,000 after acquiring an additional 591,588 shares during the last quarter. Mackenzie Financial Corp lifted its holdings in Align Technology by 4,217.3% in the 1st quarter. Mackenzie Financial Corp now owns 426,205 shares of the medical equipment provider’s stock valued at $67,707,000 after acquiring an additional 416,333 shares during the last quarter. Nordea Investment Management AB lifted its holdings in Align Technology by 94.5% in the 2nd quarter. Nordea Investment Management AB now owns 638,341 shares of the medical equipment provider’s stock valued at $121,055,000 after acquiring an additional 310,091 shares during the last quarter. Finally, AQR Capital Management LLC lifted its holdings in Align Technology by 104.2% in the 1st quarter. AQR Capital Management LLC now owns 404,310 shares of the medical equipment provider’s stock valued at $63,133,000 after acquiring an additional 206,308 shares during the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

Wall Street Analyst Weigh In

ALGN has been the subject of a number of research analyst reports. Stifel Nicolaus cut their price target on shares of Align Technology from $275.00 to $200.00 and set a “buy” rating for the company in a report on Thursday, July 31st. Piper Sandler reissued an “overweight” rating and issued a $190.00 price target on shares of Align Technology in a report on Thursday, October 23rd. Morgan Stanley cut their price target on shares of Align Technology from $154.00 to $142.00 and set an “equal weight” rating for the company in a report on Tuesday, October 21st. Mizuho cut their price target on shares of Align Technology from $210.00 to $170.00 and set an “outperform” rating for the company in a report on Monday, October 13th. Finally, Leerink Partners cut their price target on shares of Align Technology from $188.00 to $172.00 and set an “outperform” rating for the company in a report on Tuesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $173.09.

Insider Buying and Selling at Align Technology

In other Align Technology news, CEO Joseph M. Hogan bought 7,576 shares of the company’s stock in a transaction dated Friday, August 1st. The shares were bought at an average price of $131.49 per share, for a total transaction of $996,168.24. Following the acquisition, the chief executive officer directly owned 184,945 shares of the company’s stock, valued at approximately $24,318,418.05. This trade represents a 4.27% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.66% of the stock is owned by corporate insiders.

Align Technology Trading Down 1.9%

ALGN stock opened at $133.14 on Wednesday. Align Technology, Inc. has a one year low of $122.00 and a one year high of $246.19. The firm has a market capitalization of $9.65 billion, a PE ratio of 22.45, a P/E/G ratio of 1.54 and a beta of 1.70. The firm has a 50-day moving average of $133.75 and a two-hundred day moving average of $162.39.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, July 30th. The medical equipment provider reported $2.49 EPS for the quarter, missing analysts’ consensus estimates of $2.57 by ($0.08). Align Technology had a net margin of 11.04% and a return on equity of 13.36%. The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1.06 billion. During the same period in the prior year, the company posted $2.41 earnings per share. Align Technology’s quarterly revenue was down 1.6% compared to the same quarter last year. On average, equities research analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology declared that its Board of Directors has authorized a share repurchase plan on Tuesday, August 5th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the medical equipment provider to reacquire up to 2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

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.