ARK Investment Management LLC Increases Stake in Align Technology, Inc. (NASDAQ:ALGN)

ARK Investment Management LLC increased its holdings in Align Technology, Inc. (NASDAQ:ALGNGet Rating) by 1.1% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,462 shares of the medical equipment provider’s stock after purchasing an additional 116 shares during the quarter. ARK Investment Management LLC’s holdings in Align Technology were worth $2,905,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Norges Bank bought a new stake in shares of Align Technology during the 4th quarter valued at about $486,244,000. Alliancebernstein L.P. raised its stake in Align Technology by 38.8% during the fourth quarter. Alliancebernstein L.P. now owns 2,425,299 shares of the medical equipment provider’s stock valued at $1,593,858,000 after purchasing an additional 678,453 shares in the last quarter. BlackRock Inc. raised its stake in shares of Align Technology by 11.0% in the first quarter. BlackRock Inc. now owns 6,373,398 shares of the medical equipment provider’s stock valued at $2,778,802,000 after acquiring an additional 630,238 shares during the period. Brown Advisory Inc. raised its stake in shares of Align Technology by 3,884.2% in the first quarter. Brown Advisory Inc. now owns 474,245 shares of the medical equipment provider’s stock valued at $206,771,000 after acquiring an additional 462,342 shares during the period. Finally, Wellington Management Group LLP raised its stake in shares of Align Technology by 23.0% in the first quarter. Wellington Management Group LLP now owns 1,798,137 shares of the medical equipment provider’s stock valued at $783,989,000 after acquiring an additional 336,781 shares during the period. 86.50% of the stock is owned by institutional investors.

Align Technology Trading Down 1.2 %

Shares of ALGN opened at $249.02 on Monday. The firm has a market cap of $19.45 billion, a P/E ratio of 31.84, a price-to-earnings-growth ratio of 7.43 and a beta of 1.80. Align Technology, Inc. has a 12-month low of $225.86 and a 12-month high of $737.45. The company’s 50-day moving average price is $264.80 and its 200 day moving average price is $309.52.

Align Technology (NASDAQ:ALGNGet Rating) last issued its quarterly earnings data on Wednesday, July 27th. The medical equipment provider reported $2.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.23 by ($0.23). The company had revenue of $969.60 million during the quarter, compared to analysts’ expectations of $986.05 million. Align Technology had a net margin of 15.52% and a return on equity of 17.47%. The firm’s quarterly revenue was down 3.0% on a year-over-year basis. During the same quarter last year, the firm posted $2.51 earnings per share. Equities research analysts forecast that Align Technology, Inc. will post 7.76 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. The Goldman Sachs Group cut shares of Align Technology from a “buy” rating to a “sell” rating and lowered their price target for the company from $380.00 to $250.00 in a report on Thursday, July 28th. Morgan Stanley lowered their target price on shares of Align Technology from $438.00 to $402.00 and set an “overweight” rating on the stock in a research note on Thursday, July 28th. Stephens lowered their target price on shares of Align Technology from $500.00 to $375.00 and set an “overweight” rating on the stock in a research note on Thursday, July 28th. Piper Sandler lowered their target price on shares of Align Technology from $370.00 to $340.00 and set an “overweight” rating on the stock in a research note on Friday, September 9th. Finally, Evercore ISI lowered their target price on shares of Align Technology from $310.00 to $285.00 in a research note on Thursday, July 28th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $358.33.

About Align Technology

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Align Technology, Inc, a medical device company, designs, manufactures, and markets Invisalign clear aligners and iTero intraoral scanners and services for orthodontists and general practitioner dentists, and restorative and aesthetic dentistry. It operates in two segments, Clear Aligner; and Scanners and Services.

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Institutional Ownership by Quarter for Align Technology (NASDAQ:ALGN)

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