Align Technology, Inc. (NASDAQ:ALGN) Shares Acquired by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in Align Technology, Inc. (NASDAQ:ALGN) by 57.7% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 13,698 shares of the medical equipment provider’s stock after purchasing an additional 5,011 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Align Technology were worth $3,307,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Mather Group LLC. acquired a new position in Align Technology in the 1st quarter valued at about $26,000. LRI Investments LLC acquired a new position in shares of Align Technology in the first quarter valued at approximately $29,000. Cullen Frost Bankers Inc. raised 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 worth $25,000 after purchasing an additional 94 shares during the last quarter. Rothschild Investment LLC purchased a new stake in shares of Align Technology during the second quarter worth approximately $26,000. Finally, Innealta Capital LLC purchased a new position in Align Technology in the 2nd quarter valued at $26,000. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Insider Buying and Selling at Align Technology

In other Align Technology news, Director C Raymond Larkin, Jr. bought 6,500 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were purchased at an average cost of $235.33 per share, for a total transaction of $1,529,645.00. Following the transaction, the director now directly owns 28,247 shares in the company, valued at $6,647,366.51. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.62% of the stock is currently owned by company insiders.

Align Technology Stock Up 2.1 %

Shares of NASDAQ ALGN opened at $254.81 on Friday. The stock’s 50 day moving average price is $232.61 and its two-hundred day moving average price is $263.24. Align Technology, Inc. has a 52-week low of $176.34 and a 52-week high of $335.40. The stock has a market capitalization of $19.03 billion, a P/E ratio of 41.98, a PEG ratio of 5.77 and a beta of 1.64.

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

Analysts Set New Price Targets

ALGN has been the topic of a number of recent analyst reports. StockNews.com upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Robert W. Baird dropped their target price on Align Technology from $370.00 to $325.00 and set an “outperform” rating on the stock in a research report on Monday, July 22nd. Morgan Stanley reduced their price target on Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a report on Thursday, July 25th. Evercore ISI dropped their price objective on Align Technology from $370.00 to $300.00 and set an “outperform” rating on the stock in a report on Monday, June 10th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $315.00 price objective on shares of Align Technology in a research report on Friday, September 13th. 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 stock. According to data from MarketBeat.com, the company currently 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.