Align Technology, Inc. (NASDAQ:ALGN) Director Acquires $1,529,645.00 in Stock

Align Technology, Inc. (NASDAQ:ALGN - Get Free Report) Director C Raymond Larkin, Jr. acquired 6,500 shares of the firm's stock in a transaction on Thursday, August 15th. The shares were bought at an average cost of $235.33 per share, for a total transaction of $1,529,645.00. Following the completion of the acquisition, the director now owns 28,247 shares of the company's stock, valued at $6,647,366.51. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Align Technology Stock Performance

Shares of NASDAQ:ALGN traded down $0.34 during trading hours on Monday, hitting $240.01. The stock had a trading volume of 645,645 shares, compared to its average volume of 796,196. Align Technology, Inc. has a 1-year low of $176.34 and a 1-year high of $375.68. The firm has a market capitalization of $18.07 billion, a price-to-earnings ratio of 39.54, a PEG ratio of 5.18 and a beta of 1.66. The stock's fifty day simple moving average is $237.84 and its 200 day simple moving average is $275.48.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $2.41 EPS for the quarter, beating analysts' consensus estimates of $2.32 by $0.09. The business had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.04 billion. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The business's revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter last year, the business earned $1.73 earnings per share. As a group, research analysts anticipate that Align Technology, Inc. will post 7.64 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Moody National Bank Trust Division increased its holdings in shares of Align Technology by 1.8% during the 1st quarter. Moody National Bank Trust Division now owns 2,107 shares of the medical equipment provider's stock worth $691,000 after purchasing an additional 38 shares during the period. EFG Asset Management Americas Corp. raised its stake in shares of Align Technology by 3.6% during the fourth quarter. EFG Asset Management Americas Corp. now owns 1,167 shares of the medical equipment provider's stock worth $320,000 after buying an additional 41 shares during the last quarter. Mather Group LLC. increased its stake in Align Technology by 52.5% in the second quarter. Mather Group LLC. now owns 122 shares of the medical equipment provider's stock valued at $29,000 after purchasing an additional 42 shares in the last quarter. Quarry LP boosted its holdings in shares of Align Technology by 53.0% in the second quarter. Quarry LP now owns 127 shares of the medical equipment provider's stock valued at $31,000 after buying an additional 44 shares during the period. Finally, Crewe Advisors LLC boosted its holdings in shares of Align Technology by 36.8% in the second quarter. Crewe Advisors LLC now owns 171 shares of the medical equipment provider's stock valued at $41,000 after buying an additional 46 shares during the period. Institutional investors own 88.43% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. StockNews.com downgraded shares of Align Technology from a "buy" rating to a "hold" rating in a research note on Friday. Piper Sandler dropped their price objective on shares of Align Technology from $330.00 to $315.00 and set an "overweight" rating for the company in a report on Thursday, July 25th. Evercore ISI decreased their price target on Align Technology from $370.00 to $300.00 and set an "outperform" rating for the company in a report on Monday, June 10th. Morgan Stanley decreased 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. Finally, OTR Global reiterated a "mixed" rating on shares of Align Technology in a research report on Tuesday, June 4th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $322.78.

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.

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