International Assets Investment Management LLC Acquires New Shares in Align Technology, Inc. (NASDAQ:ALGN)

International Assets Investment Management LLC bought a new stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 36,368 shares of the medical equipment provider's stock, valued at approximately $92,490,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ALGN. Kayne Anderson Rudnick Investment Management LLC boosted its holdings in shares of Align Technology by 4,391.3% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 488,251 shares of the medical equipment provider's stock valued at $117,879,000 after acquiring an additional 477,380 shares during the last quarter. Swedbank AB acquired a new position in Align Technology during the first quarter valued at $96,117,000. Bares Capital Management Inc. boosted its holdings in Align Technology by 44.4% in the first quarter. Bares Capital Management Inc. now owns 819,930 shares of the medical equipment provider's stock valued at $268,871,000 after purchasing an additional 252,220 shares during the last quarter. Point72 Asset Management L.P. grew its position in Align Technology by 127.4% during the 2nd quarter. Point72 Asset Management L.P. now owns 343,512 shares of the medical equipment provider's stock worth $82,934,000 after purchasing an additional 192,474 shares during the period. Finally, Jacobs Levy Equity Management Inc. raised its stake in shares of Align Technology by 371.0% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 218,779 shares of the medical equipment provider's stock valued at $71,742,000 after buying an additional 172,330 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company's stock.

Align Technology Price Performance

Align Technology stock traded up $2.88 during midday trading on Friday, reaching $219.30. The company had a trading volume of 1,145,141 shares, compared to its average volume of 780,594. Align Technology, Inc. has a 12-month low of $176.34 and a 12-month high of $335.40. The company has a market capitalization of $16.51 billion, a P/E ratio of 36.13, a P/E/G ratio of 5.33 and a beta of 1.64. The firm's fifty day simple moving average is $233.41 and its 200-day simple moving average is $249.46.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.04. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The business had revenue of $977.87 million for the quarter, compared to the consensus estimate of $990.05 million. During the same quarter last year, the business posted $1.62 earnings per share. The business's quarterly revenue was up 1.8% compared to the same quarter last year. On average, analysts expect that Align Technology, Inc. will post 7.61 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director C Raymond Larkin, Jr. purchased 6,500 shares of the business's stock in a transaction that occurred on Thursday, August 15th. The stock was purchased at an average price of $235.33 per share, with a total value of $1,529,645.00. Following the completion of the acquisition, the director now owns 28,247 shares in the company, valued at $6,647,366.51. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. 0.62% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts recently commented on ALGN shares. Robert W. Baird dropped their target price on Align Technology from $325.00 to $276.00 and set an "outperform" rating on the stock in a report on Thursday. Piper Sandler cut their target price on shares of Align Technology from $285.00 to $275.00 and set an "overweight" rating for the company in a report on Thursday. Stifel Nicolaus lowered their price target on shares of Align Technology from $285.00 to $275.00 and set a "buy" rating on the stock in a report on Thursday. Morgan Stanley cut their price objective on shares of Align Technology from $310.00 to $280.00 and set an "overweight" rating for the company in a report on Thursday. Finally, StockNews.com upgraded shares of 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, four have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $276.38.

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.