LGT Group Foundation Acquires New Holdings in Align Technology, Inc. (NASDAQ:ALGN)

LGT Group Foundation bought a new stake in Align Technology, Inc. (NASDAQ:ALGN) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 2,638 shares of the medical equipment provider’s stock, valued at approximately $637,000.

Several other large investors have also recently bought and sold shares of the stock. Cullen Frost Bankers Inc. boosted its holdings in shares of Align Technology by 854.5% in the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock valued at $25,000 after acquiring an additional 94 shares in the last quarter. Mather Group LLC. bought a new position in Align Technology during the 1st quarter valued at $26,000. Innealta Capital LLC bought a new position in Align Technology during the 2nd quarter valued at $26,000. Rothschild Investment LLC acquired a new position in shares of Align Technology during the 2nd quarter valued at $26,000. Finally, Versant Capital Management Inc raised its stake in shares of Align Technology by 547.1% in the 2nd quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock worth $27,000 after buying an additional 93 shares in the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

Insider Activity

In related news, Director C Raymond Larkin, Jr. purchased 6,500 shares of Align Technology stock in a transaction dated Thursday, August 15th. The stock was acquired at an average cost of $235.33 per share, with a total value of $1,529,645.00. Following the completion of the transaction, the director now directly owns 28,247 shares of the company’s stock, valued at $6,647,366.51. The transaction 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 owned by corporate insiders.

Align Technology Stock Performance

NASDAQ ALGN opened at $221.38 on Tuesday. The firm’s 50 day moving average price is $232.98 and its two-hundred day moving average price is $268.32. Align Technology, Inc. has a twelve month low of $176.34 and a twelve month high of $336.11. The stock has a market cap of $16.54 billion, a price-to-earnings ratio of 36.47, a PEG ratio of 5.04 and a beta of 1.64.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share 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 the consensus estimate of $1.04 billion. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. Align Technology’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.73 earnings per share. On average, research analysts forecast that Align Technology, Inc. will post 7.61 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on ALGN shares. Morgan Stanley lowered their target price on Align Technology from $328.00 to $310.00 and set an “overweight” rating on the stock in a report on Thursday, July 25th. Stifel Nicolaus lowered their price objective on shares of Align Technology from $400.00 to $350.00 and set a “buy” rating on the stock in a research note on Thursday, July 25th. Evercore ISI cut their target price on shares of Align Technology from $370.00 to $300.00 and set an “outperform” rating for the company in a research note on Monday, June 10th. OTR Global restated a “mixed” rating on shares of Align Technology in a research report on Tuesday, June 4th. Finally, Piper Sandler cut their price objective on Align Technology from $330.00 to $315.00 and set an “overweight” rating for the company in a research report on Thursday, July 25th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target 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.