Align Technology, Inc. (NASDAQ:ALGN) Shares Acquired by Sofinnova Investments Inc.

Sofinnova Investments Inc. increased its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 128.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 218,524 shares of the medical equipment provider’s stock after acquiring an additional 123,046 shares during the quarter. Align Technology makes up about 2.7% of Sofinnova Investments Inc.’s portfolio, making the stock its 8th biggest holding. Sofinnova Investments Inc. owned approximately 0.29% of Align Technology worth $52,758,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of ALGN. Moody National Bank Trust Division lifted its stake in shares of Align Technology by 1.8% in the 1st quarter. Moody National Bank Trust Division now owns 2,107 shares of the medical equipment provider’s stock valued at $691,000 after purchasing an additional 38 shares during the last quarter. Mather Group LLC. increased its position in shares of Align Technology by 52.5% during the second quarter. Mather Group LLC. now owns 122 shares of the medical equipment provider’s stock valued at $29,000 after acquiring an additional 42 shares during the last quarter. Crewe Advisors LLC raised its stake in shares of Align Technology by 36.8% in the 2nd quarter. Crewe Advisors LLC now owns 171 shares of the medical equipment provider’s stock valued at $41,000 after acquiring an additional 46 shares during the period. Daiwa Securities Group Inc. lifted its holdings in shares of Align Technology by 0.6% in the 2nd quarter. Daiwa Securities Group Inc. now owns 8,876 shares of the medical equipment provider’s stock worth $2,143,000 after acquiring an additional 54 shares during the last quarter. Finally, Czech National Bank boosted its position in shares of Align Technology by 0.5% during the 1st quarter. Czech National Bank now owns 12,532 shares of the medical equipment provider’s stock worth $4,109,000 after purchasing an additional 57 shares during the period. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Insiders Place Their Bets

In other news, Director C Raymond Larkin, Jr. acquired 6,500 shares of Align Technology stock in a transaction on Thursday, August 15th. The stock was bought at an average price of $235.33 per share, for a total transaction of $1,529,645.00. Following the completion of the purchase, the director now owns 28,247 shares in the company, valued at $6,647,366.51. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.62% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on ALGN shares. OTR Global restated a “mixed” rating on shares of Align Technology in a research report on Tuesday, June 4th. StockNews.com lowered shares of Align Technology from a “buy” rating to a “hold” rating in a research note on Sunday, September 1st. Morgan Stanley lowered their price objective on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a research note on Thursday, July 25th. Stifel Nicolaus cut their target price 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. Finally, Piper Sandler reissued an “overweight” rating and issued a $315.00 price target on shares of Align Technology in a research report on Friday. 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’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $306.88.

Align Technology Trading Up 2.4 %

Shares of ALGN stock opened at $249.56 on Tuesday. The company has a market cap of $18.79 billion, a P/E ratio of 41.11, a PEG ratio of 5.13 and a beta of 1.64. The firm has a fifty day moving average price of $232.09 and a 200 day moving average price of $265.71. Align Technology, Inc. has a 12 month low of $176.34 and a 12 month high of $335.40.

Align Technology (NASDAQ:ALGN) last released 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 the consensus estimate of $1.04 billion. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The business’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.73 EPS. On average, equities analysts forecast that Align Technology, Inc. will post 7.61 EPS for the current year.

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.