Quantbot Technologies LP Takes Position in Align Technology, Inc. (NASDAQ:ALGN)

Quantbot Technologies LP purchased a new position in shares of Align Technology, Inc. (NASDAQ:ALGN) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 14,559 shares of the medical equipment provider’s stock, valued at approximately $3,515,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ALGN. Norges Bank acquired a new position in Align Technology during the fourth quarter worth about $223,610,000. Swedbank AB acquired a new position in Align Technology during the first quarter worth about $96,117,000. Bares Capital Management Inc. boosted its position in Align Technology by 44.4% during the first quarter. Bares Capital Management Inc. now owns 819,930 shares of the medical equipment provider’s stock worth $268,871,000 after acquiring an additional 252,220 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in Align Technology by 102.0% during the fourth quarter. Envestnet Asset Management Inc. now owns 414,772 shares of the medical equipment provider’s stock worth $113,648,000 after acquiring an additional 209,419 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its position in Align Technology by 371.0% during the first quarter. Jacobs Levy Equity Management Inc. now owns 218,779 shares of the medical equipment provider’s stock worth $71,742,000 after acquiring an additional 172,330 shares during the last quarter. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Align Technology news, Director C Raymond Larkin, Jr. bought 6,500 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The shares were purchased at an average cost of $235.33 per share, with a total value of $1,529,645.00. Following the purchase, the director now directly 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 the SEC website. Insiders own 0.62% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on ALGN. Piper Sandler restated an “overweight” rating and set a $315.00 price target on shares of Align Technology in a research report on Friday. Stifel Nicolaus decreased their target price on shares of Align Technology from $400.00 to $350.00 and set a “buy” rating on the stock in a report on Thursday, July 25th. StockNews.com lowered shares of Align Technology from a “buy” rating to a “hold” rating in a report on Sunday, September 1st. Morgan Stanley decreased their target price on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating on the stock in a report on Thursday, July 25th. Finally, Evercore ISI decreased their target price on shares of Align Technology from $370.00 to $300.00 and set an “outperform” rating on the stock in a report on Monday, June 10th. One analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $306.88.

Align Technology Stock Performance

Align Technology stock opened at $249.56 on Tuesday. The company’s 50 day simple moving average is $232.09 and its 200-day simple moving average is $265.71. The company has a market capitalization of $18.79 billion, a price-to-earnings ratio of 41.11, a price-to-earnings-growth ratio of 5.13 and a beta of 1.64. Align Technology, Inc. has a 1 year low of $176.34 and a 1 year high of $335.40.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share (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 net margin of 11.34% and a return on equity of 14.07%. The business’s revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.73 EPS. Equities analysts expect that Align Technology, Inc. will post 7.61 earnings per share for the current year.

Align Technology 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.