Innealta Capital LLC Takes Position in Align Technology, Inc. (NASDAQ:ALGN)

Innealta Capital LLC purchased a new position in shares of Align Technology, Inc. (NASDAQ:ALGN) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 109 shares of the medical equipment provider’s stock, valued at approximately $26,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Align Technology in the fourth quarter worth about $223,610,000. Brown Advisory Inc. increased its holdings in shares of Align Technology by 41.4% in the fourth quarter. Brown Advisory Inc. now owns 1,509,080 shares of the medical equipment provider’s stock valued at $413,488,000 after purchasing an additional 441,754 shares in the last quarter. Swedbank AB bought a new position in Align Technology in the 1st quarter worth approximately $96,117,000. Bares Capital Management Inc. lifted its holdings in Align Technology by 44.4% during the 1st quarter. Bares Capital Management Inc. now owns 819,930 shares of the medical equipment provider’s stock worth $268,871,000 after buying an additional 252,220 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its position in Align Technology by 102.0% in the 4th quarter. Envestnet Asset Management Inc. now owns 414,772 shares of the medical equipment provider’s stock valued at $113,648,000 after buying an additional 209,419 shares during the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Price Performance

Shares of NASDAQ:ALGN opened at $237.22 on Friday. The firm’s 50 day simple moving average is $234.76 and its 200 day simple moving average is $272.70. Align Technology, Inc. has a fifty-two week low of $176.34 and a fifty-two week high of $375.68. The company has a market capitalization of $17.86 billion, a price-to-earnings ratio of 39.08, a P/E/G ratio of 5.18 and a beta of 1.66.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share for the quarter, topping the consensus estimate of $2.32 by $0.09. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same period last year, the business posted $1.73 earnings per share. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. Equities research analysts expect that Align Technology, Inc. will post 7.64 earnings per share for the current year.

Insider Buying and Selling

In other Align Technology news, Director C Raymond Larkin, Jr. bought 6,500 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was purchased at an average cost of $235.33 per share, with a total value 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.62% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms have recently weighed in on ALGN. Evercore ISI dropped their target price on Align Technology from $370.00 to $300.00 and set an “outperform” rating for the company in a research report on Monday, June 10th. Morgan Stanley dropped their price objective on Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a report on Thursday, July 25th. StockNews.com raised shares of Align Technology from a “hold” rating to a “buy” rating in a research note on Saturday, August 24th. OTR Global reissued a “mixed” rating on shares of Align Technology in a research note on Tuesday, June 4th. Finally, Robert W. Baird cut their price objective on shares of Align Technology from $370.00 to $325.00 and set an “outperform” rating on the stock in a report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Align Technology has an average rating of “Moderate Buy” and an average target price of $306.88.

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.