8,797 Shares in Align Technology, Inc. (NASDAQ:ALGN) Bought by Jupiter Asset Management Ltd.

Jupiter Asset Management Ltd. bought a new stake in Align Technology, Inc. (NASDAQ:ALGN) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 8,797 shares of the medical equipment provider’s stock, valued at approximately $2,124,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ALGN. Qsemble Capital Management LP bought a new position in Align Technology during the 2nd quarter worth approximately $852,000. Ground Swell Capital LLC acquired a new stake in Align Technology in the second quarter worth $276,000. Headlands Technologies LLC acquired a new stake in Align Technology in the second quarter worth $1,716,000. Daiwa Securities Group Inc. boosted its position in shares of Align Technology by 0.6% during the second quarter. Daiwa Securities Group Inc. now owns 8,876 shares of the medical equipment provider’s stock worth $2,143,000 after purchasing an additional 54 shares in the last quarter. Finally, Provident Investment Management Inc. grew its holdings in shares of Align Technology by 2.3% in the 2nd quarter. Provident Investment Management Inc. now owns 155,524 shares of the medical equipment provider’s stock valued at $37,548,000 after buying an additional 3,517 shares during the period. Institutional investors own 88.43% of the company’s stock.

Insider Activity at Align Technology

In other Align Technology news, Director C Raymond Larkin, Jr. purchased 6,500 shares of the stock in a transaction on Thursday, August 15th. The shares were purchased at an average price 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 in the company, valued at $6,647,366.51. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.62% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

ALGN has been the topic of several research analyst reports. OTR Global reaffirmed a “mixed” rating on shares of Align Technology in a research note on Tuesday, June 4th. Robert W. Baird dropped their price target on Align Technology from $370.00 to $325.00 and set an “outperform” rating on the stock in a research report on Monday, July 22nd. Stifel Nicolaus decreased their price objective on Align Technology from $400.00 to $350.00 and set a “buy” rating for the company in a research report on Thursday, July 25th. Morgan Stanley dropped 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, StockNews.com lowered shares of Align Technology from a “buy” rating to a “hold” rating in a research note on Sunday, September 1st. 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’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $306.88.

Align Technology Stock Up 6.5 %

NASDAQ:ALGN opened at $243.73 on Friday. The firm has a market capitalization of $18.21 billion, a price-to-earnings ratio of 40.15, a price-to-earnings-growth ratio of 5.13 and a beta of 1.64. Align Technology, Inc. has a twelve month low of $176.34 and a twelve month high of $335.73. The stock’s 50 day moving average price is $232.08 and its two-hundred day moving average price is $266.66.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share (EPS) 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 firm had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same period in the prior year, the firm posted $1.73 earnings per share. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. As a group, analysts anticipate that Align Technology, Inc. will post 7.61 earnings per share for the current year.

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.