Federated Hermes Inc. Acquires 40,423 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Federated Hermes Inc. grew its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 38.3% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 146,088 shares of the medical equipment provider’s stock after acquiring an additional 40,423 shares during the period. Federated Hermes Inc. owned 0.19% of Align Technology worth $35,270,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in ALGN. Cullen Frost Bankers Inc. grew its position in Align Technology by 854.5% in the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock worth $25,000 after acquiring an additional 94 shares in the last quarter. Mather Group LLC. bought a new stake in Align Technology in the first quarter worth approximately $26,000. Innealta Capital LLC acquired a new stake in Align Technology in the 2nd quarter worth approximately $26,000. Rothschild Investment LLC bought a new stake in Align Technology during the second quarter worth approximately $26,000. Finally, Versant Capital Management Inc raised its position in shares of Align Technology by 547.1% in the second quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock valued at $27,000 after purchasing an additional 93 shares during the period. 88.43% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently issued reports on ALGN shares. StockNews.com lowered shares of Align Technology from a “buy” rating to a “hold” rating in a research note on Sunday, September 1st. Robert W. Baird dropped their price objective on Align Technology from $370.00 to $325.00 and set an “outperform” rating on the stock in a research note on Monday, July 22nd. Piper Sandler restated an “overweight” rating and set a $315.00 target price on shares of Align Technology in a research note on Friday. OTR Global reaffirmed a “mixed” rating on shares of Align Technology in a research report on Tuesday, June 4th. Finally, Evercore ISI reduced their price objective 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. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $306.88.

Align Technology Price Performance

Shares of Align Technology stock opened at $243.73 on Friday. Align Technology, Inc. has a 52-week low of $176.34 and a 52-week high of $335.73. The firm has a market capitalization of $18.21 billion, a PE ratio of 40.15, a price-to-earnings-growth ratio of 5.13 and a beta of 1.64. The company’s fifty day moving average price is $232.08 and its two-hundred day moving average price is $266.34.

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, beating analysts’ consensus estimates of $2.32 by $0.09. The business had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.73 earnings per share. Analysts predict that Align Technology, Inc. will post 7.61 earnings per share for the current fiscal year.

Insider Buying and Selling

In related 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 cost of $235.33 per share, for a total transaction 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 approximately $6,647,366.51. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.62% of the stock is owned by corporate insiders.

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.