Align Technology, Inc. (NASDAQ:ALGN) Shares Bought by Kayne Anderson Rudnick Investment Management LLC

Kayne Anderson Rudnick Investment Management LLC boosted its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 4,391.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 488,251 shares of the medical equipment provider’s stock after buying an additional 477,380 shares during the period. Kayne Anderson Rudnick Investment Management LLC’s holdings in Align Technology were worth $117,879,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in ALGN. Mather Group LLC. acquired a new stake in shares of Align Technology in the first quarter worth approximately $26,000. LRI Investments LLC purchased a new position in Align Technology in the 1st quarter valued at $29,000. Cullen Frost Bankers Inc. boosted its stake in Align Technology by 854.5% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock worth $25,000 after purchasing an additional 94 shares during the last quarter. Rothschild Investment LLC purchased a new stake in shares of Align Technology during the second quarter worth $26,000. Finally, Innealta Capital LLC purchased a new position in shares of Align Technology in the second quarter worth about $26,000. Institutional investors and hedge funds own 88.43% of the company’s stock.

Analyst Ratings Changes

ALGN has been the subject of a number of recent research reports. Evercore ISI cut their price objective on shares of Align Technology from $370.00 to $300.00 and set an “outperform” rating for the company in a report on Monday, June 10th. Piper Sandler reaffirmed an “overweight” rating and issued a $315.00 price target on shares of Align Technology in a report on Friday, September 13th. Stifel Nicolaus lowered their price objective on Align Technology from $400.00 to $350.00 and set a “buy” rating on the stock in a research note on Thursday, July 25th. StockNews.com upgraded Align Technology from a “hold” rating to a “buy” rating in a report on Thursday. Finally, Robert W. Baird reduced their price target on Align Technology from $370.00 to $325.00 and set an “outperform” rating on the stock in a report on Monday, July 22nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $306.88.

Insider Buying and Selling at Align Technology

In other news, Director C Raymond Larkin, Jr. purchased 6,500 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were bought at an average cost of $235.33 per share, for a total transaction of $1,529,645.00. Following the completion of the purchase, the director now directly owns 28,247 shares of the company’s stock, valued at $6,647,366.51. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.62% of the stock is owned by corporate insiders.

Align Technology Trading Down 1.7 %

Shares of NASDAQ:ALGN opened at $252.85 on Friday. The company has a market capitalization of $19.04 billion, a price-to-earnings ratio of 41.66, a PEG ratio of 5.13 and a beta of 1.64. Align Technology, Inc. has a 12-month low of $176.34 and a 12-month high of $335.40. The business has a 50-day moving average price of $232.50 and a 200 day moving average price of $264.85.

Align Technology (NASDAQ:ALGN) last announced its quarterly 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. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The business had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same period last year, the business earned $1.73 earnings per share. The business’s revenue for the quarter was up 2.6% on a year-over-year basis. As a group, equities research analysts predict that Align Technology, Inc. will post 7.61 earnings per share for the current fiscal 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.