Gateway Investment Advisers LLC Boosts Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Gateway Investment Advisers LLC boosted its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 5.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,899 shares of the medical equipment provider’s stock after purchasing an additional 93 shares during the period. Gateway Investment Advisers LLC’s holdings in Align Technology were worth $483,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of ALGN. Kayne Anderson Rudnick Investment Management LLC raised its stake in Align Technology by 4,391.3% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 488,251 shares of the medical equipment provider’s stock worth $117,879,000 after purchasing an additional 477,380 shares during the period. Swedbank AB purchased a new position in Align Technology during the first quarter worth approximately $96,117,000. Bares Capital Management Inc. raised its stake 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 purchasing an additional 252,220 shares during the period. Point72 Asset Management L.P. raised its stake in shares of Align Technology by 127.4% in the 2nd quarter. Point72 Asset Management L.P. now owns 343,512 shares of the medical equipment provider’s stock valued at $82,934,000 after acquiring an additional 192,474 shares during the period. Finally, Jacobs Levy Equity Management Inc. raised its stake in shares of Align Technology by 371.0% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 218,779 shares of the medical equipment provider’s stock valued at $71,742,000 after acquiring an additional 172,330 shares during the period. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on ALGN shares. Piper Sandler reissued an “overweight” rating and issued a $315.00 target price on shares of Align Technology in a research note on Friday, September 13th. Robert W. Baird cut their target price on shares of Align Technology from $370.00 to $325.00 and set an “outperform” rating on the stock in a research note on Monday, July 22nd. Morgan Stanley cut their target price on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating on the stock in a research note on Thursday, July 25th. StockNews.com raised shares of Align Technology from a “hold” rating to a “buy” rating in a report on Thursday, September 19th. Finally, Needham & Company LLC assumed coverage on shares of Align Technology in a report on Thursday. They set a “hold” rating for the company. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $295.00.

Align Technology Price Performance

Shares of ALGN stock opened at $222.04 on Monday. The firm has a market cap of $16.59 billion, a P/E ratio of 37.70, a P/E/G ratio of 5.33 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. The firm has a fifty day moving average of $233.68 and a two-hundred day moving average of $256.27.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 EPS for the quarter, beating 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 business had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same period in the previous year, the business posted $1.73 EPS. The company’s quarterly revenue was up 2.6% on a year-over-year basis. On average, sell-side analysts expect that Align Technology, Inc. will post 7.61 EPS for the current year.

Insider Activity at Align Technology

In related news, Director C Raymond Larkin, Jr. purchased 6,500 shares of the company’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 transaction, the director now owns 28,247 shares of the company’s stock, valued at $6,647,366.51. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. 0.62% of the stock is currently owned by 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.