TD Asset Management Inc Buys 86,960 Shares of Align Technology, Inc. (NASDAQ:ALGN)

TD Asset Management Inc raised its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 347.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 112,011 shares of the medical equipment provider’s stock after acquiring an additional 86,960 shares during the quarter. TD Asset Management Inc’s holdings in Align Technology were worth $27,043,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of ALGN. Norges Bank purchased a new position in Align Technology during the 4th quarter worth $223,610,000. Brown Advisory Inc. grew its stake in Align Technology by 41.4% during the 4th quarter. Brown Advisory Inc. now owns 1,509,080 shares of the medical equipment provider’s stock worth $413,488,000 after buying an additional 441,754 shares during the last quarter. Swedbank AB purchased a new position in Align Technology during the 1st quarter worth $96,117,000. Bares Capital Management Inc. grew its stake 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 during the last quarter. Finally, Envestnet Asset Management Inc. grew its stake in Align Technology by 102.0% during the 4th quarter. Envestnet Asset Management Inc. now owns 414,772 shares of the medical equipment provider’s stock worth $113,648,000 after buying an additional 209,419 shares during the last quarter. Institutional investors own 88.43% of the company’s stock.

Align Technology Stock Down 2.4 %

Shares of ALGN stock opened at $221.15 on Friday. The stock has a market cap of $16.65 billion, a PE ratio of 36.43, a price-to-earnings-growth ratio of 5.40 and a beta of 1.64. The business has a 50-day simple moving average of $233.33 and a 200-day simple moving average of $269.24. Align Technology, Inc. has a 52-week low of $176.34 and a 52-week high of $367.71.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.32 by $0.09. The business had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The company’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 EPS. Sell-side analysts anticipate that Align Technology, Inc. will post 7.61 earnings per share for the current fiscal year.

Insider Activity at Align Technology

In other Align Technology news, Director C Raymond Larkin, Jr. purchased 6,500 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was purchased at an average price of $235.33 per share, for a total transaction of $1,529,645.00. Following the purchase, the director now directly owns 28,247 shares in the company, valued at $6,647,366.51. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.62% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Stifel Nicolaus dropped their target price 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. Piper Sandler dropped their target price on Align Technology from $330.00 to $315.00 and set an “overweight” rating on the stock in a research note on Thursday, July 25th. Robert W. Baird dropped their target price 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. StockNews.com cut Align Technology from a “buy” rating to a “hold” rating in a research report on Sunday, September 1st. Finally, OTR Global reaffirmed a “mixed” rating on shares of Align Technology in a research report on Tuesday, June 4th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Align Technology currently has a consensus rating of “Hold” and a consensus price target of $306.88.

Align Technology 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.