Exchange Traded Concepts LLC Buys 847 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Exchange Traded Concepts LLC increased its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 26.3% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 4,062 shares of the medical equipment provider’s stock after purchasing an additional 847 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Align Technology were worth $1,033,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Kayne Anderson Rudnick Investment Management LLC boosted its position in shares of 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 valued at $117,879,000 after buying an additional 477,380 shares during the period. Swedbank AB bought a new stake in shares of Align Technology during the 1st quarter worth approximately $96,117,000. Bares Capital Management Inc. boosted its holdings 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 valued at $268,871,000 after acquiring an additional 252,220 shares during the period. Point72 Asset Management L.P. boosted its holdings in Align Technology by 127.4% during 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. grew its position in 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 last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Trading Down 1.4 %

Shares of NASDAQ ALGN opened at $216.05 on Thursday. Align Technology, Inc. has a 12-month low of $176.34 and a 12-month high of $335.40. The stock’s fifty day simple moving average is $234.44 and its two-hundred day simple moving average is $254.48. The stock has a market capitalization of $16.26 billion, a PE ratio of 35.59, a price-to-earnings-growth ratio of 5.33 and a beta of 1.64.

Align Technology (NASDAQ:ALGN) last posted its earnings results 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 company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.04 billion. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.73 earnings per share. On average, equities analysts predict that Align Technology, Inc. will post 7.61 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Align Technology news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the stock in a transaction dated Thursday, August 15th. The stock was purchased at an average price of $235.33 per share, with a total value of $1,529,645.00. Following the transaction, the director now directly owns 28,247 shares of the company’s stock, valued at $6,647,366.51. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.62% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on ALGN shares. Morgan Stanley lowered their target price on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a research note on Thursday, July 25th. Evercore ISI lowered their price objective on shares of Align Technology from $280.00 to $270.00 and set an “outperform” rating for the company in a research report on Tuesday, October 8th. Robert W. Baird reduced 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 report on Monday, July 22nd. StockNews.com raised shares of Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Finally, Piper Sandler reissued an “overweight” rating and issued a $315.00 price objective on shares of Align Technology in a research note on Friday, September 13th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Align Technology currently has an average rating of “Hold” and an average target price of $295.00.

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.