77,121 Shares in Align Technology, Inc. $ALGN Purchased by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company acquired 77,121 Align Technology shares worth approximately $13.0 million, while institutional investors collectively owned 88.43% of the company.
• Analyst sentiment remains positive but moderated, with Align carrying a “Moderate Buy” consensus rating and an average price target of $206.36 after several firms downgraded their ratings.
• Align reported quarterly revenue of $1.06 billion and earnings of $2.64 per share, exceeding estimates, while revenue increased 4.3% year over year.

The Manufacturers Life Insurance Company acquired a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 77,121 shares of the medical equipment provider's stock, valued at approximately $13,007,000. The Manufacturers Life Insurance Company owned approximately 0.11% of Align Technology at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in ALGN. Vega Investment Solutions bought a new position in Align Technology in the 2nd quarter worth about $476,000. Algert Global LLC raised its stake in shares of Align Technology by 153.1% during the second quarter. Algert Global LLC now owns 117,446 shares of the medical equipment provider's stock valued at $19,808,000 after acquiring an additional 71,036 shares in the last quarter. Cibc World Market Inc. bought a new stake in shares of Align Technology during the second quarter valued at approximately $935,000. Meiji Yasuda Asset Management Co Ltd. purchased a new stake in shares of Align Technology in the second quarter valued at approximately $2,471,000. Finally, Bank of Nova Scotia purchased a new stake in shares of Align Technology in the second quarter valued at approximately $1,410,000. 88.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have commented on ALGN. Weiss Ratings downgraded Align Technology from a "hold (c)" rating to a "hold (c-)" rating in a report on Monday, August 3rd. Zacks Research lowered Align Technology from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 16th. Wall Street Zen downgraded Align Technology from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 1st. UBS Group reaffirmed a "neutral" rating and issued a $189.00 price objective on shares of Align Technology in a research note on Thursday, July 23rd. Finally, BMO Capital Markets started coverage on shares of Align Technology in a research report on Wednesday, July 8th. They set an "outperform" rating and a $209.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $206.36.

Align Technology Stock Performance

Shares of Align Technology stock opened at $157.58 on Friday. The company has a market capitalization of $11.29 billion, a PE ratio of 27.41, a P/E/G ratio of 1.69 and a beta of 1.65. The company has a 50-day simple moving average of $173.01 and a two-hundred day simple moving average of $175.15. Align Technology, Inc. has a one year low of $122.00 and a one year high of $200.43.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share for the quarter, beating analysts' consensus estimates of $2.62 by $0.02. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. The business had revenue of $1.06 billion for the quarter, compared to analysts' expectations of $1.05 billion. During the same period last year, the business earned $2.49 EPS. The company's revenue was up 4.3% compared to the same quarter last year. On average, equities analysts predict that Align Technology, Inc. will post 9.38 earnings per share for the current fiscal year.

About Align Technology

Align Technology, Inc NASDAQ: ALGN pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company's signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.

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