Align Technology, Inc. $ALGN Position Boosted by Krilogy Financial LLC

Key Points

• Krilogy Financial increased its Align Technology position by 254.9% in the third quarter, bringing its holdings to 9,547 shares valued at approximately $1.35 million. Institutional investors collectively own 88.43% of the company.
• Align Technology reported quarterly EPS of $2.64, slightly above analyst estimates, while revenue reached $1.06 billion, up 4.3% year over year.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $194.14, despite some recent target-price cuts and a downgrade to “in-line.”

Krilogy Financial LLC grew its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 254.9% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 9,547 shares of the medical equipment provider's stock after purchasing an additional 6,857 shares during the quarter. Krilogy Financial LLC's holdings in Align Technology were worth $1,352,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. bought a new position in Align Technology during the second quarter valued at about $745,370,000. Assenagon Asset Management S.A. grew its holdings in Align Technology by 413.0% during the first quarter. Assenagon Asset Management S.A. now owns 989,388 shares of the medical equipment provider's stock worth $169,611,000 after acquiring an additional 796,529 shares during the period. Deutsche Bank AG bought a new stake in Align Technology in the second quarter worth about $99,779,000. Bank of America Corp DE bought a new stake in Align Technology in the second quarter worth about $93,085,000. Finally, Nykredit A S acquired a new stake in Align Technology in the 2nd quarter valued at about $74,077,000. Institutional investors own 88.43% of the company's stock.

Align Technology Stock Up 3.4%

ALGN opened at $149.34 on Friday. The firm has a market cap of $10.70 billion, a PE ratio of 25.97, a P/E/G ratio of 1.54 and a beta of 1.67. The business has a fifty day simple moving average of $154.54 and a 200-day simple moving average of $167.32. Align Technology, Inc. has a fifty-two week low of $128.65 and a fifty-two week high of $200.43.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.62 by $0.02. The business had revenue of $1.06 billion for the quarter, compared to analysts' expectations of $1.05 billion. Align Technology had a return on equity of 15.86% and a net margin of 9.99%. The company's quarterly revenue was up 4.3% on a year-over-year basis. During the same period in the previous year, the firm posted $2.49 EPS. On average, equities research analysts anticipate that Align Technology, Inc. will post 9.36 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Weiss Ratings upgraded shares of Align Technology from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, October 9th. Raymond James Financial reaffirmed a "buy" rating on shares of Align Technology in a research note on Monday, October 5th. Leerink Partners dropped their target price on shares of Align Technology from $235.00 to $215.00 and set an "outperform" rating on the stock in a report on Wednesday. BMO Capital Markets began coverage on shares of Align Technology in a report on Wednesday, July 8th. They issued an "outperform" rating and a $209.00 target price on the stock. Finally, Evercore lowered shares of Align Technology from an "outperform" rating to an "in-line" rating and set a $155.00 target price for the company. in a research note on Monday, October 5th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, Align Technology presently has an average rating of "Moderate Buy" and a consensus price target of $194.14.

About Align Technology

Align Technology, Inc is a medical device and digital technology company that designs, manufactures and markets products used in orthodontics and restorative dentistry. The company is best known for Invisalign clear aligners, which are custom-made orthodontic devices intended to gradually move patients' teeth under the supervision of dental professionals.

Align also develops the iTero family of intraoral scanners and related digital imaging systems, which help dental professionals create digital impressions and treatment plans.

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