Align Technology, Inc. $ALGN Shares Bought by Envestnet Portfolio Solutions Inc.

Key Points

• Envestnet Portfolio Solutions increased its Align Technology stake by 4,057.5% in the second quarter, holding 72,008 shares valued at approximately $12.1 million. Institutional investors collectively own 88.43% of the company.
• Analyst sentiment remains generally positive, with Align receiving a “Moderate Buy” consensus rating and an average price target of $206.36, despite some firms maintaining Hold ratings or downgrading their outlook.
• Align reported quarterly earnings of $2.64 per share and revenue of $1.06 billion, slightly exceeding estimates, while revenue rose 4.3% year over year. Shares opened at $148.17, below their 50-day and 200-day moving averages.

Envestnet Portfolio Solutions Inc. grew its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 4,057.5% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 72,008 shares of the medical equipment provider's stock after buying an additional 70,276 shares during the quarter. Envestnet Portfolio Solutions Inc. owned 0.10% of Align Technology worth $12,145,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. K.J. Harrison & Partners Inc purchased a new stake in Align Technology in the 2nd quarter valued at approximately $1,872,000. Maridea Wealth Management LLC purchased a new position in shares of Align Technology during the 2nd quarter worth approximately $1,659,000. Pallas Capital Advisors LLC acquired a new stake in shares of Align Technology in the 2nd quarter valued at approximately $1,128,000. Deutsche Bank AG acquired a new stake in shares of Align Technology in the 2nd quarter valued at approximately $99,779,000. Finally, California State Teachers Retirement System boosted its stake in shares of Align Technology by 21.2% in the first quarter. California State Teachers Retirement System now owns 79,293 shares of the medical equipment provider's stock valued at $13,593,000 after buying an additional 13,867 shares in the last quarter. Institutional investors and hedge funds own 88.43% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. BMO Capital Markets assumed coverage on Align Technology in a report on Wednesday, July 8th. They issued an "outperform" rating and a $209.00 target price for the company. UBS Group reiterated a "neutral" rating and issued a $189.00 price target on shares of Align Technology in a report on Thursday, July 23rd. Zacks Research cut shares of Align Technology from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 16th. Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a report on Thursday, July 30th. Finally, Wall Street Zen lowered shares of Align Technology from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 1st. One 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. According to MarketBeat.com, Align Technology currently has an average rating of "Moderate Buy" and an average price target of $206.36.

Align Technology Price Performance

Shares of ALGN opened at $148.17 on Thursday. The firm has a 50 day simple moving average of $163.99 and a 200-day simple moving average of $170.68. Align Technology, Inc. has a 1-year low of $122.00 and a 1-year high of $200.43. The stock has a market cap of $10.61 billion, a price-to-earnings ratio of 25.77, a price-to-earnings-growth ratio of 1.63 and a beta of 1.65.

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, topping the consensus estimate of $2.62 by $0.02. Align Technology had a return on equity of 15.86% and a net margin of 9.99%.The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.05 billion. During the same quarter last year, the business posted $2.49 earnings per share. Align Technology's revenue was up 4.3% compared to the same quarter last year. On average, equities analysts expect that Align Technology, Inc. will post 9.38 earnings per share for the current fiscal year.

Align Technology Profile

Align Technology, Inc NASDAQ: ALGN is a global medical device company that designs, manufactures and markets products used in orthodontics and digital dentistry. Its best-known product is the Invisalign system, a series of clear, removable aligners intended to gradually straighten teeth and address certain orthodontic conditions under the supervision of dental professionals.

The company also develops digital dentistry technologies, including iTero intraoral scanners and related software, which create digital impressions and support orthodontic, restorative and implant treatment planning.

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