Align Technology, Inc. $ALGN Shares Bought by Integrated Wealth Concepts LLC

Key Points

• Integrated Wealth Concepts LLC increased its Align Technology stake by 1,320% in the second quarter, acquiring 58,316 additional shares for a total of 62,734 shares valued at approximately $10.6 million.
• Analyst sentiment remains moderately positive, with a consensus rating of “Moderate Buy” and an average price target of $206.36, although some firms recently downgraded the stock to “Hold” or “Buy.”
• Align Technology reported quarterly revenue of $1.06 billion and earnings of $2.64 per share, slightly exceeding estimates; revenue increased 4.3% year over year, while the stock recently traded at $150.72.

Integrated Wealth Concepts LLC grew its stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 1,320.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 62,734 shares of the medical equipment provider's stock after purchasing an additional 58,316 shares during the quarter. Integrated Wealth Concepts LLC owned approximately 0.09% of Align Technology worth $10,581,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of ALGN. Sunbelt Securities Inc. grew its position in shares of Align Technology by 222.4% in the 4th quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider's stock worth $25,000 after acquiring an additional 109 shares in the last quarter. Blue Trust Inc. raised its position in shares of Align Technology by 77.5% during the 1st quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider's stock valued at $27,000 after acquiring an additional 69 shares in the last quarter. Tobam bought a new position in Align Technology during the fourth quarter worth $30,000. Hollencrest Capital Management acquired a new position in Align Technology in the first quarter worth $34,000. Finally, Caitong International Asset Management Co. Ltd boosted its holdings in Align Technology by 1,773.3% in the third quarter. Caitong International Asset Management Co. Ltd now owns 281 shares of the medical equipment provider's stock worth $35,000 after purchasing an additional 266 shares during the period. Institutional investors and hedge funds own 88.43% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. BMO Capital Markets initiated coverage on shares of Align Technology in a report on Wednesday, July 8th. They set an "outperform" rating and a $209.00 target price on the stock. Wall Street Zen downgraded shares of Align Technology from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 1st. Zacks Research lowered shares of Align Technology from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 16th. Weiss Ratings raised shares of Align Technology from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, September 4th. Finally, UBS Group restated a "neutral" rating and issued a $189.00 target price on shares of Align Technology in a research note on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have given a Hold rating to the company. According to MarketBeat, Align Technology has a consensus rating of "Moderate Buy" and a consensus price target of $206.36.

Align Technology Stock Performance

ALGN stock opened at $150.72 on Friday. Align Technology, Inc. has a 1 year low of $122.00 and a 1 year high of $200.43. The stock has a market capitalization of $10.79 billion, a price-to-earnings ratio of 26.21, a PEG ratio of 1.63 and a beta of 1.65. The stock's fifty day moving average is $169.67 and its two-hundred day moving average is $172.91.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $1.05 billion. During the same quarter in the prior year, the firm earned $2.49 earnings per share. The company's quarterly revenue was up 4.3% on a year-over-year basis. As a group, analysts predict that Align Technology, Inc. will post 9.38 EPS for the current fiscal year.

Align Technology Company 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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