Alyeska Investment Group L.P. Buys New Position in Align Technology, Inc. $ALGN

Key Points

• Alyeska Investment Group initiated a position in Align Technology during the second quarter, buying 14,845 shares valued at approximately $2.5 million. Institutional investors collectively own 88.43% of the company.
• Analyst sentiment remains positive but mixed, with Align holding a “Moderate Buy” consensus rating and an average price target of $206.36.
• Align reported quarterly revenue of $1.06 billion and earnings of $2.64 per share, slightly exceeding estimates; revenue increased 4.3% year over year.

Alyeska Investment Group L.P. purchased a new position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 14,845 shares of the medical equipment provider's stock, valued at approximately $2,504,000.

Several other hedge funds also recently made changes to their positions in ALGN. Sunbelt Securities Inc. boosted its position in Align Technology by 222.4% during the fourth quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider's stock valued at $25,000 after purchasing an additional 109 shares during the last quarter. Blue Trust Inc. raised its stake 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 worth $27,000 after purchasing an additional 69 shares in the last quarter. Tobam acquired a new stake in shares of Align Technology in the 4th quarter valued at approximately $30,000. Hollencrest Capital Management bought a new position in shares of Align Technology in the first quarter valued at $34,000. Finally, Caitong International Asset Management Co. Ltd grew its stake in shares of 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 valued at $35,000 after buying an additional 266 shares in the last quarter. 88.43% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ALGN. Weiss Ratings cut shares of Align Technology from a "hold (c)" rating to a "hold (c-)" rating in a research note on Monday, August 3rd. UBS Group restated a "neutral" rating and set a $189.00 price objective on shares of Align Technology in a research note on Thursday, July 23rd. BMO Capital Markets started 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. Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a research note on Thursday, July 30th. Finally, Zacks Research downgraded Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have assigned a Hold rating to the company. 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 Price Performance

Shares of ALGN opened at $154.96 on Wednesday. The company's 50-day moving average is $172.46 and its 200-day moving average is $174.47. The firm has a market capitalization of $11.10 billion, a PE ratio of 26.95, a PEG ratio of 1.70 and a beta of 1.65. Align Technology, Inc. has a fifty-two week low of $122.00 and a fifty-two week high of $200.43.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its 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 the consensus estimate of $1.05 billion. During the same quarter in the previous year, the firm posted $2.49 EPS. Align Technology's revenue was up 4.3% compared to the same quarter last year. Analysts predict that Align Technology, Inc. will post 9.38 earnings per share for the current fiscal year.

Align Technology Profile

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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