Amundi Acquires 75,928 Shares of Align Technology, Inc. $ALGN

Key Points

• Amundi increased its Align Technology stake by 21.2% in the second quarter, purchasing 75,928 additional shares and bringing its holdings to 434,656 shares worth approximately $73.3 million. Institutional investors collectively own 88.43% of the company.
• Align Technology reported quarterly earnings of $2.64 per share, narrowly exceeding estimates, while revenue rose 4.3% year over year to $1.06 billion. Analysts expect full-year earnings of $9.38 per share.
• Wall Street maintains a “Moderate Buy” consensus rating, with an average price target of $206.36 versus the stock’s reported price of $152.92; however, some firms have recently downgraded their ratings to “Hold” or “Buy.”

Amundi lifted its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 21.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 434,656 shares of the medical equipment provider's stock after buying an additional 75,928 shares during the quarter. Amundi owned about 0.61% of Align Technology worth $73,309,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Sunbelt Securities Inc. grew its stake in shares of Align Technology by 222.4% during the fourth quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider's stock worth $25,000 after purchasing an additional 109 shares during the period. Blue Trust Inc. increased its stake in shares of Align Technology by 77.5% in 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 during 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 acquired a new stake in shares of Align Technology in the 1st quarter valued at approximately $34,000. Finally, Caitong International Asset Management Co. Ltd boosted its stake in Align Technology by 1,773.3% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 281 shares of the medical equipment provider's stock worth $35,000 after acquiring an additional 266 shares during the last quarter. 88.43% of the stock is owned by institutional investors.

Align Technology Stock Performance

NASDAQ:ALGN opened at $152.92 on Thursday. The company has a market cap of $10.95 billion, a P/E ratio of 26.59, a P/E/G ratio of 1.63 and a beta of 1.65. Align Technology, Inc. has a 52-week low of $122.00 and a 52-week high of $200.43. The stock's 50-day simple moving average is $170.34 and its 200 day simple moving average is $173.19.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share for the quarter, beating 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 analysts' expectations of $1.05 billion. During the same period last year, the business earned $2.49 earnings per share. The firm's revenue was up 4.3% on a year-over-year basis. As a group, equities analysts predict that Align Technology, Inc. will post 9.38 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ALGN. Wall Street Zen downgraded shares of Align Technology from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 1st. Zacks Research cut shares of Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 16th. BMO Capital Markets started coverage on shares of Align Technology in a research report on Wednesday, July 8th. They issued an "outperform" rating and a $209.00 price objective for the company. UBS Group reaffirmed a "neutral" rating and set a $189.00 price objective on shares of Align Technology in a research note on Thursday, July 23rd. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a report on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $206.36.

Align Technology Company 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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