Corient Private Wealth LP Buys New Stake in Align Technology, Inc. $ALGN

Key Points

• Corient Private Wealth acquired 19,877 shares of Align Technology valued at approximately $3.35 million, while other major institutions also increased or initiated positions. Institutional investors now own 88.43% of the company.
• Align Technology exceeded quarterly expectations, reporting $2.64 in earnings per share and $1.06 billion in revenue, up 4.3% year over year.
• Analyst sentiment remains positive but mixed, with a consensus “Moderate Buy” rating and an average price target of $206.36, compared with the stock’s reported price of $154.96.

Corient Private Wealth LP purchased a new position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 19,877 shares of the medical equipment provider's stock, valued at approximately $3,352,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new stake in shares of Align Technology in the second quarter valued at about $745,370,000. Capital International Investors lifted its position in Align Technology by 52.2% during the 4th quarter. Capital International Investors now owns 4,643,221 shares of the medical equipment provider's stock worth $725,039,000 after acquiring an additional 1,592,848 shares in the last quarter. Ruane Cunniff & Goldfarb L.P. acquired a new position in Align Technology during the 4th quarter worth approximately $190,899,000. Norges Bank purchased a new position in Align Technology in the 4th quarter worth approximately $155,556,000. Finally, Assenagon Asset Management S.A. grew its position in Align Technology by 413.0% in the first quarter. Assenagon Asset Management S.A. now owns 989,388 shares of the medical equipment provider's stock valued at $169,611,000 after acquiring an additional 796,529 shares in the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Stock Performance

Shares of Align Technology stock opened at $154.96 on Wednesday. Align Technology, Inc. has a 1 year low of $122.00 and a 1 year high of $200.43. The firm's 50-day simple moving average is $172.46 and its 200-day simple moving average is $174.47. The firm has a market cap of $11.10 billion, a PE ratio of 26.95, a price-to-earnings-growth ratio of 1.70 and a beta of 1.65.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 EPS for the quarter, topping analysts' consensus estimates of $2.62 by $0.02. Align Technology had a return on equity of 15.86% and a net margin of 9.99%.The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.05 billion. During the same period last year, the firm earned $2.49 earnings per share. The company's revenue for the quarter was up 4.3% compared to the same quarter last year. On average, equities analysts predict that Align Technology, Inc. will post 9.38 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ALGN has been the subject of a number of recent analyst reports. Weiss Ratings lowered shares of Align Technology from a "hold (c)" rating to a "hold (c-)" rating in a report on Monday, August 3rd. Wall Street Zen cut shares of Align Technology from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 1st. BMO Capital Markets started coverage on Align Technology in a research note on Wednesday, July 8th. They set 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 research note on Thursday, July 23rd. Finally, Zacks Research lowered Align Technology from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 16th. 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's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $206.36.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source