Empowered Funds LLC Takes $3.65 Million Position in Align Technology, Inc. $ALGN

Key Points

• Empowered Funds LLC purchased 21,618 shares of Align Technology worth approximately $3.65 million during the second quarter. Other institutional investors also initiated positions, and institutions collectively own 88.43% of the company.
• Analyst sentiment remains positive overall, with one Strong Buy, eight Buy and six Hold ratings. Align Technology has a consensus rating of “Moderate Buy” and an average price target of $206.36.
• Align shares opened at $154.96, down 3.0%, and were trading below their 50-day and 200-day moving averages. The company recently exceeded quarterly EPS and revenue estimates, reporting $2.64 EPS and $1.06 billion in revenue, with revenue up 4.3% year over year.

Empowered Funds LLC purchased a new stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 21,618 shares of the medical equipment provider's stock, valued at approximately $3,646,000.

Other hedge funds have also bought and sold shares of the company. United Capital Financial Advisors LLC bought a new stake in Align Technology during the second quarter worth about $2,470,000. Jefferies Financial Group Inc. acquired a new stake in shares of Align Technology during the 2nd quarter worth approximately $7,648,000. Public Employees Retirement System of Ohio bought a new position in Align Technology in the second quarter valued at approximately $3,861,000. MASTERINVEST Kapitalanlage GmbH bought a new position in Align Technology in the second quarter valued at approximately $236,000. Finally, Stonehage Fleming Financial Services Holdings Ltd acquired a new position in Align Technology during the second quarter valued at approximately $629,000. 88.43% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on ALGN shares. BMO Capital Markets started coverage on 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 reissued a "hold" rating on shares of Align Technology in a report on Thursday, July 30th. Zacks Research cut Align Technology from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 16th. Wall Street Zen downgraded Align Technology from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 1st. Finally, Weiss Ratings lowered Align Technology from a "hold (c)" rating to a "hold (c-)" rating in a research note on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, Align Technology currently has an average rating of "Moderate Buy" and a consensus target price of $206.36.

Align Technology Trading Down 3.0%

NASDAQ:ALGN opened at $154.96 on Wednesday. The stock's 50-day moving average is $172.46 and its 200-day moving average is $174.47. 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 $11.10 billion, a P/E 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 issued its quarterly earnings data on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 last year, the business earned $2.49 EPS. The firm's quarterly revenue was up 4.3% on a year-over-year basis. As a group, equities analysts forecast that Align Technology, Inc. will post 9.38 EPS for the current year.

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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