Kayne Anderson Rudnick Investment Management LLC Increases Stake in Align Technology, Inc. $ALGN

Key Points

• Kayne Anderson Rudnick Investment Management LLC increased its stake in Align Technology, Inc. by 2.4%, owning about 577,522 shares worth approximately $91.7 million as of the latest SEC filing.
• Align Technology's CEO, Joseph M. Hogan, purchased 7,576 shares of the company at an average price of $131.49, bringing his total ownership to 184,945 shares.
• The company reported a quarterly earnings miss with EPS of $2.49, below expectations of $2.57, and revenue of $1.01 billion, down 1.6% year-over-year.

Kayne Anderson Rudnick Investment Management LLC grew its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 2.4% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 577,522 shares of the medical equipment provider's stock after acquiring an additional 13,301 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC owned about 0.79% of Align Technology worth $91,745,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in ALGN. American Assets Inc. purchased a new stake in shares of Align Technology during the 4th quarter valued at about $417,000. First Trust Advisors LP boosted its holdings in shares of Align Technology by 2.9% in the fourth quarter. First Trust Advisors LP now owns 21,659 shares of the medical equipment provider's stock worth $4,516,000 after buying an additional 616 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Align Technology by 36.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 354,725 shares of the medical equipment provider's stock worth $73,961,000 after buying an additional 95,393 shares during the last quarter. Stifel Financial Corp boosted its holdings in shares of Align Technology by 0.4% in the fourth quarter. Stifel Financial Corp now owns 34,003 shares of the medical equipment provider's stock worth $7,090,000 after buying an additional 139 shares during the last quarter. Finally, Pinebridge Investments L.P. boosted its holdings in shares of Align Technology by 205.7% in the fourth quarter. Pinebridge Investments L.P. now owns 14,500 shares of the medical equipment provider's stock worth $3,023,000 after buying an additional 9,757 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company's stock.

Insider Buying and Selling at Align Technology

In other news, CEO Joseph M. Hogan bought 7,576 shares of Align Technology stock in a transaction dated Friday, August 1st. The shares were acquired at an average price of $131.49 per share, with a total value of $996,168.24. Following the completion of the purchase, the chief executive officer owned 184,945 shares in the company, valued at $24,318,418.05. The trade was a 4.27% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.66% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on ALGN shares. Morgan Stanley reissued an "equal weight" rating and issued a $154.00 price objective (down previously from $249.00) on shares of Align Technology in a report on Thursday, July 31st. Evercore ISI lifted their price target on shares of Align Technology from $200.00 to $220.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. Wells Fargo & Company lowered their price target on shares of Align Technology from $246.00 to $199.00 and set an "overweight" rating on the stock in a report on Thursday, July 31st. Piper Sandler lowered their price target on shares of Align Technology from $250.00 to $190.00 and set an "overweight" rating on the stock in a report on Thursday, July 31st. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a report on Thursday, May 1st. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $215.00.

Align Technology Stock Up 0.8%

Align Technology stock traded up $1.18 during mid-day trading on Friday, reaching $142.31. 301,233 shares of the company's stock traded hands, compared to its average volume of 1,218,631. The company has a market cap of $10.32 billion, a price-to-earnings ratio of 24.01, a PEG ratio of 1.60 and a beta of 1.61. The stock has a 50 day moving average of $172.41 and a two-hundred day moving average of $175.03. Align Technology, Inc. has a 12-month low of $127.70 and a 12-month high of $262.87.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The medical equipment provider reported $2.49 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.57 by ($0.08). The business had revenue of $1.01 billion for the quarter, compared to analysts' expectations of $1.06 billion. Align Technology had a net margin of 11.04% and a return on equity of 13.36%. Align Technology's revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period in the previous year, the company earned $2.41 EPS. Align Technology has set its Q3 2025 guidance at EPS. As a group, sell-side analysts forecast that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology announced that its Board of Directors has authorized a stock buyback plan on Tuesday, May 6th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the medical equipment provider to buy up to 7.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's management believes its stock is undervalued.

Align Technology Profile

Align Technology, Inc designs, manufactures, and markets Invisalign clear aligners, and iTero intraoral scanners and services for orthodontists and general practitioner dentists in the United States, Switzerland, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.