Legal & General Group Plc Invests $22.54 Million in Align Technology, Inc. $ALGN

Key Points

• Legal & General Group Plc acquired 133,655 Align Technology shares in the second quarter, worth approximately $22.54 million and representing about 0.19% of the company. Institutional investors collectively own 88.43% of ALGN.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $206.36, despite some downgrades and hold recommendations.
• Align Technology’s latest quarter exceeded expectations, reporting $2.64 in EPS and $1.06 billion in revenue, with revenue up 4.3% year over year. The stock opened at $157.58, below its 50-day and 200-day moving averages.

Legal & General Group Plc acquired a new position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 133,655 shares of the medical equipment provider's stock, valued at approximately $22,542,000. Legal & General Group Plc owned about 0.19% of Align Technology at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of ALGN. The Manufacturers Life Insurance Company acquired a new position in Align Technology in the second quarter valued at about $13,007,000. Vega Investment Solutions acquired a new stake in shares of Align Technology during the second quarter valued at about $476,000. Algert Global LLC raised its stake in shares of Align Technology by 153.1% in the 2nd quarter. Algert Global LLC now owns 117,446 shares of the medical equipment provider's stock valued at $19,808,000 after acquiring an additional 71,036 shares during the period. Cibc World Market Inc. acquired a new position in shares of Align Technology in the 2nd quarter worth approximately $935,000. Finally, Meiji Yasuda Asset Management Co Ltd. acquired a new position in shares of Align Technology in the 2nd quarter worth approximately $2,471,000. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ALGN. Wall Street Zen downgraded shares of Align Technology from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 1st. UBS Group restated a "neutral" rating and set a $189.00 price target on shares of Align Technology in a research report on Thursday, July 23rd. Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a research note on Thursday, July 30th. BMO Capital Markets initiated coverage on Align Technology in a research note on Wednesday, July 8th. They issued an "outperform" rating and a $209.00 price objective for the company. Finally, Weiss Ratings downgraded Align Technology from a "hold (c)" rating to a "hold (c-)" rating in a report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $206.36.

Align Technology Trading Down 0.8%

Align Technology stock opened at $157.58 on Friday. The firm has a market capitalization of $11.29 billion, a P/E ratio of 27.41, a P/E/G ratio of 1.67 and a beta of 1.65. Align Technology, Inc. has a twelve month low of $122.00 and a twelve month high of $200.43. The stock's fifty day simple moving average is $173.01 and its 200-day simple moving average is $175.15.

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 (EPS) for the quarter, beating analysts' consensus estimates of $2.62 by $0.02. The firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.05 billion. Align Technology had a return on equity of 15.86% and a net margin of 9.99%.Align Technology's revenue was up 4.3% compared to the same quarter last year. During the same period last year, the business posted $2.49 earnings per share. Sell-side analysts predict that Align Technology, Inc. will post 9.38 earnings per share for the current 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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