Palo Alto Investors LP Buys Shares of 31,389 Align Technology, Inc. $ALGN

Key Points

• Palo Alto Investors LP initiated a position in Align Technology, buying 31,389 shares valued at approximately $5.3 million. Institutional investors collectively own 88.43% of the company.
• Align Technology reported quarterly EPS of $2.64, narrowly beating estimates, while revenue rose 4.3% year over year to $1.06 billion. Shares recently traded at $157.58, below their 50-day and 200-day moving averages.
• Analysts maintain a broadly positive view, with the stock receiving a consensus “Moderate Buy” rating and an average price target of $206.36, despite some recent downgrades to “Hold.”

Palo Alto Investors LP purchased a new position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 31,389 shares of the medical equipment provider's stock, valued at approximately $5,294,069. Align Technology comprises about 0.0% of Palo Alto Investors LP's holdings, making the stock its 28th biggest position.

Other large investors have also modified their holdings of the company. Sunbelt Securities Inc. lifted its holdings in shares of Align Technology by 222.4% in the fourth quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider's stock valued at $25,000 after purchasing an additional 109 shares in the last quarter. Blue Trust Inc. grew its holdings in shares of Align Technology by 77.5% during the 1st quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider's stock worth $27,000 after acquiring an additional 69 shares during the period. Tobam bought a new position in shares of Align Technology in the 4th quarter worth approximately $30,000. Hollencrest Capital Management purchased a new position in Align Technology in the first quarter worth about $34,000. Finally, Caitong International Asset Management Co. Ltd lifted its stake in shares of 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 purchasing an additional 266 shares during the last quarter. 88.43% of the stock is owned by institutional investors.

Align Technology Stock Performance

Shares of NASDAQ:ALGN traded down $1.26 during midday trading on Friday, reaching $157.58. The company had a trading volume of 954,628 shares, compared to its average volume of 1,089,225. The firm has a market cap of $11.29 billion, a price-to-earnings ratio of 27.41, a price-to-earnings-growth ratio of 1.69 and a beta of 1.65. Align Technology, Inc. has a 1-year low of $122.00 and a 1-year high of $200.43. The company has a fifty day simple moving average of $173.50 and a two-hundred day simple moving average of $175.27.

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 the consensus estimate 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 analyst estimates of $1.05 billion. During the same period in the previous year, the firm earned $2.49 EPS. Align Technology's quarterly revenue was up 4.3% compared to the same quarter last year. Analysts expect that Align Technology, Inc. will post 9.38 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have weighed in on ALGN shares. Needham & Company LLC restated a "hold" rating on shares of Align Technology in a research report on Thursday, July 30th. Weiss Ratings lowered shares of Align Technology from a "hold (c)" rating to a "hold (c-)" rating in a report on Monday, August 3rd. Evercore increased their price objective on shares of Align Technology from $200.00 to $220.00 in a research report on Thursday, April 30th. Leerink Partners raised their price objective on shares of Align Technology from $225.00 to $230.00 in a research note on Thursday, April 30th. Finally, Zacks Research lowered shares of Align Technology from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 16th. One investment 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 stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus 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.