United Capital Financial Advisors LLC Invests $2.47 Million in Align Technology, Inc. $ALGN

Key Points

• United Capital Financial Advisors acquired 14,642 Align Technology shares worth approximately $2.47 million in the second quarter. Institutional investors collectively own 88.43% of the company.
• Analyst sentiment remains positive overall, with Align holding a “Moderate Buy” consensus rating and an average price target of $206.36, despite several recent downgrades to hold or buy ratings.
• Align’s latest quarterly results slightly exceeded expectations, with EPS of $2.64 versus $2.62 forecast and revenue of $1.06 billion, up 4.3% year over year. The stock opened at $157.58, below its 50-day and 200-day moving averages.

United Capital Financial Advisors LLC acquired a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 14,642 shares of the medical equipment provider's stock, valued at approximately $2,470,000.

Several other hedge funds have also made changes to their positions in ALGN. Sunbelt Securities Inc. lifted its position in shares of Align Technology by 222.4% in the 4th quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider's stock worth $25,000 after acquiring an additional 109 shares during the period. Blue Trust Inc. increased its position in shares of Align Technology by 77.5% during the first quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider's stock valued at $27,000 after purchasing an additional 69 shares during the period. Tobam bought a new stake in shares of Align Technology during the fourth quarter valued at approximately $30,000. Hollencrest Capital Management acquired a new position in shares of Align Technology in the first quarter valued at $34,000. Finally, Caitong International Asset Management Co. Ltd raised its stake in shares of Align Technology by 1,773.3% in the third quarter. Caitong International Asset Management Co. Ltd now owns 281 shares of the medical equipment provider's stock valued at $35,000 after purchasing an additional 266 shares in the last quarter. Institutional investors own 88.43% of the company's stock.

Wall Street Analysts Forecast Growth

ALGN has been the topic of a number of recent research reports. UBS Group reiterated a "neutral" rating and set a $189.00 price target on shares of Align Technology in a research note on Thursday, July 23rd. Zacks Research cut shares of Align Technology from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 16th. Wall Street Zen downgraded shares of Align Technology from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 1st. Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a research report on Thursday, July 30th. Finally, BMO Capital Markets assumed coverage on shares of Align Technology in a research note on Wednesday, July 8th. They issued an "outperform" rating and a $209.00 target price on the stock. One equities research 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 company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $206.36.

Align Technology Stock Performance

ALGN opened at $157.58 on Friday. The firm's 50-day simple moving average is $173.01 and its 200-day simple moving average is $175.15. Align Technology, Inc. has a twelve month low of $122.00 and a twelve month high of $200.43. The firm has a market cap of $11.29 billion, a price-to-earnings ratio of 27.41, a PEG ratio of 1.69 and a beta of 1.65.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $1.05 billion. During the same quarter in the prior year, the company earned $2.49 EPS. The firm's quarterly revenue was up 4.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Align Technology, Inc. will post 9.38 EPS for the current fiscal 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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