First Eagle Investment Management LLC Takes $575,000 Position in Align Technology, Inc. (NASDAQ:ALGN)

First Eagle Investment Management LLC acquired a new stake in Align Technology, Inc. (NASDAQ:ALGN) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,380 shares of the medical equipment provider’s stock, valued at approximately $575,000.

Several other institutional investors have also modified their holdings of the company. Moody National Bank Trust Division lifted its holdings in shares of Align Technology by 1.8% in the first quarter. Moody National Bank Trust Division now owns 2,107 shares of the medical equipment provider’s stock valued at $691,000 after buying an additional 38 shares during the period. Mather Group LLC. raised its position in shares of Align Technology by 52.5% during the second quarter. Mather Group LLC. now owns 122 shares of the medical equipment provider’s stock worth $29,000 after purchasing an additional 42 shares during the period. Crewe Advisors LLC raised its position in shares of Align Technology by 36.8% during the second quarter. Crewe Advisors LLC now owns 171 shares of the medical equipment provider’s stock worth $41,000 after purchasing an additional 46 shares during the period. Daiwa Securities Group Inc. raised its position in shares of Align Technology by 0.6% during the second quarter. Daiwa Securities Group Inc. now owns 8,876 shares of the medical equipment provider’s stock worth $2,143,000 after purchasing an additional 54 shares during the period. Finally, Czech National Bank raised its position in shares of Align Technology by 0.5% during the first quarter. Czech National Bank now owns 12,532 shares of the medical equipment provider’s stock worth $4,109,000 after purchasing an additional 57 shares during the period. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Price Performance

Shares of NASDAQ ALGN opened at $252.85 on Friday. The business’s 50-day moving average price is $232.50 and its two-hundred day moving average price is $264.61. Align Technology, Inc. has a one year low of $176.34 and a one year high of $335.40. The company has a market capitalization of $19.04 billion, a P/E ratio of 41.66, a price-to-earnings-growth ratio of 5.13 and a beta of 1.64.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 EPS for the quarter, beating analysts’ consensus estimates of $2.32 by $0.09. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The firm had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter in the previous year, the company posted $1.73 earnings per share. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. On average, equities analysts anticipate that Align Technology, Inc. will post 7.61 EPS for the current year.

Wall Street Analyst Weigh In

ALGN has been the topic of a number of recent analyst reports. Stifel Nicolaus cut their target price on Align Technology from $400.00 to $350.00 and set a “buy” rating on the stock in a research report on Thursday, July 25th. Piper Sandler reaffirmed an “overweight” rating and set a $315.00 target price on shares of Align Technology in a research report on Friday, September 13th. Robert W. Baird dropped their price target on Align Technology from $370.00 to $325.00 and set an “outperform” rating on the stock in a research report on Monday, July 22nd. Evercore ISI dropped their price target on Align Technology from $370.00 to $300.00 and set an “outperform” rating on the stock in a research report on Monday, June 10th. Finally, OTR Global reissued a “mixed” rating on shares of Align Technology in a research report on Tuesday, June 4th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Align Technology presently has a consensus rating of “Moderate Buy” and an average price target of $306.88.

Insider Buying and Selling at Align Technology

In related news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the stock in a transaction dated Thursday, August 15th. The shares were acquired at an average price of $235.33 per share, with a total value of $1,529,645.00. Following the acquisition, the director now owns 28,247 shares in the company, valued at approximately $6,647,366.51. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.62% of the company’s stock.

Align Technology Company 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.