Point72 Asset Management L.P. Has $82.93 Million Stake in Align Technology, Inc. (NASDAQ:ALGN)

Point72 Asset Management L.P. grew its position in Align Technology, Inc. (NASDAQ:ALGN) by 127.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 343,512 shares of the medical equipment provider’s stock after buying an additional 192,474 shares during the quarter. Point72 Asset Management L.P. owned 0.46% of Align Technology worth $82,934,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Mather Group LLC. bought a new stake in Align Technology during the first quarter worth $26,000. LRI Investments LLC bought a new stake in shares of Align Technology during the 1st quarter worth $29,000. Cullen Frost Bankers Inc. boosted its stake in Align Technology by 854.5% in the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock valued at $25,000 after buying an additional 94 shares in the last quarter. Rothschild Investment LLC bought a new position in Align Technology in the second quarter valued at about $26,000. Finally, Innealta Capital LLC acquired a new position in Align Technology during the second quarter worth about $26,000. Institutional investors own 88.43% of the company’s stock.

Align Technology Price Performance

Shares of ALGN opened at $249.01 on Wednesday. Align Technology, Inc. has a one year low of $176.34 and a one year high of $335.40. The company has a market cap of $18.75 billion, a PE ratio of 41.02, a P/E/G ratio of 5.13 and a beta of 1.64. The stock has a 50-day moving average of $232.79 and a 200-day moving average of $263.48.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $2.41 EPS for the quarter, beating the consensus estimate 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 during 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 company’s quarterly revenue was up 2.6% on a year-over-year basis. Analysts expect that Align Technology, Inc. will post 7.61 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Insider Activity 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 stock was purchased at an average cost of $235.33 per share, with a total value of $1,529,645.00. Following the completion of the purchase, the director now directly owns 28,247 shares in the company, valued at approximately $6,647,366.51. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 0.62% of the stock is owned by insiders.

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.