Caxton Associates LP Takes Position in Align Technology, Inc. (NASDAQ:ALGN)

Caxton Associates LP purchased a new stake in Align Technology, Inc. (NASDAQ:ALGN) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 2,948 shares of the medical equipment provider’s stock, valued at approximately $712,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Cullen Frost Bankers Inc. increased its stake in shares of Align Technology by 854.5% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock valued at $25,000 after acquiring an additional 94 shares during the last quarter. Mather Group LLC. bought a new stake in Align Technology during the 1st quarter worth approximately $26,000. Innealta Capital LLC bought a new stake in Align Technology during the 2nd quarter worth approximately $26,000. Rothschild Investment LLC bought a new stake in Align Technology during the 2nd quarter worth approximately $26,000. Finally, Versant Capital Management Inc increased its stake in Align Technology by 547.1% during the 2nd quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock worth $27,000 after purchasing an additional 93 shares in the last quarter. 88.43% of the stock is owned by institutional investors.

Align Technology Price Performance

Shares of NASDAQ:ALGN opened at $249.46 on Friday. The company’s 50-day moving average price is $232.63 and its two-hundred day moving average price is $263.34. Align Technology, Inc. has a one year low of $176.34 and a one year high of $335.40. The stock has a market capitalization of $18.63 billion, a PE ratio of 41.10, a price-to-earnings-growth ratio of 5.77 and a beta of 1.64.

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

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ALGN. StockNews.com raised Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Stifel Nicolaus lowered their target price on Align Technology from $400.00 to $350.00 and set a “buy” rating for the company in a research note on Thursday, July 25th. Evercore ISI lowered their target price on Align Technology from $370.00 to $300.00 and set an “outperform” rating for the company in a research note on Monday, June 10th. Robert W. Baird lowered their target price on Align Technology from $370.00 to $325.00 and set an “outperform” rating for the company in a research note on Monday, July 22nd. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $315.00 price target on shares of Align Technology in a research note on Friday, September 13th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $306.88.

Insider Activity

In other news, Director C Raymond Larkin, Jr. bought 6,500 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were bought at an average cost 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 $6,647,366.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.62% of the stock is owned by insiders.

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.