University of Texas Texas AM Investment Management Co. Buys New Stake in Align Technology, Inc. (NASDAQ:ALGN)

University of Texas Texas AM Investment Management Co. purchased a new position in shares of Align Technology, Inc. (NASDAQ:ALGN) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 130 shares of the medical equipment provider’s stock, valued at approximately $31,000.

Several other institutional investors and hedge funds have also made changes to their positions in ALGN. Moody National Bank Trust Division boosted its holdings in Align Technology by 1.8% in the 1st quarter. Moody National Bank Trust Division now owns 2,107 shares of the medical equipment provider’s stock valued at $691,000 after purchasing an additional 38 shares in the last quarter. Mather Group LLC. grew its holdings in 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 acquiring an additional 42 shares during the period. Quarry LP raised its position in Align Technology by 53.0% in the second quarter. Quarry LP now owns 127 shares of the medical equipment provider’s stock worth $31,000 after acquiring an additional 44 shares in the last quarter. Crewe Advisors LLC lifted its holdings in Align Technology by 36.8% in the second quarter. Crewe Advisors LLC now owns 171 shares of the medical equipment provider’s stock valued at $41,000 after acquiring an additional 46 shares during the period. Finally, Daiwa Securities Group Inc. increased its holdings in shares of Align Technology by 0.6% in the 2nd quarter. Daiwa Securities Group Inc. now owns 8,876 shares of the medical equipment provider’s stock valued at $2,143,000 after purchasing an additional 54 shares in the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director C Raymond Larkin, Jr. bought 6,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were purchased at an average price of $235.33 per share, for a total transaction of $1,529,645.00. Following the completion of the transaction, the director now owns 28,247 shares in the company, valued at $6,647,366.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.62% of the company’s stock.

Wall Street Analysts Forecast Growth

ALGN has been the topic of a number of research analyst reports. OTR Global reissued a “mixed” rating on shares of Align Technology in a report on Tuesday, June 4th. StockNews.com upgraded Align Technology from a “hold” rating to a “buy” rating in a report on Thursday, September 19th. Morgan Stanley reduced their price objective on Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a report on Thursday, July 25th. Evercore ISI lowered their target price on Align Technology from $370.00 to $300.00 and set an “outperform” rating on the stock in a report on Monday, June 10th. Finally, Piper Sandler restated an “overweight” rating and issued a $315.00 price target on shares of Align Technology in a research report on Friday, September 13th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Align Technology has an average rating of “Moderate Buy” and an average price target of $306.88.

Align Technology Stock Down 3.5 %

NASDAQ ALGN opened at $245.35 on Wednesday. Align Technology, Inc. has a fifty-two week low of $176.34 and a fifty-two week high of $335.40. The business has a fifty day moving average of $232.66 and a 200-day moving average of $261.20. The stock has a market cap of $18.47 billion, a price-to-earnings ratio of 40.42, a price-to-earnings-growth ratio of 5.77 and a beta of 1.64.

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

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.