SRS Investment Management LLC boosted its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 28.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 33,377 shares of the medical equipment provider’s stock after acquiring an additional 7,318 shares during the period. Align Technology accounts for 0.2% of SRS Investment Management LLC’s investment portfolio, making the stock its 22nd biggest holding. SRS Investment Management LLC’s holdings in Align Technology were worth $9,135,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. Avestar Capital LLC raised its position in shares of Align Technology by 687.5% during the first quarter. Avestar Capital LLC now owns 126 shares of the medical equipment provider’s stock valued at $32,000 after buying an additional 110 shares during the last quarter. Ossiam bought a new stake in Align Technology in the second quarter valued at about $43,000. TRUE Private Wealth Advisors bought a new stake in Align Technology in the second quarter valued at about $45,000. Rehmann Capital Advisory Group increased its stake in Align Technology by 160.2% in the first quarter. Rehmann Capital Advisory Group now owns 229 shares of the medical equipment provider’s stock valued at $65,000 after acquiring an additional 141 shares during the period. Finally, FTB Advisors Inc. increased its stake in Align Technology by 102.9% in the second quarter. FTB Advisors Inc. now owns 278 shares of the medical equipment provider’s stock valued at $76,000 after acquiring an additional 141 shares during the period. 88.26% of the stock is owned by hedge funds and other institutional investors.
In related news, VP Vamsi Mohan Raj Pudipeddi purchased 1,100 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were acquired at an average cost of $188.11 per share, with a total value of $206,921.00. Following the completion of the purchase, the vice president now directly owns 1,100 shares of the company’s stock, valued at $206,921. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Joseph M. Hogan purchased 4,995 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were bought at an average cost of $199.83 per share, for a total transaction of $998,150.85. Following the completion of the purchase, the insider now directly owns 165,440 shares of the company’s stock, valued at $33,059,875.20. The disclosure for this purchase can be found here. Insiders have sold 44,157 shares of company stock worth $7,976,448 over the last three months. 1.30% of the stock is owned by insiders.
Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $1.26 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.13 by $0.13. The firm had revenue of $600.70 million for the quarter, compared to analysts’ expectations of $599.86 million. Align Technology had a net margin of 19.06% and a return on equity of 29.26%. The company’s quarterly revenue was up 22.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.30 earnings per share. On average, equities analysts predict that Align Technology, Inc. will post 5 earnings per share for the current fiscal year.
ALGN has been the topic of a number of analyst reports. BidaskClub cut shares of Align Technology from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 14th. ValuEngine raised shares of Align Technology from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Robert W. Baird lowered their target price on shares of Align Technology from $336.00 to $259.00 and set an “outperform” rating on the stock in a research note on Friday, July 26th. Bank of America cut shares of Align Technology from a “buy” rating to a “neutral” rating in a research note on Thursday, July 25th. Finally, Credit Suisse Group decreased their price objective on shares of Align Technology from $340.00 to $320.00 and set an “outperform” rating on the stock in a research note on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the company’s stock. Align Technology has an average rating of “Buy” and a consensus target price of $297.91.
About Align Technology
Align Technology, Inc, a medical device company, designs, manufactures, and markets Invisalign clear aligners and iTero intraoral scanners and services for orthodontics, and restorative and aesthetic dentistry worldwide. It operates in two segments, Clear Aligner; and Scanners and Services. The Clear Aligner segment consists of comprehensive products, including Invisalign Comprehensive treatment that addresses the orthodontic needs of teenage patients, such as compliance indicators and compensation for tooth eruption; Invisalign Assist treatment, which offers support to dental practitioners throughout the treatment process, including progress tracking; and Invisalign First Phase I and Invisalign First Comprehensive Phase II package for younger patients with early mixed dentition with a mixture of primary/baby and permanent teeth.
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