14,559 Shares in Align Technology, Inc. (NASDAQ:ALGN) Acquired by Quantbot Technologies LP

Quantbot Technologies LP acquired a new stake in Align Technology, Inc. (NASDAQ:ALGN) during the second quarter, HoldingsChannel.com reports. The fund acquired 14,559 shares of the medical equipment provider’s stock, valued at approximately $3,515,000.

Other large investors also recently modified their holdings of the company. Mather Group LLC. purchased a new stake in shares of Align Technology in the 1st quarter valued at approximately $26,000. LRI Investments LLC purchased a new stake in shares of Align Technology in the 1st quarter valued at approximately $29,000. Cullen Frost Bankers Inc. increased its position 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 purchasing an additional 94 shares during the last quarter. Rothschild Investment LLC purchased a new stake in shares of Align Technology in the 2nd quarter valued at approximately $26,000. Finally, Innealta Capital LLC purchased a new stake in shares of Align Technology in the 2nd quarter valued at approximately $26,000. 88.43% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director C Raymond Larkin, Jr. bought 6,500 shares of Align Technology stock in a transaction dated Thursday, August 15th. The stock was bought at an average price of $235.33 per share, for a total transaction of $1,529,645.00. Following the purchase, the director now owns 28,247 shares of the company’s stock, valued at $6,647,366.51. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.62% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

ALGN has been the subject of several research analyst reports. Evercore ISI lowered their target price 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. Stifel Nicolaus lowered their target price on shares of Align Technology from $400.00 to $350.00 and set a “buy” rating for the company in a report on Thursday, July 25th. OTR Global restated a “mixed” rating on shares of Align Technology in a report on Tuesday, June 4th. Robert W. Baird lowered their target price on shares of Align Technology from $370.00 to $325.00 and set an “outperform” rating for the company in a report on Monday, July 22nd. Finally, StockNews.com cut shares of Align Technology from a “buy” rating to a “hold” rating in a report on Sunday, September 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $306.88.

Align Technology Price Performance

Shares of NASDAQ:ALGN opened at $249.56 on Tuesday. The stock has a market cap of $18.79 billion, a P/E ratio of 41.11, a P/E/G ratio of 5.13 and a beta of 1.64. The firm has a fifty day moving average price of $232.09 and a 200 day moving average price of $265.71. Align Technology, Inc. has a 1-year low of $176.34 and a 1-year high of $335.40.

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

About Align Technology

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.