Align Technology, Inc. (NASDAQ:ALGN) Stock Holdings Lifted by Sofinnova Investments Inc.

Sofinnova Investments Inc. lifted its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 128.9% in the 2nd quarter, Holdings Channel.com reports. The firm owned 218,524 shares of the medical equipment provider’s stock after buying an additional 123,046 shares during the quarter. Align Technology comprises about 2.7% of Sofinnova Investments Inc.’s portfolio, making the stock its 8th largest holding. Sofinnova Investments Inc.’s holdings in Align Technology were worth $52,758,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the company. Cullen Frost Bankers Inc. boosted its stake in shares of 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. Mather Group LLC. purchased a new stake in shares of Align Technology during the 1st quarter worth approximately $26,000. Innealta Capital LLC acquired a new stake in Align Technology in the second quarter valued at $26,000. Rothschild Investment LLC purchased a new position in shares of Align Technology in the second quarter valued at $26,000. Finally, Versant Capital Management Inc raised its position in Align Technology by 547.1% during the second quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock worth $27,000 after acquiring an additional 93 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Insider Transactions at Align Technology

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

Align Technology Stock Up 2.4 %

ALGN stock opened at $249.56 on Tuesday. The company has a market cap of $18.79 billion, a price-to-earnings ratio of 41.11, a PEG ratio of 5.13 and a beta of 1.64. The business has a fifty day simple moving average of $232.09 and a 200-day simple moving average of $265.71. Align Technology, Inc. has a 52 week low of $176.34 and a 52 week high of $335.40.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data 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 business had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.04 billion. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The company’s revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.73 EPS. As a group, analysts expect that Align Technology, Inc. will post 7.61 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have weighed in on ALGN. Piper Sandler reissued an “overweight” rating and set a $315.00 price target on shares of Align Technology in a research report on Friday. Robert W. Baird cut their target price on shares of Align Technology from $370.00 to $325.00 and set an “outperform” rating for the company in a research note on Monday, July 22nd. Morgan Stanley decreased their price target on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating on the stock in a research note on Thursday, July 25th. OTR Global reissued a “mixed” rating on shares of Align Technology in a research report on Tuesday, June 4th. Finally, Stifel Nicolaus decreased their target price on shares of Align Technology from $400.00 to $350.00 and set a “buy” rating on the stock in a research report on Thursday, July 25th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $306.88.

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.