Align Technology, Inc. (NASDAQ:ALGN) Stock Position Raised by Seven Eight Capital LP

Seven Eight Capital LP lifted its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 320.9% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 20,542 shares of the medical equipment provider’s stock after buying an additional 15,661 shares during the period. Align Technology accounts for approximately 0.5% of Seven Eight Capital LP’s holdings, making the stock its 26th biggest position. Seven Eight Capital LP’s holdings in Align Technology were worth $4,959,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ALGN. Cullen Frost Bankers Inc. boosted its stake in Align Technology by 854.5% during 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 period. Mather Group LLC. acquired a new position in Align Technology during the 1st quarter valued at about $26,000. Innealta Capital LLC acquired a new position in Align Technology during the 2nd quarter valued at about $26,000. Rothschild Investment LLC acquired a new position in Align Technology during the 2nd quarter valued at about $26,000. Finally, Versant Capital Management Inc boosted 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 valued at $27,000 after purchasing an additional 93 shares during the period. 88.43% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

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

Align Technology Price Performance

NASDAQ ALGN opened at $253.16 on Wednesday. The company’s 50 day simple moving average is $232.21 and its 200 day simple moving average is $265.38. Align Technology, Inc. has a 12 month low of $176.34 and a 12 month high of $335.40. The company has a market capitalization of $19.06 billion, a P/E ratio of 41.71, a PEG ratio of 5.13 and a beta of 1.64.

Align Technology (NASDAQ:ALGN) last released its earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 EPS for the quarter, topping analysts’ consensus estimates of $2.32 by $0.09. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The business had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.04 billion. During the same period in the previous year, the firm earned $1.73 EPS. The business’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 year.

Analysts Set New Price Targets

A number of research firms have issued reports on ALGN. Stifel Nicolaus reduced their target price on shares of Align Technology from $400.00 to $350.00 and set a “buy” rating for the company in a research note on Thursday, July 25th. OTR Global reissued a “mixed” rating on shares of Align Technology in a research note on Tuesday, June 4th. Piper Sandler reaffirmed an “overweight” rating and issued a $315.00 price target on shares of Align Technology in a research note on Friday, September 13th. Morgan Stanley reduced their price target on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a research note on Thursday, July 25th. Finally, Evercore ISI reduced their price target on shares of Align Technology from $370.00 to $300.00 and set an “outperform” rating for the company in a research note on Monday, June 10th. One analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Align Technology presently has a consensus rating of “Hold” and a consensus price target 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.