Principal Financial Group Inc. Buys 6,019 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Principal Financial Group Inc. lifted its stake in Align Technology, Inc. (NASDAQ:ALGNGet Rating) by 6.8% during the second quarter, HoldingsChannel.com reports. The firm owned 94,782 shares of the medical equipment provider’s stock after purchasing an additional 6,019 shares during the quarter. Principal Financial Group Inc.’s holdings in Align Technology were worth $22,432,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Veritas Investment Partners UK Ltd. boosted its position in shares of Align Technology by 19.8% in the 2nd quarter. Veritas Investment Partners UK Ltd. now owns 331,392 shares of the medical equipment provider’s stock worth $78,455,000 after purchasing an additional 54,780 shares in the last quarter. Cerity Partners LLC boosted its position in shares of Align Technology by 115.9% in the 2nd quarter. Cerity Partners LLC now owns 1,032 shares of the medical equipment provider’s stock worth $245,000 after purchasing an additional 554 shares in the last quarter. Inspire Investing LLC boosted its position in shares of Align Technology by 28.5% in the 2nd quarter. Inspire Investing LLC now owns 5,584 shares of the medical equipment provider’s stock worth $1,321,000 after purchasing an additional 1,238 shares in the last quarter. Lazard Asset Management LLC boosted its position in shares of Align Technology by 1.0% in the 2nd quarter. Lazard Asset Management LLC now owns 43,393 shares of the medical equipment provider’s stock worth $10,269,000 after purchasing an additional 442 shares in the last quarter. Finally, Stonegate Investment Group LLC boosted its position in shares of Align Technology by 2.1% in the 2nd quarter. Stonegate Investment Group LLC now owns 4,511 shares of the medical equipment provider’s stock worth $1,068,000 after purchasing an additional 93 shares in the last quarter. 86.50% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ALGN. UBS Group decreased their price objective on shares of Align Technology from $380.00 to $370.00 and set a “buy” rating for the company in a report on Friday, July 29th. Stifel Nicolaus decreased their price objective on shares of Align Technology from $325.00 to $265.00 in a report on Thursday, October 27th. The Goldman Sachs Group decreased their price objective on shares of Align Technology from $250.00 to $165.00 and set a “sell” rating for the company in a report on Thursday, October 27th. Stephens decreased their price objective on shares of Align Technology from $500.00 to $375.00 and set an “overweight” rating for the company in a report on Thursday, July 28th. Finally, Piper Sandler decreased their price objective on shares of Align Technology from $300.00 to $230.00 in a report on Thursday, October 27th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $298.00.

Align Technology Trading Down 0.7 %

Shares of ALGN opened at $193.56 on Monday. The firm has a market cap of $15.12 billion, a PE ratio of 29.92, a P/E/G ratio of 27.09 and a beta of 1.68. Align Technology, Inc. has a 1-year low of $172.05 and a 1-year high of $691.96. The firm has a fifty day simple moving average of $211.16 and a two-hundred day simple moving average of $244.98.

Align Technology (NASDAQ:ALGNGet Rating) last posted its quarterly earnings data on Wednesday, October 26th. The medical equipment provider reported $1.36 EPS for the quarter, missing the consensus estimate of $1.94 by ($0.58). The company had revenue of $890.35 million during the quarter, compared to analysts’ expectations of $973.00 million. Align Technology had a return on equity of 14.39% and a net margin of 13.22%. The company’s revenue for the quarter was down 12.4% on a year-over-year basis. During the same quarter last year, the company earned $2.28 earnings per share. As a group, research analysts forecast that Align Technology, Inc. will post 5.81 EPS for the current fiscal year.

Insider Transactions at Align Technology

In related news, CEO Joseph M. Hogan acquired 10,600 shares of Align Technology stock in a transaction dated Wednesday, November 2nd. The stock was purchased at an average cost of $188.58 per share, for a total transaction of $1,998,948.00. Following the purchase, the chief executive officer now directly owns 185,401 shares of the company’s stock, valued at approximately $34,962,920.58. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Warren S. Thaler bought 1,050 shares of the company’s stock in a transaction that occurred on Wednesday, November 2nd. The stock was bought at an average price of $191.21 per share, with a total value of $200,770.50. Following the acquisition, the director now owns 30,666 shares of the company’s stock, valued at approximately $5,863,645.86. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Joseph M. Hogan bought 10,600 shares of the company’s stock in a transaction that occurred on Wednesday, November 2nd. The stock was purchased at an average cost of $188.58 per share, with a total value of $1,998,948.00. Following the acquisition, the chief executive officer now directly owns 185,401 shares in the company, valued at approximately $34,962,920.58. The disclosure for this purchase can be found here. 0.64% of the stock is currently owned by company insiders.

About Align Technology

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Align Technology, Inc, a medical device company, designs, manufactures, and markets Invisalign clear aligners and iTero intraoral scanners and services for orthodontists and general practitioner dentists, and restorative and aesthetic dentistry. It operates in two segments, Clear Aligner; and Scanners and Services.

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Institutional Ownership by Quarter for Align Technology (NASDAQ:ALGN)

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