Profund Advisors LLC Boosts Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Profund Advisors LLC increased its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 5.1% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,489 shares of the medical equipment provider’s stock after purchasing an additional 219 shares during the period. Profund Advisors LLC’s holdings in Align Technology were worth $1,587,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Manchester Capital Management LLC purchased a new position in Align Technology during the first quarter worth about $26,000. American Trust acquired a new position in Align Technology during the first quarter worth about $295,000. Xponance Inc. grew its position in Align Technology by 13.7% during the second quarter. Xponance Inc. now owns 20,836 shares of the medical equipment provider’s stock worth $7,368,000 after buying an additional 2,505 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in Align Technology by 0.3% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 12,315 shares of the medical equipment provider’s stock worth $4,115,000 after buying an additional 36 shares during the period. Finally, Versor Investments LP acquired a new position in Align Technology during the second quarter worth about $769,000. 87.07% of the stock is owned by hedge funds and other institutional investors.

Align Technology Stock Performance

Shares of NASDAQ ALGN opened at $215.24 on Tuesday. Align Technology, Inc. has a 1 year low of $176.34 and a 1 year high of $413.20. The firm’s 50 day moving average price is $257.33 and its 200 day moving average price is $307.45. The firm has a market cap of $16.49 billion, a P/E ratio of 45.60, a price-to-earnings-growth ratio of 1.70 and a beta of 1.58.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, October 25th. The medical equipment provider reported $1.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.86 by ($0.24). Align Technology had a return on equity of 12.66% and a net margin of 9.53%. The firm had revenue of $960.21 million for the quarter, compared to analyst estimates of $994.60 million. As a group, equities analysts predict that Align Technology, Inc. will post 6.86 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. StockNews.com assumed coverage on shares of Align Technology in a research report on Thursday, October 5th. They set a “buy” rating on the stock. Jefferies Financial Group upped their target price on shares of Align Technology from $367.00 to $400.00 in a research report on Thursday, July 27th. Robert W. Baird increased their price target on shares of Align Technology from $385.00 to $406.00 in a research report on Thursday, July 27th. Piper Sandler lowered their price target on shares of Align Technology from $370.00 to $290.00 and set an “overweight” rating on the stock in a research report on Thursday, October 26th. Finally, HSBC initiated coverage on shares of Align Technology in a research report on Wednesday, August 30th. They issued a “buy” rating and a $450.00 price target on the stock. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Align Technology currently has a consensus rating of “Moderate Buy” and an average price target of $336.60.

Insider Buying and Selling

In related news, CEO Joseph M. Hogan purchased 5,319 shares of the business’s stock in a transaction on Tuesday, October 31st. The shares were bought at an average price of $188.00 per share, with a total value of $999,972.00. Following the completion of the purchase, the chief executive officer now directly owns 203,470 shares in the company, valued at approximately $38,252,360. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Joseph M. Hogan purchased 5,194 shares of the business’s stock in a transaction on Thursday, November 9th. The shares were bought at an average price of $192.50 per share, with a total value of $999,845.00. Following the completion of the purchase, the chief executive officer now directly owns 208,664 shares in the company, valued at approximately $40,167,820. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Joseph M. Hogan purchased 5,319 shares of the business’s stock in a transaction on Tuesday, October 31st. The shares were bought at an average cost of $188.00 per share, for a total transaction of $999,972.00. Following the purchase, the chief executive officer now owns 203,470 shares of the company’s stock, valued at $38,252,360. The disclosure for this purchase can be found here. 0.64% of the stock is owned by company insiders.

Align Technology Company Profile

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, China, and internationally. It operates in two segments, Clear Aligner; and Imaging Systems and CAD/CAM Services (Systems and Services).