Align Technology, Inc. $ALGN Shares Acquired by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd grew its stake in Align Technology, Inc. (NASDAQ:ALGN) by 584.7% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 20,281 shares of the medical equipment provider’s stock after acquiring an additional 17,319 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in Align Technology were worth $3,840,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of ALGN. Cromwell Holdings LLC increased its stake in shares of Align Technology by 2,900.0% in the 2nd quarter. Cromwell Holdings LLC now owns 180 shares of the medical equipment provider’s stock worth $34,000 after acquiring an additional 174 shares during the last quarter. SVB Wealth LLC acquired a new stake in shares of Align Technology in the 1st quarter worth $36,000. Farther Finance Advisors LLC increased its stake in shares of Align Technology by 42.2% in the 2nd quarter. Farther Finance Advisors LLC now owns 310 shares of the medical equipment provider’s stock worth $59,000 after acquiring an additional 92 shares during the last quarter. Mather Group LLC. increased its stake in shares of Align Technology by 375.0% in the 1st quarter. Mather Group LLC. now owns 437 shares of the medical equipment provider’s stock worth $69,000 after acquiring an additional 345 shares during the last quarter. Finally, Covestor Ltd increased its position in shares of Align Technology by 18.8% during the 1st quarter. Covestor Ltd now owns 493 shares of the medical equipment provider’s stock worth $78,000 after purchasing an additional 78 shares during the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Align Technology

In related news, CEO Joseph M. Hogan acquired 7,576 shares of the stock in a transaction dated Friday, August 1st. The stock was acquired at an average cost of $131.49 per share, with a total value of $996,168.24. Following the completion of the transaction, the chief executive officer owned 184,945 shares in the company, valued at $24,318,418.05. This represents a 4.27% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.66% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on ALGN shares. Mizuho cut their price objective on Align Technology from $210.00 to $170.00 and set an “outperform” rating for the company in a research report on Monday, October 13th. Weiss Ratings downgraded Align Technology from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, October 8th. UBS Group cut their price objective on Align Technology from $160.00 to $155.00 and set a “neutral” rating for the company in a research report on Thursday, October 16th. Evercore ISI cut their price objective on Align Technology from $170.00 to $160.00 and set an “outperform” rating for the company in a research report on Wednesday, October 8th. Finally, Leerink Partners cut their price objective on Align Technology from $188.00 to $172.00 and set an “outperform” rating for the company in a research report on Tuesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, seven have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $173.09.

Align Technology Price Performance

Shares of Align Technology stock opened at $133.14 on Wednesday. Align Technology, Inc. has a 12 month low of $122.00 and a 12 month high of $246.19. The stock has a market capitalization of $9.65 billion, a price-to-earnings ratio of 22.45, a price-to-earnings-growth ratio of 1.54 and a beta of 1.70. The business has a 50-day moving average of $133.75 and a 200 day moving average of $162.39.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, July 30th. The medical equipment provider reported $2.49 EPS for the quarter, missing analysts’ consensus estimates of $2.57 by ($0.08). Align Technology had a return on equity of 13.36% and a net margin of 11.04%.The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same period in the prior year, the firm posted $2.41 earnings per share. The business’s quarterly revenue was down 1.6% compared to the same quarter last year. Equities research analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology declared that its Board of Directors has approved a share buyback program on Tuesday, August 5th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the medical equipment provider to purchase up to 2% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

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, 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.