Corient Private Wealth LP Makes New Investment in Align Technology, Inc. $ALGN

Corient Private Wealth LP purchased a new stake in Align Technology, Inc. (NASDAQ:ALGN) in the 2nd quarter, Holdings Channel.com reports. The firm purchased 19,877 shares of the medical equipment provider’s stock, valued at approximately $3,352,000.

Several other hedge funds and other institutional investors have also modified their holdings of ALGN. BlackRock Inc. acquired a new stake in Align Technology during the second quarter worth about $745,370,000. Capital International Investors boosted its stake in Align Technology by 52.2% in the fourth quarter. Capital International Investors now owns 4,643,221 shares of the medical equipment provider’s stock valued at $725,039,000 after acquiring an additional 1,592,848 shares during the period. Ruane Cunniff & Goldfarb L.P. acquired a new position in Align Technology in the fourth quarter valued at approximately $190,899,000. Norges Bank bought a new position in shares of Align Technology during the fourth quarter valued at approximately $155,556,000. Finally, Assenagon Asset Management S.A. grew its holdings in shares of Align Technology by 413.0% during the first quarter. Assenagon Asset Management S.A. now owns 989,388 shares of the medical equipment provider’s stock valued at $169,611,000 after purchasing an additional 796,529 shares during the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. UBS Group reissued a “neutral” rating and issued a $189.00 price target on shares of Align Technology in a report on Thursday, July 23rd. Weiss Ratings downgraded Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday, August 3rd. Zacks Research lowered Align Technology from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 16th. BMO Capital Markets began coverage on Align Technology in a research report on Wednesday, July 8th. They issued an “outperform” rating and a $209.00 target price on the stock. Finally, Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $206.36.

Align Technology Trading Down 3.0%

ALGN opened at $154.96 on Wednesday. The business’s 50 day moving average is $172.46 and its 200-day moving average is $174.47. The stock has a market cap of $11.10 billion, a PE ratio of 26.95, a price-to-earnings-growth ratio of 1.70 and a beta of 1.65. Align Technology, Inc. has a twelve month low of $122.00 and a twelve month high of $200.43.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.62 by $0.02. Align Technology had a return on equity of 15.86% and a net margin of 9.99%.The business had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.05 billion. During the same period in the prior year, the company posted $2.49 EPS. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, analysts forecast that Align Technology, Inc. will post 9.38 EPS for the current year.

Align Technology Profile

Align Technology, Inc (NASDAQ: ALGN) pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company’s signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.