The Manufacturers Life Insurance Company Purchases Shares of 77,121 Align Technology, Inc. $ALGN

The Manufacturers Life Insurance Company purchased a new position in Align Technology, Inc. (NASDAQ:ALGN) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 77,121 shares of the medical equipment provider’s stock, valued at approximately $13,007,000.

A number of other large investors have also modified their holdings of ALGN. Sequoia Financial Advisors LLC lifted its holdings in shares of Align Technology by 320.1% during the 4th quarter. Sequoia Financial Advisors LLC now owns 7,986 shares of the medical equipment provider’s stock worth $1,247,000 after acquiring an additional 6,085 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake in Align Technology by 35,513.8% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 545,604 shares of the medical equipment provider’s stock valued at $85,196,000 after acquiring an additional 544,072 shares during the last quarter. K.J. Harrison & Partners Inc acquired a new position in Align Technology during the second quarter valued at approximately $1,872,000. Maridea Wealth Management LLC acquired a new position in Align Technology during the second quarter valued at approximately $1,659,000. Finally, California State Teachers Retirement System lifted its stake in Align Technology by 21.2% during the first quarter. California State Teachers Retirement System now owns 79,293 shares of the medical equipment provider’s stock worth $13,593,000 after purchasing an additional 13,867 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on ALGN. BMO Capital Markets assumed coverage on Align Technology in a research note on Wednesday, July 8th. They issued an “outperform” rating and a $209.00 price target on the stock. Wall Street Zen downgraded Align Technology from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 1st. Weiss Ratings lowered Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday, August 3rd. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research report on Thursday, July 30th. Finally, Zacks Research downgraded Align Technology from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Align Technology presently has an average rating of “Moderate Buy” and an average target price of $206.36.

Align Technology Stock Performance

NASDAQ ALGN opened at $157.58 on Friday. The firm’s fifty day moving average price is $173.01 and its two-hundred day moving average price is $175.15. The stock has a market cap of $11.29 billion, a PE ratio of 27.41, a PEG ratio of 1.69 and a beta of 1.65. Align Technology, Inc. has a fifty-two week low of $122.00 and a fifty-two week high of $200.43.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 EPS for the quarter, beating 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 company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.05 billion. During the same period in the prior year, the company earned $2.49 EPS. Align Technology’s revenue was up 4.3% compared to the same quarter last year. As a group, sell-side analysts predict that Align Technology, Inc. will post 9.38 earnings per share for the current fiscal 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.