Engineers Gate Manager LP Purchases 6,165 Shares of Align Technology, Inc. $ALGN

Engineers Gate Manager LP grew its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 5.8% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 112,973 shares of the medical equipment provider’s stock after buying an additional 6,165 shares during the quarter. Engineers Gate Manager LP’s holdings in Align Technology were worth $19,054,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bessemer Group Inc. boosted its stake in Align Technology by 37.2% in the first quarter. Bessemer Group Inc. now owns 247 shares of the medical equipment provider’s stock valued at $43,000 after acquiring an additional 67 shares during the last quarter. Banco Bilbao Vizcaya Argentaria S.A. lifted its position in shares of Align Technology by 3.7% during the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 1,896 shares of the medical equipment provider’s stock valued at $296,000 after buying an additional 68 shares during the last quarter. Blue Trust Inc. grew its stake in shares of Align Technology by 77.5% during the 1st quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock worth $27,000 after acquiring an additional 69 shares during the period. Empirical Finance LLC increased its holdings in Align Technology by 2.9% in the 2nd quarter. Empirical Finance LLC now owns 2,570 shares of the medical equipment provider’s stock worth $433,000 after acquiring an additional 73 shares during the last quarter. Finally, First Bank & Trust increased its holdings in Align Technology by 5.0% in the 2nd quarter. First Bank & Trust now owns 1,599 shares of the medical equipment provider’s stock worth $270,000 after acquiring an additional 76 shares during the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have commented on ALGN. Weiss Ratings raised shares of Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, September 4th. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research report on Thursday, July 30th. Zacks Research lowered shares of Align Technology from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 16th. Wall Street Zen cut shares of Align Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 1st. Finally, BMO Capital Markets began coverage on shares of Align Technology in a report on Wednesday, July 8th. They issued an “outperform” rating and a $209.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $206.36.

Align Technology Trading Down 0.4%

ALGN stock opened at $152.92 on Thursday. The firm has a 50 day moving average of $170.34 and a 200-day moving average of $173.19. Align Technology, Inc. has a 12 month low of $122.00 and a 12 month high of $200.43. The firm has a market capitalization of $10.95 billion, a P/E ratio of 26.59, a price-to-earnings-growth ratio of 1.63 and a beta of 1.65.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, July 29th. The medical equipment provider reported $2.64 EPS for the quarter, beating the consensus estimate of $2.62 by $0.02. The company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.05 billion. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. Align Technology’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.49 earnings per share. Sell-side analysts predict that Align Technology, Inc. will post 9.38 EPS for the current year.

Align Technology Company 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.