Legal & General Group Plc Takes $22.54 Million Position in Align Technology, Inc. $ALGN

Legal & General Group Plc acquired a new position in shares of Align Technology, Inc. (NASDAQ:ALGN) in the 2nd quarter, HoldingsChannel reports. The institutional investor acquired 133,655 shares of the medical equipment provider’s stock, valued at approximately $22,542,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. The Manufacturers Life Insurance Company purchased a new position in Align Technology in the second quarter valued at $13,007,000. Vega Investment Solutions purchased a new stake in Align Technology during the 2nd quarter worth about $476,000. Algert Global LLC lifted its holdings in Align Technology by 153.1% during the 2nd quarter. Algert Global LLC now owns 117,446 shares of the medical equipment provider’s stock worth $19,808,000 after buying an additional 71,036 shares during the last quarter. Cibc World Market Inc. acquired a new position in shares of Align Technology during the 2nd quarter worth about $935,000. Finally, Meiji Yasuda Asset Management Co Ltd. acquired a new position in shares of Align Technology during the 2nd quarter worth about $2,471,000. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Price Performance

NASDAQ ALGN opened at $157.58 on Friday. The company has a fifty day moving average of $173.01 and a two-hundred day moving average of $175.15. The company has a market capitalization of $11.29 billion, a PE ratio of 27.41, a P/E/G ratio of 1.67 and a beta of 1.65. Align Technology, Inc. has a 1 year low of $122.00 and a 1 year high of $200.43.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 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 for the quarter, compared to analysts’ expectations of $1.05 billion. During the same quarter in the previous year, the firm earned $2.49 earnings per share. The business’s revenue was up 4.3% compared to the same quarter last year. On average, research analysts expect that Align Technology, Inc. will post 9.38 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ALGN has been the topic of a number of recent analyst reports. Wall Street Zen downgraded Align Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 1st. UBS Group restated a “neutral” rating and set a $189.00 target price on shares of Align Technology in a research note on Thursday, July 23rd. BMO Capital Markets initiated coverage on Align Technology in a report on Wednesday, July 8th. They issued an “outperform” rating and a $209.00 price target for the company. Zacks Research lowered shares of Align Technology from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 16th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a report on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $206.36.

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.