Y Intercept Hong Kong Ltd Boosts Position in Align Technology, Inc. $ALGN

Y Intercept Hong Kong Ltd increased its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 584.7% in the 2nd quarter, Holdings Channel.com reports. The firm 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.

Other institutional investors have also recently added to or reduced their stakes in the company. Cromwell Holdings LLC lifted its stake in Align Technology by 2,900.0% during the second quarter. Cromwell Holdings LLC now owns 180 shares of the medical equipment provider’s stock worth $34,000 after purchasing an additional 174 shares during the last quarter. SVB Wealth LLC purchased a new stake in Align Technology during the first quarter worth approximately $36,000. Farther Finance Advisors LLC lifted its stake in Align Technology by 42.2% during the second quarter. Farther Finance Advisors LLC now owns 310 shares of the medical equipment provider’s stock worth $59,000 after purchasing an additional 92 shares during the last quarter. Mather Group LLC. increased its position in Align Technology by 375.0% during the first quarter. Mather Group LLC. now owns 437 shares of the medical equipment provider’s stock worth $69,000 after buying an additional 345 shares during the period. Finally, Covestor Ltd increased its position in Align Technology by 18.8% during the first quarter. Covestor Ltd now owns 493 shares of the medical equipment provider’s stock worth $78,000 after buying an additional 78 shares during the period. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on ALGN shares. Morgan Stanley dropped their target price on Align Technology from $154.00 to $142.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 21st. Piper Sandler restated an “overweight” rating and issued a $190.00 price target on shares of Align Technology in a research note on Thursday, October 23rd. Evercore ISI decreased their target price on Align Technology from $170.00 to $160.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 8th. Jefferies Financial Group restated a “hold” rating and issued a $140.00 price objective (down from $215.00) on shares of Align Technology in a research report on Friday, October 10th. Finally, Mizuho reduced their price objective on Align Technology from $210.00 to $170.00 and set an “outperform” rating on the stock in a research report on Monday, October 13th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $173.09.

Align Technology Price Performance

Shares of NASDAQ:ALGN opened at $133.14 on Wednesday. The firm has a market capitalization of $9.65 billion, a PE ratio of 22.45, a P/E/G ratio of 1.54 and a beta of 1.70. The business has a 50-day moving average of $133.75 and a two-hundred day moving average of $162.39. Align Technology, Inc. has a 12 month low of $122.00 and a 12 month high of $246.19.

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

Align Technology declared that its board has approved a stock repurchase program on Tuesday, August 5th that authorizes the company to buyback $200.00 million in outstanding 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 often a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In related news, CEO Joseph M. Hogan purchased 7,576 shares of Align Technology stock in a transaction that occurred on Friday, August 1st. The shares were purchased at an average cost of $131.49 per share, with a total value of $996,168.24. Following the transaction, the chief executive officer owned 184,945 shares of the company’s stock, valued at approximately $24,318,418.05. The trade was a 4.27% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.66% of the company’s stock.

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.