Provident Investment Management Inc. Increases Stake in Align Technology, Inc. (NASDAQ:ALGN)

Provident Investment Management Inc. lifted its stake in Align Technology, Inc. (NASDAQ:ALGN) by 2.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 155,524 shares of the medical equipment provider’s stock after purchasing an additional 3,517 shares during the period. Align Technology comprises about 3.4% of Provident Investment Management Inc.’s investment portfolio, making the stock its 17th largest position. Provident Investment Management Inc. owned 0.21% of Align Technology worth $37,548,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of Align Technology by 0.3% in the first quarter. Vanguard Group Inc. now owns 8,375,147 shares of the medical equipment provider’s stock worth $2,746,378,000 after purchasing an additional 25,362 shares during the last quarter. Brown Advisory Inc. boosted its holdings in shares of Align Technology by 41.4% in the 4th quarter. Brown Advisory Inc. now owns 1,509,080 shares of the medical equipment provider’s stock valued at $413,488,000 after buying an additional 441,754 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Align Technology by 1.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,148,282 shares of the medical equipment provider’s stock valued at $277,230,000 after buying an additional 15,540 shares in the last quarter. Ninety One UK Ltd boosted its holdings in shares of Align Technology by 1.0% in the 2nd quarter. Ninety One UK Ltd now owns 1,147,124 shares of the medical equipment provider’s stock valued at $276,950,000 after buying an additional 10,919 shares in the last quarter. Finally, Bares Capital Management Inc. boosted its holdings in shares of Align Technology by 44.4% in the 1st quarter. Bares Capital Management Inc. now owns 819,930 shares of the medical equipment provider’s stock valued at $268,871,000 after buying an additional 252,220 shares in the last quarter. 88.43% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on ALGN shares. Piper Sandler lowered their price target on shares of Align Technology from $330.00 to $315.00 and set an “overweight” rating on the stock in a report on Thursday, July 25th. StockNews.com cut shares of Align Technology from a “buy” rating to a “hold” rating in a research note on Sunday, September 1st. Stifel Nicolaus decreased their target price on shares of Align Technology from $400.00 to $350.00 and set a “buy” rating for the company in a research note on Thursday, July 25th. Robert W. Baird decreased their target price on shares of Align Technology from $370.00 to $325.00 and set an “outperform” rating for the company in a research note on Monday, July 22nd. Finally, OTR Global reaffirmed a “mixed” rating on shares of Align Technology in a report on Tuesday, June 4th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $306.88.

Insider Buying and Selling at Align Technology

In related news, Director C Raymond Larkin, Jr. bought 6,500 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were bought at an average price of $235.33 per share, with a total value of $1,529,645.00. Following the completion of the transaction, the director now directly owns 28,247 shares of the company’s stock, valued at approximately $6,647,366.51. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.62% of the stock is currently owned by corporate insiders.

Align Technology Trading Up 0.1 %

Shares of ALGN opened at $221.38 on Tuesday. Align Technology, Inc. has a 12-month low of $176.34 and a 12-month high of $336.11. The firm has a 50-day moving average price of $232.98 and a 200 day moving average price of $268.32. The firm has a market capitalization of $16.54 billion, a P/E ratio of 36.47, a P/E/G ratio of 5.04 and a beta of 1.64.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 EPS for the quarter, beating analysts’ consensus estimates of $2.32 by $0.09. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The company had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter in the prior year, the company posted $1.73 earnings per share. Align Technology’s revenue for the quarter was up 2.6% compared to the same quarter last year. Equities research analysts predict that Align Technology, Inc. will post 7.61 earnings per share for the current fiscal year.

Align Technology 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.