Seven Eight Capital LP Grows Stake in Align Technology, Inc. (NASDAQ:ALGN)

Seven Eight Capital LP lifted its stake in Align Technology, Inc. (NASDAQ:ALGN) by 320.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,542 shares of the medical equipment provider’s stock after buying an additional 15,661 shares during the period. Align Technology makes up 0.5% of Seven Eight Capital LP’s portfolio, making the stock its 26th biggest position. Seven Eight Capital LP’s holdings in Align Technology were worth $4,959,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Moody National Bank Trust Division boosted its holdings in Align Technology by 1.8% in the 1st quarter. Moody National Bank Trust Division now owns 2,107 shares of the medical equipment provider’s stock worth $691,000 after acquiring an additional 38 shares during the period. Mather Group LLC. boosted its stake in shares of Align Technology by 52.5% in the second quarter. Mather Group LLC. now owns 122 shares of the medical equipment provider’s stock valued at $29,000 after purchasing an additional 42 shares during the period. Crewe Advisors LLC grew its holdings in Align Technology by 36.8% during the 2nd quarter. Crewe Advisors LLC now owns 171 shares of the medical equipment provider’s stock valued at $41,000 after purchasing an additional 46 shares in the last quarter. Daiwa Securities Group Inc. increased its stake in Align Technology by 0.6% during the 2nd quarter. Daiwa Securities Group Inc. now owns 8,876 shares of the medical equipment provider’s stock worth $2,143,000 after buying an additional 54 shares during the period. Finally, Czech National Bank increased its stake in Align Technology by 0.5% during the 1st quarter. Czech National Bank now owns 12,532 shares of the medical equipment provider’s stock worth $4,109,000 after buying an additional 57 shares during the period. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Stock Performance

ALGN opened at $253.16 on Wednesday. The company has a 50-day moving average of $232.21 and a 200-day moving average of $265.38. The company has a market capitalization of $19.06 billion, a P/E ratio of 41.71, a PEG ratio of 5.13 and a beta of 1.64. Align Technology, Inc. has a 1-year low of $176.34 and a 1-year high of $335.40.

Align Technology (NASDAQ:ALGN) last released its earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter in the previous year, the firm earned $1.73 EPS. The company’s revenue was up 2.6% on a year-over-year basis. As a group, sell-side analysts expect that Align Technology, Inc. will post 7.61 earnings per share for the current fiscal year.

Insider Activity at Align Technology

In other Align Technology news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was acquired at an average price of $235.33 per share, with a total value of $1,529,645.00. Following the transaction, the director now directly owns 28,247 shares in the company, valued at $6,647,366.51. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.62% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on ALGN shares. Piper Sandler reissued an “overweight” rating and issued a $315.00 price objective on shares of Align Technology in a research report on Friday, September 13th. StockNews.com downgraded Align Technology from a “buy” rating to a “hold” rating in a report on Sunday, September 1st. Evercore ISI dropped their price objective on Align Technology from $370.00 to $300.00 and set an “outperform” rating on the stock in a report on Monday, June 10th. Morgan Stanley reduced their target price on Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a research note on Thursday, July 25th. Finally, Robert W. Baird decreased their price target on shares of Align Technology from $370.00 to $325.00 and set an “outperform” rating for the company in a research report on Monday, July 22nd. 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 stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $306.88.

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.