Qsemble Capital Management LP Buys New Shares in Align Technology, Inc. (NASDAQ:ALGN)

Qsemble Capital Management LP bought a new stake in Align Technology, Inc. (NASDAQ:ALGN) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 3,530 shares of the medical equipment provider’s stock, valued at approximately $852,000.

Several other hedge funds and other institutional investors have also bought and sold shares of ALGN. Norges Bank acquired a new position in Align Technology in the fourth quarter valued at $223,610,000. Brown Advisory Inc. raised its holdings in shares of Align Technology by 41.4% during the fourth quarter. Brown Advisory Inc. now owns 1,509,080 shares of the medical equipment provider’s stock valued at $413,488,000 after purchasing an additional 441,754 shares during the period. Swedbank AB acquired a new position in shares of Align Technology during the first quarter valued at about $96,117,000. Bares Capital Management Inc. raised its holdings in shares of Align Technology by 44.4% during the first quarter. Bares Capital Management Inc. now owns 819,930 shares of the medical equipment provider’s stock valued at $268,871,000 after purchasing an additional 252,220 shares during the period. Finally, Envestnet Asset Management Inc. raised its holdings in shares of Align Technology by 102.0% during the fourth quarter. Envestnet Asset Management Inc. now owns 414,772 shares of the medical equipment provider’s stock valued at $113,648,000 after purchasing an additional 209,419 shares during the period. Institutional investors and hedge funds own 88.43% of the company’s stock.

Insiders Place Their Bets

In other news, Director C Raymond Larkin, Jr. acquired 6,500 shares of Align Technology stock in a transaction on Thursday, August 15th. The stock was acquired at an average cost of $235.33 per share, with a total value of $1,529,645.00. Following the transaction, the director now owns 28,247 shares of the company’s stock, valued at approximately $6,647,366.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.62% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ALGN. Stifel Nicolaus dropped their price objective on shares of Align Technology from $400.00 to $350.00 and set a “buy” rating on the stock in a report on Thursday, July 25th. Evercore ISI dropped their price objective on shares of 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 dropped their price objective on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating on the stock in a report on Thursday, July 25th. Piper Sandler decreased their target price on shares of Align Technology from $330.00 to $315.00 and set an “overweight” rating for the company in a research report on Thursday, July 25th. Finally, OTR Global reissued a “mixed” rating on shares of Align Technology in a research report on Tuesday, June 4th. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $306.88.

Align Technology Stock Performance

Shares of ALGN stock opened at $228.86 on Friday. Align Technology, Inc. has a 52-week low of $176.34 and a 52-week high of $335.73. The company has a 50-day simple moving average of $232.08 and a two-hundred day simple moving average of $267.13. The company has a market capitalization of $17.23 billion, a price-to-earnings ratio of 37.70, a PEG ratio of 5.04 and a beta of 1.64.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same period in the prior year, the firm posted $1.73 EPS. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. On average, sell-side analysts forecast that Align Technology, Inc. will post 7.61 EPS for the current fiscal year.

About Align Technology

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.