Zurich Insurance Group Ltd FI Acquires New Position in Align Technology, Inc. (NASDAQ:ALGN)

Zurich Insurance Group Ltd FI acquired a new stake in Align Technology, Inc. (NASDAQ:ALGN) during the second quarter, according to its most recent 13F filing with the SEC. The fund acquired 37,020 shares of the medical equipment provider’s stock, valued at approximately $10,132,000.

A number of other institutional investors have also recently made changes to their positions in ALGN. Private Advisor Group LLC raised its stake in Align Technology by 138,704.5% in the 2nd quarter. Private Advisor Group LLC now owns 3,786,588 shares of the medical equipment provider’s stock valued at $4,704,000 after acquiring an additional 3,783,860 shares during the period. Edgewood Management LLC increased its position in shares of Align Technology by 52.9% during the second quarter. Edgewood Management LLC now owns 3,080,611 shares of the medical equipment provider’s stock valued at $843,163,000 after buying an additional 1,066,376 shares during the period. BlackRock Inc. increased its position in shares of Align Technology by 4.4% during the first quarter. BlackRock Inc. now owns 7,239,770 shares of the medical equipment provider’s stock valued at $2,058,482,000 after buying an additional 304,685 shares during the period. Invesco Ltd. increased its position in shares of Align Technology by 24.9% during the second quarter. Invesco Ltd. now owns 1,507,453 shares of the medical equipment provider’s stock valued at $412,590,000 after buying an additional 300,590 shares during the period. Finally, Renaissance Technologies LLC increased its position in shares of Align Technology by 12.3% during the second quarter. Renaissance Technologies LLC now owns 2,537,681 shares of the medical equipment provider’s stock valued at $694,563,000 after buying an additional 277,681 shares during the period. Institutional investors and hedge funds own 88.26% of the company’s stock.

Several brokerages have recently weighed in on ALGN. Bank of America cut Align Technology from a “buy” rating to a “neutral” rating in a research report on Thursday, July 25th. Piper Jaffray Companies set a $240.00 price target on Align Technology and gave the company a “buy” rating in a research report on Wednesday, July 31st. Wolfe Research began coverage on Align Technology in a research report on Thursday, May 30th. They set a “peer perform” rating on the stock. BidaskClub cut Align Technology from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 14th. Finally, UBS Group set a $230.00 price target on Align Technology and gave the company a “hold” rating in a research report on Friday, July 26th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $297.91.

Shares of ALGN stock traded up $6.18 during trading on Friday, hitting $186.54. The company had a trading volume of 2,416,083 shares, compared to its average volume of 1,208,025. The company has a quick ratio of 1.74, a current ratio of 1.85 and a debt-to-equity ratio of 0.04. The stock’s 50-day moving average is $180.78 and its two-hundred day moving average is $258.82. The stock has a market capitalization of $14.04 billion, a price-to-earnings ratio of 37.91, a price-to-earnings-growth ratio of 1.45 and a beta of 2.02. Align Technology, Inc. has a 52 week low of $169.84 and a 52 week high of $398.88.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $1.26 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.13 by $0.13. The company had revenue of $600.70 million for the quarter, compared to analysts’ expectations of $599.86 million. Align Technology had a net margin of 19.06% and a return on equity of 29.26%. Align Technology’s revenue for the quarter was up 22.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.30 earnings per share. On average, research analysts predict that Align Technology, Inc. will post 5 EPS for the current fiscal year.

In related news, Director Andrea Lynn Saia sold 4,157 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $179.54, for a total value of $746,347.78. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Vamsi Mohan Raj Pudipeddi acquired 1,100 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The stock was bought at an average price of $188.11 per share, for a total transaction of $206,921.00. Following the completion of the transaction, the vice president now owns 1,100 shares of the company’s stock, valued at approximately $206,921. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 44,157 shares of company stock worth $7,976,448. 1.30% of the stock is owned by company insiders.

About Align Technology

Align Technology, Inc, a medical device company, designs, manufactures, and markets Invisalign clear aligners and iTero intraoral scanners and services for orthodontics, and restorative and aesthetic dentistry worldwide. It operates in two segments, Clear Aligner; and Scanners and Services. The Clear Aligner segment consists of comprehensive products, including Invisalign Comprehensive treatment that addresses the orthodontic needs of teenage patients, such as compliance indicators and compensation for tooth eruption; Invisalign Assist treatment, which offers support to dental practitioners throughout the treatment process, including progress tracking; and Invisalign First Phase I and Invisalign First Comprehensive Phase II package for younger patients with early mixed dentition with a mixture of primary/baby and permanent teeth.

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Institutional Ownership by Quarter for Align Technology (NASDAQ:ALGN)

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