Kornitzer Capital Management Inc. KS Acquires New Shares in Align Technology, Inc. (NASDAQ:ALGN)

Kornitzer Capital Management Inc. KS bought a new position in Align Technology, Inc. (NASDAQ:ALGN) in the third quarter, HoldingsChannel reports. The institutional investor bought 805 shares of the medical equipment provider’s stock, valued at approximately $205,000.

Several other hedge funds have also recently modified their holdings of the business. LRI Investments LLC bought a new stake in Align Technology in the 1st quarter worth about $29,000. Cullen Frost Bankers Inc. grew its stake in shares of Align Technology by 854.5% in the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock worth $25,000 after acquiring an additional 94 shares during the period. Rothschild Investment LLC purchased a new position in shares of Align Technology during the second quarter valued at approximately $26,000. Innealta Capital LLC bought a new position in Align Technology during the second quarter valued at approximately $26,000. Finally, Versant Capital Management Inc boosted its holdings in Align Technology by 547.1% in the second quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock worth $27,000 after purchasing an additional 93 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Price Performance

Shares of ALGN opened at $220.51 on Friday. The stock has a market capitalization of $16.47 billion, a price-to-earnings ratio of 37.63, a price-to-earnings-growth ratio of 4.98 and a beta of 1.65. Align Technology, Inc. has a 1 year low of $186.01 and a 1 year high of $335.40. The business’s 50 day simple moving average is $229.43 and its 200-day simple moving average is $243.32.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. The company had revenue of $977.87 million for the quarter, compared to the consensus estimate of $990.05 million. During the same quarter in the prior year, the firm earned $1.62 earnings per share. Align Technology’s revenue was up 1.8% on a year-over-year basis. On average, sell-side analysts expect that Align Technology, Inc. will post 7.45 earnings per share for the current year.

Insider Activity at Align Technology

In related news, Director C Raymond Larkin, Jr. acquired 6,500 shares of Align Technology stock in a transaction on Thursday, August 15th. The shares were bought at an average cost of $235.33 per share, with a total value of $1,529,645.00. Following the completion of the purchase, the director now directly owns 28,247 shares of the company’s stock, valued at $6,647,366.51. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.62% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ALGN. Evercore ISI lowered their price target on Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Robert W. Baird lowered their price target on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Piper Sandler dropped their price objective on Align Technology from $285.00 to $275.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research report on Monday, November 4th. Finally, Stifel Nicolaus lowered their price target on Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $276.38.

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.