Coatue Management LLC Takes $24.12 Million Position in Align Technology, Inc. (NASDAQ:ALGN)

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Coatue Management LLC purchased a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN) in the second quarter, according to its most recent 13F filing with the SEC. The fund purchased 87,875 shares of the medical equipment provider’s stock, valued at approximately $24,116,000. Coatue Management LLC owned approximately 0.11% of Align Technology at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. purchased a new stake in shares of Align Technology during the second quarter valued at approximately $25,000. Allworth Financial LP acquired a new stake in Align Technology during the second quarter worth approximately $27,000. Coastal Capital Group Inc. raised its holdings in Align Technology by 51.3% during the second quarter. Coastal Capital Group Inc. now owns 121 shares of the medical equipment provider’s stock worth $34,000 after purchasing an additional 41 shares in the last quarter. Ameritas Investment Company LLC acquired a new position in shares of Align Technology in the 1st quarter valued at $26,000. Finally, Sandy Spring Bank increased its holdings in shares of Align Technology by 625.0% in the 2nd quarter. Sandy Spring Bank now owns 174 shares of the medical equipment provider’s stock valued at $48,000 after acquiring an additional 150 shares during the period. Hedge funds and other institutional investors own 86.43% of the company’s stock.

In related news, Director Thomas M. Prescott sold 35,000 shares of the stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $301.83, for a total value of $10,564,050.00. Following the completion of the transaction, the director now directly owns 114,860 shares of the company’s stock, valued at $34,668,193.80. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Joseph M. Hogan sold 5,700 shares of the stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $310.00, for a total transaction of $1,767,000.00. Following the completion of the transaction, the chief executive officer now directly owns 194,036 shares of the company’s stock, valued at $60,151,160. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 74,252 shares of company stock valued at $22,460,548. Insiders own 1.20% of the company’s stock.

ALGN has been the topic of a number of recent research reports. OTR Global raised shares of Align Technology to a “positive” rating in a report on Friday, June 12th. Stifel Nicolaus lifted their price objective on shares of Align Technology from $275.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, June 12th. Berenberg Bank lowered shares of Align Technology from a “buy” rating to a “hold” rating and set a $306.00 price objective on the stock. in a research report on Wednesday, July 29th. BofA Securities lowered shares of Align Technology from a “neutral” rating to an “underperform” rating and set a $280.00 price objective on the stock. in a research report on Monday, July 20th. Finally, BidaskClub upgraded shares of Align Technology from a “sell” rating to a “hold” rating in a research report on Friday. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company’s stock. Align Technology has a consensus rating of “Hold” and an average target price of $279.00.

Shares of ALGN traded down $5.52 during trading hours on Friday, reaching $309.00. The stock had a trading volume of 810,900 shares, compared to its average volume of 577,461. Align Technology, Inc. has a 12 month low of $127.88 and a 12 month high of $326.36. The stock has a market capitalization of $24.35 billion, a PE ratio of 14.37, a PEG ratio of 21.69 and a beta of 1.91. The company’s 50-day moving average is $303.66 and its two-hundred day moving average is $245.25.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, July 22nd. The medical equipment provider reported ($0.35) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.29) by ($0.06). The firm had revenue of $352.31 million during the quarter, compared to the consensus estimate of $345.50 million. Align Technology had a net margin of 78.75% and a return on equity of 81.50%. During the same quarter in the previous year, the company posted $1.83 earnings per share. On average, research analysts predict that Align Technology, Inc. will post 1.15 EPS for the current year.

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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