Blue Jay Capital Management LLC bought a new stake in Align Technology, Inc. (NASDAQ:ALGN) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 33,904 shares of the medical equipment provider’s stock, valued at approximately $5,090,000. Align Technology comprises approximately 3.5% of Blue Jay Capital Management LLC’s investment portfolio, making the stock its 18th biggest position.

A number of other institutional investors have also recently bought and sold shares of the business. Honkamp Krueger Financial Services Inc. raised its position in Align Technology by 1.7% in the second quarter. Honkamp Krueger Financial Services Inc. now owns 2,037 shares of the medical equipment provider’s stock valued at $306,000 after purchasing an additional 34 shares during the last quarter. Buckingham Asset Management LLC raised its position in Align Technology by 3.3% in the second quarter. Buckingham Asset Management LLC now owns 1,861 shares of the medical equipment provider’s stock valued at $279,000 after purchasing an additional 59 shares during the last quarter. Security Asset Management raised its position in Align Technology by 0.5% in the second quarter. Security Asset Management now owns 12,735 shares of the medical equipment provider’s stock valued at $1,912,000 after purchasing an additional 65 shares during the last quarter. Van ECK Associates Corp raised its position in Align Technology by 6.9% in the first quarter. Van ECK Associates Corp now owns 1,057 shares of the medical equipment provider’s stock valued at $121,000 after purchasing an additional 68 shares during the last quarter. Finally, BB&T Securities LLC raised its position in Align Technology by 3.5% in the second quarter. BB&T Securities LLC now owns 2,757 shares of the medical equipment provider’s stock valued at $413,000 after purchasing an additional 94 shares during the last quarter. Hedge funds and other institutional investors own 81.57% of the company’s stock.

Shares of Align Technology, Inc. (ALGN) traded up 0.90% during midday trading on Friday, hitting $188.00. The stock had a trading volume of 575,880 shares. The stock has a market cap of $15.07 billion, a price-to-earnings ratio of 64.38 and a beta of 1.55. Align Technology, Inc. has a 1-year low of $83.27 and a 1-year high of $190.04. The firm’s 50-day moving average price is $176.23 and its 200-day moving average price is $145.25.

Align Technology (NASDAQ:ALGN) last released its earnings results on Thursday, July 27th. The medical equipment provider reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.12. Align Technology had a return on equity of 23.87% and a net margin of 19.18%. The company had revenue of $356.50 million during the quarter, compared to analyst estimates of $343.43 million. During the same quarter in the previous year, the company posted $0.62 EPS. Align Technology’s revenue for the quarter was up 32.3% on a year-over-year basis. Analysts forecast that Align Technology, Inc. will post $3.40 earnings per share for the current year.

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ALGN has been the subject of several research reports. Piper Jaffray Companies reiterated a “buy” rating and issued a $176.00 target price on shares of Align Technology in a research report on Friday, July 28th. Bank of America Corporation raised Align Technology from a “neutral” rating to a “buy” rating and increased their price target for the company from $175.00 to $193.00 in a research note on Friday, July 28th. Stifel Nicolaus reissued a “buy” rating and issued a $205.00 price target (up previously from $200.00) on shares of Align Technology in a research note on Monday, August 7th. Northcoast Research reissued a “buy” rating and issued a $186.00 price target (up previously from $164.00) on shares of Align Technology in a research note on Wednesday, June 21st. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $150.00 price target on shares of Align Technology in a research note on Thursday, June 1st. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. Align Technology currently has a consensus rating of “Buy” and an average target price of $179.82.

Align Technology Profile

Align Technology, Inc designs, manufactures and markets a system of clear aligner therapy, intra-oral scanners and computer-aided design/computer-aided manufacturing (CAD/CAM) digital services used in dentistry, orthodontics and dental records storage. The Company operates through two segments: Clear Aligner segment and Scanner and Services (Scanner) segment.

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

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