M.E. Allison & CO. Inc. increased its stake in Align Technology, Inc. (NASDAQ:ALGN – Free Report) by 19.5% in the second quarter, Holdings Channel reports. The firm owned 1,750 shares of the medical equipment provider’s stock after purchasing an additional 285 shares during the period. M.E. Allison & CO. Inc.’s holdings in Align Technology were worth $331,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors also recently bought and sold shares of the stock. Cromwell Holdings LLC raised its holdings in shares of Align Technology by 2,900.0% in the second quarter. Cromwell Holdings LLC now owns 180 shares of the medical equipment provider’s stock worth $34,000 after buying an additional 174 shares during the last quarter. Center for Financial Planning Inc. purchased a new stake in shares of Align Technology during the first quarter valued at $35,000. SVB Wealth LLC acquired a new position in shares of Align Technology in the 1st quarter valued at $36,000. Farther Finance Advisors LLC raised its stake in Align Technology by 42.2% in the 2nd quarter. Farther Finance Advisors LLC now owns 310 shares of the medical equipment provider’s stock worth $59,000 after acquiring an additional 92 shares during the last quarter. Finally, Mather Group LLC. raised its stake in Align Technology by 375.0% in the 1st quarter. Mather Group LLC. now owns 437 shares of the medical equipment provider’s stock worth $69,000 after acquiring an additional 345 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.
Align Technology Trading Down 4.6%
Shares of ALGN stock opened at $125.79 on Monday. Align Technology, Inc. has a twelve month low of $122.00 and a twelve month high of $246.19. The stock has a market cap of $9.12 billion, a P/E ratio of 21.21, a P/E/G ratio of 1.43 and a beta of 1.70. The stock has a 50 day moving average of $135.61 and a 200 day moving average of $164.38.
Align Technology announced that its board has approved a share buyback plan on Tuesday, August 5th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the medical equipment provider to purchase up to 2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
Insider Buying and Selling
In other news, CEO Joseph M. Hogan acquired 7,576 shares of the business’s stock in a transaction on Friday, August 1st. The stock was bought at an average price of $131.49 per share, with a total value of $996,168.24. Following the completion of the acquisition, the chief executive officer owned 184,945 shares of the company’s stock, valued at approximately $24,318,418.05. This represents a 4.27% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.66% of the company’s stock.
Analysts Set New Price Targets
A number of research analysts have recently weighed in on ALGN shares. Stifel Nicolaus cut their price objective on Align Technology from $275.00 to $200.00 and set a “buy” rating on the stock in a report on Thursday, July 31st. Piper Sandler dropped their target price on Align Technology from $250.00 to $190.00 and set an “overweight” rating on the stock in a research report on Thursday, July 31st. Weiss Ratings downgraded shares of Align Technology from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, October 8th. Jefferies Financial Group reissued a “hold” rating and set a $140.00 price target (down from $215.00) on shares of Align Technology in a research report on Friday. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $154.00 price objective (down from $249.00) on shares of Align Technology in a report on Thursday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $200.00.
Get Our Latest Stock Report on Align Technology
Align Technology Company 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.
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