Simplify Asset Management Inc. purchased a new position in Align Technology, Inc. (NASDAQ:ALGN – Free Report) in the fourth quarter, HoldingsChannel.com reports. The firm purchased 107,194 shares of the medical equipment provider’s stock, valued at approximately $16,738,000. Align Technology makes up approximately 0.3% of Simplify Asset Management Inc.’s holdings, making the stock its 15th largest holding.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Sentry Investment Management LLC increased its position in Align Technology by 73.1% in the third quarter. Sentry Investment Management LLC now owns 187 shares of the medical equipment provider’s stock worth $25,000 after buying an additional 79 shares in the last quarter. Independence Bank of Kentucky increased its position in Align Technology by 77.7% in the fourth quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider’s stock worth $29,000 after buying an additional 80 shares in the last quarter. Miller Global Investments LLC purchased a new stake in Align Technology in the fourth quarter worth about $31,000. JFS Wealth Advisors LLC increased its position in Align Technology by 2,016.7% in the third quarter. JFS Wealth Advisors LLC now owns 254 shares of the medical equipment provider’s stock worth $32,000 after buying an additional 242 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its position in Align Technology by 1,773.3% in the third quarter. Caitong International Asset Management Co. Ltd now owns 281 shares of the medical equipment provider’s stock worth $35,000 after buying an additional 266 shares in the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.
Analyst Ratings Changes
ALGN has been the subject of a number of analyst reports. Mizuho upped their price target on Align Technology from $200.00 to $215.00 and gave the stock an “outperform” rating in a research report on Thursday, February 5th. Weiss Ratings upgraded Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday. Robert W. Baird set a $218.00 price objective on Align Technology in a research note on Thursday, February 5th. Wall Street Zen raised Align Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday, March 7th. Finally, Stifel Nicolaus upped their price objective on Align Technology from $200.00 to $210.00 and gave the stock a “buy” rating in a research note on Thursday, February 5th. Eight research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $205.85.
Align Technology Price Performance
NASDAQ ALGN opened at $163.61 on Monday. The firm has a market cap of $11.72 billion, a price-to-earnings ratio of 27.45, a price-to-earnings-growth ratio of 1.68 and a beta of 1.70. The business has a 50-day moving average price of $173.96 and a 200-day moving average price of $167.38. Align Technology, Inc. has a twelve month low of $122.00 and a twelve month high of $208.30.
Align Technology (NASDAQ:ALGN – Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share for the quarter, topping analysts’ consensus estimates of $2.26 by $0.32. The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.02 billion. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.The business’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.13 earnings per share. Research analysts expect that Align Technology, Inc. will post 9.48 EPS for the current fiscal year.
Align Technology declared that its Board of Directors has approved a share repurchase plan on Wednesday, April 29th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the medical equipment provider to repurchase up to 1.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.
Align Technology Company Profile
Align Technology, Inc (NASDAQ: ALGN) pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.
The company’s signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.
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