Impact Partnership Wealth LLC acquired a new position in Align Technology, Inc. (NASDAQ:ALGN – Free Report) in the 1st quarter, Holdings Channel.com reports. The firm acquired 5,534 shares of the medical equipment provider’s stock, valued at approximately $949,000.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Banco Bilbao Vizcaya Argentaria S.A. increased its holdings in shares of Align Technology by 3.7% in the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 1,896 shares of the medical equipment provider’s stock valued at $296,000 after purchasing an additional 68 shares in the last quarter. Blue Trust Inc. lifted its stake in shares of Align Technology by 77.5% in the first quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock valued at $27,000 after purchasing an additional 69 shares during the period. Comerica Bank boosted its holdings in Align Technology by 0.6% during the fourth quarter. Comerica Bank now owns 13,656 shares of the medical equipment provider’s stock worth $2,132,000 after buying an additional 76 shares in the last quarter. Independence Bank of Kentucky grew its position in Align Technology by 77.7% during 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 during the period. Finally, Allworth Financial LP grew its position in Align Technology by 3.3% during the third quarter. Allworth Financial LP now owns 2,874 shares of the medical equipment provider’s stock worth $360,000 after buying an additional 92 shares during the period. Institutional investors and hedge funds own 88.43% of the company’s stock.
Align Technology Stock Performance
Align Technology stock opened at $168.66 on Wednesday. Align Technology, Inc. has a fifty-two week low of $122.00 and a fifty-two week high of $208.30. The company has a market capitalization of $12.08 billion, a price-to-earnings ratio of 28.30, a PEG ratio of 1.78 and a beta of 1.67. The stock has a fifty day moving average of $172.45 and a two-hundred day moving average of $172.68.
Align Technology announced that its Board of Directors has approved a share repurchase program on Wednesday, April 29th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the medical equipment provider to purchase up to 1.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
Analysts Set New Price Targets
A number of brokerages have issued reports on ALGN. Citigroup assumed coverage on shares of Align Technology in a report on Wednesday, April 15th. They issued a “buy” rating and a $240.00 target price for the company. Piper Sandler upped their price target on Align Technology from $220.00 to $235.00 and gave the stock an “overweight” rating in a report on Tuesday, April 21st. Wall Street Zen downgraded Align Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 13th. Barclays upgraded Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 target price on the stock in a research report on Tuesday, March 17th. Finally, Zacks Research raised Align Technology from a “hold” rating to a “strong-buy” rating in a report on Monday, June 1st. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $205.85.
Check Out Our Latest Stock Analysis on Align Technology
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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