NewEdge Wealth LLC acquired a new stake in Align Technology, Inc. (NASDAQ:ALGN – Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 9,833 shares of the medical equipment provider’s stock, valued at approximately $1,658,000.
A number of other institutional investors and hedge funds have also recently modified their holdings of ALGN. Sunbelt Securities Inc. increased its position in shares of Align Technology by 222.4% during the 4th quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock valued at $25,000 after purchasing an additional 109 shares during the last quarter. Blue Trust Inc. lifted its position in Align Technology by 77.5% in the first quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock worth $27,000 after buying an additional 69 shares during the last quarter. Tobam purchased a new position in Align Technology during the fourth quarter worth $30,000. Hollencrest Capital Management purchased a new position in Align Technology during the first quarter worth $34,000. Finally, Caitong International Asset Management Co. Ltd increased its position in Align Technology by 1,773.3% during the third quarter. Caitong International Asset Management Co. Ltd now owns 281 shares of the medical equipment provider’s stock valued at $35,000 after acquiring an additional 266 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.
Analyst Ratings Changes
Several brokerages have recently weighed in on ALGN. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research note on Thursday, July 30th. Zacks Research downgraded shares of Align Technology from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 16th. BMO Capital Markets initiated coverage on shares of Align Technology in a research report on Wednesday, July 8th. They issued an “outperform” rating and a $209.00 price objective on the stock. Weiss Ratings lowered Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, August 3rd. Finally, UBS Group reaffirmed a “neutral” rating and set a $189.00 target price on shares of Align Technology in a research note on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $206.36.
Align Technology Trading Up 2.3%
NASDAQ ALGN opened at $162.55 on Friday. The stock has a market cap of $11.64 billion, a PE ratio of 28.27, a PEG ratio of 1.69 and a beta of 1.65. Align Technology, Inc. has a 12 month low of $122.00 and a 12 month high of $200.43. The company’s 50-day moving average price is $175.02 and its 200-day moving average price is $175.50.
Align Technology (NASDAQ:ALGN – Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share for the quarter, beating analysts’ consensus estimates of $2.62 by $0.02. The company had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.05 billion. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter last year, the business posted $2.49 EPS. As a group, sell-side analysts forecast that Align Technology, Inc. will post 9.38 earnings per share for the current year.
Align Technology declared that its Board of Directors has initiated a stock repurchase program on Wednesday, April 29th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the medical equipment provider to buy up to 1.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership 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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