Louisiana State Employees Retirement System acquired a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN – Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,400 shares of the medical equipment provider’s stock, valued at approximately $583,000.
A number of other large investors have also bought and sold shares of ALGN. Blue Trust Inc. raised its stake in Align Technology by 77.5% in the 1st quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock valued at $27,000 after acquiring an additional 69 shares during the period. OP Asset Management Ltd purchased a new position in shares of Align Technology in the first quarter worth about $119,000. Assenagon Asset Management S.A. raised its position in shares of Align Technology by 413.0% in the first quarter. Assenagon Asset Management S.A. now owns 989,388 shares of the medical equipment provider’s stock valued at $169,611,000 after purchasing an additional 796,529 shares during the period. SG Americas Securities LLC raised its position in shares of Align Technology by 67.8% in the first quarter. SG Americas Securities LLC now owns 232,442 shares of the medical equipment provider’s stock valued at $39,848,000 after purchasing an additional 93,953 shares during the period. Finally, Evolve Private Wealth LLC lifted its stake in shares of Align Technology by 3.1% during the 1st quarter. Evolve Private Wealth LLC now owns 4,296 shares of the medical equipment provider’s stock valued at $736,000 after buying an additional 131 shares in the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of research analysts recently weighed in on the stock. Morgan Stanley lifted their price objective on shares of Align Technology from $169.00 to $188.00 and gave the company an “equal weight” rating in a research note on Friday, April 24th. Piper Sandler raised 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. Zacks Research upgraded Align Technology from a “hold” rating to a “strong-buy” rating in a research report on Monday, June 1st. Citigroup began coverage on Align Technology in a report on Wednesday, April 15th. They set a “buy” rating and a $240.00 price objective on the stock. Finally, Weiss Ratings downgraded Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $205.85.
Align Technology Price Performance
Shares of NASDAQ:ALGN opened at $185.22 on Wednesday. The firm has a fifty day moving average price of $171.67 and a two-hundred day moving average price of $173.44. The company has a market cap of $13.27 billion, a price-to-earnings ratio of 31.08, a PEG ratio of 1.93 and a beta of 1.67. Align Technology, Inc. has a one year low of $122.00 and a one year high of $208.30.
Align Technology (NASDAQ:ALGN – Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.26 by $0.32. The firm had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.02 billion. Align Technology had a net margin of 10.50% and a return on equity of 15.82%. The business’s quarterly revenue was up 6.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.13 earnings per share. Equities research analysts expect that Align Technology, Inc. will post 9.48 EPS for the current fiscal year.
Align Technology announced that its Board of Directors has authorized a share repurchase plan on Wednesday, April 29th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the medical equipment provider to repurchase up to 1.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
About Align Technology
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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