J. Safra Sarasin Holding AG purchased a new position in Align Technology, Inc. (NASDAQ:ALGN – Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 6,212 shares of the medical equipment provider’s stock, valued at approximately $1,065,000.
Other hedge funds also recently modified their holdings of the company. Capital International Investors raised its holdings in shares of Align Technology by 52.2% during the fourth quarter. Capital International Investors now owns 4,643,221 shares of the medical equipment provider’s stock worth $725,039,000 after acquiring an additional 1,592,848 shares during the period. Invesco Ltd. lifted its holdings in shares of Align Technology by 37.4% in the third quarter. Invesco Ltd. now owns 1,497,535 shares of the medical equipment provider’s stock valued at $187,521,000 after purchasing an additional 407,559 shares in the last quarter. Capital World Investors lifted its holdings in shares of Align Technology by 13.2% in the fourth quarter. Capital World Investors now owns 1,490,503 shares of the medical equipment provider’s stock valued at $232,742,000 after purchasing an additional 173,641 shares in the last quarter. Bank of America Corp DE boosted its position in shares of Align Technology by 72.0% during the third quarter. Bank of America Corp DE now owns 1,353,125 shares of the medical equipment provider’s stock worth $169,438,000 after buying an additional 566,488 shares during the period. Finally, Ruane Cunniff & Goldfarb L.P. acquired a new position in shares of Align Technology during the fourth quarter worth about $190,899,000. Institutional investors and hedge funds own 88.43% of the company’s stock.
Align Technology Trading Down 1.2%
Shares of ALGN opened at $178.46 on Wednesday. The company has a market cap of $12.78 billion, a price-to-earnings ratio of 29.94, a PEG ratio of 1.85 and a beta of 1.67. The company’s fifty day simple moving average is $171.79 and its 200 day simple moving average is $174.15. Align Technology, Inc. has a 1-year low of $122.00 and a 1-year high of $208.30.
Align Technology announced that its Board of Directors has approved a stock repurchase program on Wednesday, April 29th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the medical equipment provider to reacquire up to 1.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.
Analyst Upgrades and Downgrades
A number of equities analysts have weighed in on the company. BMO Capital Markets initiated coverage on Align Technology in a research report on Wednesday, July 8th. They set an “outperform” rating and a $209.00 price target for the company. Wall Street Zen raised shares of Align Technology from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 4th. Morgan Stanley increased their target price on shares of Align Technology from $169.00 to $188.00 and gave the stock an “equal weight” rating in a report on Friday, April 24th. Zacks Research raised shares of Align Technology from a “hold” rating to a “strong-buy” rating in a research report on Monday, June 1st. Finally, Weiss Ratings lowered shares of Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, June 4th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, Align Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $206.07.
Check Out Our Latest Stock Report on Align Technology
Align Technology 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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