Jennison Associates LLC grew its holdings in Align Technology, Inc. (NASDAQ:ALGN – Free Report) by 203.0% during the first quarter, Holdings Channel.com reports. The firm owned 453,207 shares of the medical equipment provider’s stock after buying an additional 303,623 shares during the period. Jennison Associates LLC’s holdings in Align Technology were worth $77,693,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in the stock. Sequoia Financial Advisors LLC boosted its stake in shares of Align Technology by 320.1% during the 4th quarter. Sequoia Financial Advisors LLC now owns 7,986 shares of the medical equipment provider’s stock valued at $1,247,000 after buying an additional 6,085 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake in shares of Align Technology by 35,513.8% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 545,604 shares of the medical equipment provider’s stock worth $85,196,000 after acquiring an additional 544,072 shares during the last quarter. Polianta Ltd acquired a new position in shares of Align Technology in the fourth quarter worth $1,623,000. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Align Technology by 63.0% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 25,343 shares of the medical equipment provider’s stock worth $4,282,000 after acquiring an additional 9,792 shares in the last quarter. Finally, Hunter Perkins Capital Management LLC raised its holdings in shares of Align Technology by 383.1% during the fourth quarter. Hunter Perkins Capital Management LLC now owns 43,842 shares of the medical equipment provider’s stock worth $6,846,000 after acquiring an additional 34,767 shares in the last quarter. 88.43% of the stock is currently owned by institutional investors and hedge funds.
Align Technology Stock Performance
Align Technology stock opened at $176.76 on Monday. Align Technology, Inc. has a 1-year low of $122.00 and a 1-year high of $208.30. The firm’s fifty day simple moving average is $172.30 and its 200-day simple moving average is $174.60. The company has a market capitalization of $12.66 billion, a P/E ratio of 29.66, a P/E/G ratio of 1.81 and a beta of 1.67.
Align Technology declared that its Board of Directors has approved a share buyback plan on Wednesday, April 29th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the medical equipment provider to buy up to 1.6% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.
Analyst Ratings Changes
A number of analysts recently issued reports on the company. Wall Street Zen raised Align Technology from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 4th. Piper Sandler upped their target price on Align Technology from $220.00 to $235.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 21st. BMO Capital Markets assumed coverage on Align Technology in a research note on Wednesday, July 8th. They set an “outperform” rating and a $209.00 price target for the company. Evercore lifted their price target on Align Technology from $200.00 to $220.00 in a report on Thursday, April 30th. Finally, Weiss Ratings raised Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $206.07.
Get Our Latest Research Report on ALGN
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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