Hsbc Holdings PLC raised its stake in Align Technology, Inc. (NASDAQ:ALGN – Free Report) by 6.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 145,875 shares of the medical equipment provider’s stock after purchasing an additional 9,467 shares during the quarter. Hsbc Holdings PLC owned 0.20% of Align Technology worth $24,801,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of ALGN. Sequoia Financial Advisors LLC raised its position in 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 worth $1,247,000 after buying an additional 6,085 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Align Technology by 35,513.8% in the 4th 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 period. Polianta Ltd purchased a new stake in shares of Align Technology in the fourth quarter valued at about $1,623,000. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Align Technology by 63.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 25,343 shares of the medical equipment provider’s stock valued at $4,282,000 after acquiring an additional 9,792 shares in the last quarter. Finally, Hunter Perkins Capital Management LLC increased its stake 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 during the period. Institutional investors and hedge funds own 88.43% of the company’s stock.
Analysts Set New Price Targets
Several research analysts recently issued reports on ALGN shares. Evercore increased their price target on shares of Align Technology from $200.00 to $220.00 in a report on Thursday, April 30th. Wall Street Zen raised Align Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 4th. Leerink Partners boosted their target price on Align Technology from $225.00 to $230.00 in a research report on Thursday, April 30th. Weiss Ratings raised Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday. Finally, Piper Sandler raised their price target on Align Technology from $220.00 to $235.00 and gave the company an “overweight” rating in a report on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $206.07.
Align Technology Stock Up 1.4%
NASDAQ:ALGN opened at $177.50 on Wednesday. Align Technology, Inc. has a fifty-two week low of $122.00 and a fifty-two week high of $208.30. The stock has a market cap of $12.71 billion, a PE ratio of 29.78, a price-to-earnings-growth ratio of 1.79 and a beta of 1.67. The firm’s fifty day simple moving average is $172.74 and its 200-day simple moving average is $174.86.
Align Technology (NASDAQ:ALGN – Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The medical equipment provider reported $2.58 EPS for the quarter, beating the consensus estimate of $2.26 by $0.32. The firm had revenue of $1.04 billion during 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 revenue for the quarter was up 6.2% compared to the same quarter last year. During the same quarter last year, the business earned $2.13 earnings per share. Equities analysts anticipate that Align Technology, Inc. will post 9.48 earnings per share for the current year.
Align Technology announced that its board has initiated a share buyback plan on Wednesday, April 29th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the medical equipment provider to repurchase up to 1.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management 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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