Focus Partners Advisor Solutions LLC bought a new position in shares of Align Technology, Inc. (NASDAQ:ALGN – Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 3,184 shares of the medical equipment provider’s stock, valued at approximately $537,000.
A number of other institutional investors and hedge funds have also recently made changes to their positions in ALGN. Sunbelt Securities Inc. grew its holdings 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. boosted 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 valued at $27,000 after buying an additional 69 shares in the last quarter. Tobam acquired a new stake in Align Technology in the fourth quarter valued at approximately $30,000. Hollencrest Capital Management bought a new stake in shares of Align Technology during the first quarter worth $34,000. Finally, Caitong International Asset Management Co. Ltd increased its holdings in shares of 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 worth $35,000 after buying an additional 266 shares in the last quarter. Institutional investors own 88.43% of the company’s stock.
Analyst Ratings Changes
ALGN has been the topic of several recent research reports. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a report on Thursday, July 30th. Leerink Partners upped their target price on Align Technology from $225.00 to $230.00 in a report on Thursday, April 30th. Wall Street Zen downgraded Align Technology from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 1st. Piper Sandler boosted 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. Finally, UBS Group reaffirmed a “neutral” rating and issued a $189.00 price objective on shares of Align Technology in a research note on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Align Technology currently has a consensus rating of “Moderate Buy” and an average price target of $206.36.
Align Technology Trading Down 5.6%
Shares of ALGN opened at $171.16 on Tuesday. The stock’s 50-day moving average price is $175.97 and its two-hundred day moving average price is $175.61. Align Technology, Inc. has a 12 month low of $122.00 and a 12 month high of $200.43. The company has a market capitalization of $12.26 billion, a PE ratio of 29.77, a PEG ratio of 1.93 and a beta of 1.65.
Align Technology (NASDAQ:ALGN – Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share for the quarter, beating the consensus estimate of $2.62 by $0.02. The company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.05 billion. Align Technology had a return on equity of 15.86% and a net margin of 9.99%.The business’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.49 earnings per share. Equities research analysts predict that Align Technology, Inc. will post 9.38 EPS for the current fiscal year.
Align Technology declared that its Board of Directors has authorized a share repurchase program on Wednesday, April 29th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the medical equipment provider to buy up to 1.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are 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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