Align Technology, Inc. $ALGN Shares Acquired by Capital World Investors

Capital World Investors grew its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 13.2% during the 4th quarter, HoldingsChannel.com reports. The firm owned 1,490,503 shares of the medical equipment provider’s stock after buying an additional 173,641 shares during the period. Capital World Investors’ holdings in Align Technology were worth $232,742,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of ALGN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Align Technology by 4.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,222 shares of the medical equipment provider’s stock worth $1,624,000 after acquiring an additional 469 shares in the last quarter. Focus Partners Wealth lifted its stake in Align Technology by 5.2% during the 1st quarter. Focus Partners Wealth now owns 3,062 shares of the medical equipment provider’s stock worth $486,000 after acquiring an additional 151 shares in the last quarter. Sivia Capital Partners LLC acquired a new position in Align Technology during the 2nd quarter worth about $204,000. EverSource Wealth Advisors LLC lifted its stake in Align Technology by 55.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 531 shares of the medical equipment provider’s stock worth $101,000 after acquiring an additional 190 shares in the last quarter. Finally, First Trust Advisors LP lifted its stake in Align Technology by 201.7% during the 2nd quarter. First Trust Advisors LP now owns 88,270 shares of the medical equipment provider’s stock worth $16,712,000 after acquiring an additional 59,010 shares in the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ALGN. Zacks Research raised Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, June 1st. Evercore increased their target price on Align Technology from $200.00 to $220.00 in a research note on Thursday, April 30th. Piper Sandler increased their target price on Align Technology from $220.00 to $235.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 21st. Wall Street Zen raised Align Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday, March 7th. Finally, Barclays raised Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 target price on the stock in a research note on Tuesday, March 17th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $205.85.

Align Technology Price Performance

ALGN stock opened at $172.05 on Tuesday. The firm has a market capitalization of $12.32 billion, a P/E ratio of 28.87, a P/E/G ratio of 1.72 and a beta of 1.68. The business’s 50-day moving average is $172.52 and its two-hundred day moving average is $169.76. Align Technology, Inc. has a 1 year low of $122.00 and a 1 year high of $208.30.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.26 by $0.32. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.02 billion. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.Align Technology’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same quarter last year, the company earned $2.13 EPS. On average, analysts expect that Align Technology, Inc. will post 9.48 EPS for the current year.

Align Technology declared that its board has approved a share repurchase plan on Wednesday, April 29th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the medical equipment provider to reacquire up to 1.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

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.