Nicollet Investment Management Inc. Makes New Investment in Align Technology, Inc. $ALGN

Nicollet Investment Management Inc. purchased a new position in shares of Align Technology, Inc. (NASDAQ:ALGN) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 6,292 shares of the medical equipment provider’s stock, valued at approximately $982,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Independence Bank of Kentucky lifted its stake in Align Technology by 77.7% during the fourth quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider’s stock worth $29,000 after purchasing an additional 80 shares during the period. Miller Global Investments LLC bought a new position in Align Technology during the fourth quarter worth about $31,000. JFS Wealth Advisors LLC increased its holdings in shares of Align Technology by 2,016.7% during the third quarter. JFS Wealth Advisors LLC now owns 254 shares of the medical equipment provider’s stock worth $32,000 after buying an additional 242 shares in the last quarter. 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. Finally, Global Retirement Partners LLC increased its holdings in shares of Align Technology by 101.8% during the fourth quarter. Global Retirement Partners LLC now owns 230 shares of the medical equipment provider’s stock worth $36,000 after buying an additional 116 shares in the last quarter. Institutional investors own 88.43% of the company’s stock.

Align Technology Price Performance

Shares of Align Technology stock opened at $170.50 on Thursday. The firm has a market cap of $12.21 billion, a P/E ratio of 28.61, a P/E/G ratio of 1.83 and a beta of 1.67. The firm has a 50 day simple moving average of $172.84 and a 200 day simple moving average of $170.33. Align Technology, Inc. has a fifty-two week low of $122.00 and a fifty-two week high of $208.30.

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

Align Technology announced that its Board of Directors has authorized a share repurchase plan on Wednesday, April 29th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the medical equipment provider to buy up to 1.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Wall Street Zen raised shares of Align Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 7th. Morgan Stanley raised their price objective 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. Evercore raised their price objective on shares of Align Technology from $200.00 to $220.00 in a report on Thursday, April 30th. Barclays raised shares of Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 price objective for the company in a report on Tuesday, March 17th. Finally, Piper Sandler raised their price objective on shares of Align Technology from $220.00 to $235.00 and gave the stock an “overweight” rating in a report on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Align Technology presently has a consensus rating of “Moderate Buy” and an average price target of $205.85.

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.