Riverbridge Partners LLC Decreases Stake in Align Technology, Inc. $ALGN

Riverbridge Partners LLC lessened its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 34.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 47,918 shares of the medical equipment provider’s stock after selling 25,379 shares during the quarter. Riverbridge Partners LLC owned approximately 0.07% of Align Technology worth $8,215,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Sunbelt Securities Inc. lifted its stake in shares of Align Technology by 222.4% in the fourth quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock worth $25,000 after buying an additional 109 shares in the last quarter. Independence Bank of Kentucky grew its stake in Align Technology by 77.7% during the 4th quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider’s stock valued at $29,000 after acquiring an additional 80 shares in the last quarter. Tobam purchased a new stake in Align Technology during the 4th quarter valued at about $30,000. Miller Global Investments LLC acquired a new stake in Align Technology in the 4th quarter valued at about $31,000. Finally, JFS Wealth Advisors LLC raised its holdings in Align Technology by 2,016.7% in the 3rd quarter. JFS Wealth Advisors LLC now owns 254 shares of the medical equipment provider’s stock valued at $32,000 after acquiring an additional 242 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on ALGN shares. Leerink Partners boosted their target price on Align Technology from $225.00 to $230.00 in a report on Thursday, April 30th. Morgan Stanley lifted their price objective on Align Technology from $169.00 to $188.00 and gave the stock an “equal weight” rating in a research report on Friday, April 24th. Piper Sandler boosted their price objective on Align Technology from $220.00 to $235.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 21st. Evercore upped their target price on Align Technology from $200.00 to $220.00 in a report on Thursday, April 30th. Finally, Weiss Ratings downgraded Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $205.85.

Align Technology Price Performance

Shares of NASDAQ ALGN opened at $168.49 on Wednesday. The company has a 50 day simple moving average of $173.65 and a 200-day simple moving average of $172.17. The company has a market capitalization of $12.07 billion, a P/E ratio of 28.27, a P/E/G ratio of 1.78 and a beta of 1.68. Align Technology, Inc. has a 1 year low of $122.00 and a 1 year high of $208.30.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results 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. Align Technology had a net margin of 10.50% and a return on equity of 15.82%. The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.02 billion. During the same quarter in the previous year, the company earned $2.13 EPS. The business’s revenue for the quarter was up 6.2% compared to the same quarter last year. As a group, research analysts expect that Align Technology, Inc. will post 9.48 EPS for the current year.

Align Technology declared that its Board of Directors has approved a stock buyback 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 buy up to 1.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership 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.