Align Technology, Inc. $ALGN is Senvest Management LLC’s 5th Largest Position

Senvest Management LLC lifted its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 8.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 754,797 shares of the medical equipment provider’s stock after purchasing an additional 59,855 shares during the period. Align Technology comprises about 4.3% of Senvest Management LLC’s investment portfolio, making the stock its 5th biggest position. Senvest Management LLC owned 1.05% of Align Technology worth $129,395,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the business. Capital International Investors boosted its position in Align Technology by 52.2% during the fourth quarter. Capital International Investors now owns 4,643,221 shares of the medical equipment provider’s stock valued at $725,039,000 after buying an additional 1,592,848 shares during the period. Invesco Ltd. increased its holdings in shares of Align Technology by 37.4% in the third quarter. Invesco Ltd. now owns 1,497,535 shares of the medical equipment provider’s stock worth $187,521,000 after buying an additional 407,559 shares during the period. Capital World Investors lifted its stake in shares of Align Technology by 13.2% in the 4th quarter. Capital World Investors now owns 1,490,503 shares of the medical equipment provider’s stock valued at $232,742,000 after acquiring an additional 173,641 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of Align Technology by 72.0% in the 3rd quarter. Bank of America Corp DE now owns 1,353,125 shares of the medical equipment provider’s stock valued at $169,438,000 after acquiring an additional 566,488 shares during the last quarter. Finally, Ruane Cunniff & Goldfarb L.P. purchased a new stake in Align Technology during the 4th quarter valued at about $190,899,000. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Price Performance

Shares of NASDAQ:ALGN opened at $167.01 on Friday. The stock’s 50-day moving average is $173.31 and its 200 day moving average is $175.01. The company has a market cap of $11.96 billion, a PE ratio of 28.02, a P/E/G ratio of 1.72 and a beta of 1.67. 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 data on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.26 by $0.32. The business had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.02 billion. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.The business’s revenue was up 6.2% on a year-over-year basis. During the same quarter last year, the business posted $2.13 EPS. Analysts expect that Align Technology, Inc. will post 9.48 EPS for the current fiscal year.

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

Wall Street Analysts Forecast Growth

ALGN has been the topic of a number of analyst reports. Citigroup started coverage on Align Technology in a research note on Wednesday, April 15th. They issued a “buy” rating and a $240.00 price target on the stock. Zacks Research lowered Align Technology from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 16th. Morgan Stanley raised their target price 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. Weiss Ratings upgraded shares of Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, July 17th. Finally, BMO Capital Markets initiated coverage on shares of Align Technology in a research report on Wednesday, July 8th. They set an “outperform” rating and a $209.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, Align Technology presently has an average rating of “Moderate Buy” and an average price target of $206.36.

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.