Align Technology, Inc. $ALGN Shares Purchased by Northwestern Mutual Wealth Management Co.

Northwestern Mutual Wealth Management Co. raised its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 35,513.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 545,604 shares of the medical equipment provider’s stock after acquiring an additional 544,072 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Align Technology were worth $85,196,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of Align Technology by 0.7% during the 3rd quarter. Vanguard Group Inc. now owns 8,301,611 shares of the medical equipment provider’s stock worth $1,039,528,000 after acquiring an additional 58,546 shares in the last quarter. Capital International Investors boosted its position in shares of Align Technology by 88.6% during the 3rd quarter. Capital International Investors now owns 3,050,373 shares of the medical equipment provider’s stock worth $381,968,000 after acquiring an additional 1,433,393 shares in the last quarter. Invesco Ltd. boosted its position in shares of Align Technology by 37.4% during the 3rd quarter. Invesco Ltd. now owns 1,497,535 shares of the medical equipment provider’s stock worth $187,521,000 after acquiring an additional 407,559 shares in the last quarter. Holocene Advisors LP acquired a new position in shares of Align Technology during the 3rd quarter worth about $179,035,000. Finally, Bank of America Corp DE boosted its position in shares of Align Technology by 72.0% during the 3rd quarter. Bank of America Corp DE now owns 1,353,125 shares of the medical equipment provider’s stock worth $169,438,000 after acquiring an additional 566,488 shares in the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Stock Performance

Align Technology stock opened at $157.25 on Monday. The stock has a 50-day simple moving average of $175.26 and a 200-day simple moving average of $166.51. The company has a market capitalization of $11.26 billion, a P/E ratio of 26.38, a PEG ratio of 1.61 and a beta of 1.70. 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 posted its quarterly earnings data 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. The firm had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.02 billion. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.The firm’s revenue was up 6.2% compared to the same quarter last year. During the same period in the prior year, the business earned $2.13 EPS. As a group, analysts forecast that Align Technology, Inc. will post 9.47 earnings per share for the current year.

Align Technology declared that its board has initiated a stock buyback program on Wednesday, April 29th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the medical equipment provider to reacquire up to 1.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.

Insider Transactions at Align Technology

In other Align Technology news, EVP John Morici sold 7,969 shares of the business’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $189.31, for a total transaction of $1,508,611.39. Following the transaction, the executive vice president owned 8,237 shares in the company, valued at approximately $1,559,346.47. The trade was a 49.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.75% of the company’s stock.

Analyst Upgrades and Downgrades

ALGN has been the subject of several analyst reports. UBS Group upped their price objective on Align Technology from $175.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday, February 5th. Barclays raised Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 price objective for the company in a research report on Tuesday, March 17th. Leerink Partners boosted their target price on Align Technology from $225.00 to $230.00 in a report on Thursday, April 30th. Morgan Stanley boosted their target price on Align Technology from $169.00 to $188.00 and gave the company an “equal weight” rating in a report on Friday, April 24th. Finally, Stifel Nicolaus boosted their target price on Align Technology from $200.00 to $210.00 and gave the company a “buy” rating in a report on Thursday, February 5th. Eight equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $205.85.

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.