Align Technology, Inc. $ALGN Stock Holdings Lessened by Edgestream Partners L.P.

Edgestream Partners L.P. reduced its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 76.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,854 shares of the medical equipment provider’s stock after selling 12,473 shares during the quarter. Edgestream Partners L.P.’s holdings in Align Technology were worth $661,000 as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. Bessemer Group Inc. lifted its position in Align Technology by 37.2% in the 1st quarter. Bessemer Group Inc. now owns 247 shares of the medical equipment provider’s stock worth $43,000 after buying an additional 67 shares in the last quarter. Banco Bilbao Vizcaya Argentaria S.A. grew its holdings in shares of Align Technology by 3.7% during the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 1,896 shares of the medical equipment provider’s stock valued at $296,000 after acquiring an additional 68 shares in the last quarter. Blue Trust Inc. grew its holdings in shares of Align Technology by 77.5% during the 1st quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock valued at $27,000 after acquiring an additional 69 shares in the last quarter. Comerica Bank increased its stake in shares of Align Technology by 0.6% in the fourth quarter. Comerica Bank now owns 13,656 shares of the medical equipment provider’s stock worth $2,132,000 after acquiring an additional 76 shares during the last quarter. Finally, Independence Bank of Kentucky increased its stake in shares of Align Technology by 77.7% in the fourth quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider’s stock worth $29,000 after acquiring an additional 80 shares during the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Trading Up 0.2%

Shares of NASDAQ:ALGN opened at $173.27 on Wednesday. The stock has a market capitalization of $12.41 billion, a PE ratio of 30.13, a P/E/G ratio of 1.82 and a beta of 1.65. Align Technology, Inc. has a 1 year low of $122.00 and a 1 year high of $200.43. The firm has a fifty day moving average price of $174.93 and a 200 day moving average price of $175.28.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 EPS for the quarter, topping the consensus estimate of $2.62 by $0.02. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.05 billion. During the same period in the prior year, the business posted $2.49 earnings per share. The business’s quarterly revenue was up 4.3% on a year-over-year basis. On average, sell-side analysts forecast that Align Technology, Inc. will post 9.48 earnings per share for the current fiscal year.

Align Technology declared that its Board of Directors has authorized a share buyback 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 purchase up to 1.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on ALGN shares. Weiss Ratings cut Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a research note on Thursday, July 30th. Piper Sandler lifted their price target on Align Technology from $220.00 to $235.00 and gave the company an “overweight” rating in a report on Tuesday, April 21st. Evercore boosted their price target on Align Technology from $200.00 to $220.00 in a research note on Thursday, April 30th. Finally, Morgan Stanley boosted their price target on Align Technology from $169.00 to $188.00 and gave the company an “equal weight” rating in a research note on Friday, April 24th. One research 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’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $206.36.

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.