Bank of New York Mellon Corp Increases Stock Holdings in Align Technology, Inc. $ALGN

Bank of New York Mellon Corp increased its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 2.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 399,513 shares of the medical equipment provider’s stock after buying an additional 10,266 shares during the quarter. Bank of New York Mellon Corp’s holdings in Align Technology were worth $68,488,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of ALGN. Sunbelt Securities Inc. boosted its holdings in Align Technology by 222.4% during the fourth quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock worth $25,000 after purchasing an additional 109 shares during the last quarter. Blue Trust Inc. lifted its position 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 worth $27,000 after buying an additional 69 shares in the last quarter. Independence Bank of Kentucky lifted its position in shares of Align Technology by 77.7% during the 4th quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider’s stock worth $29,000 after buying an additional 80 shares in the last quarter. Tobam purchased a new position in shares of Align Technology in the 4th quarter worth approximately $30,000. Finally, Caitong International Asset Management Co. Ltd grew its holdings in shares of Align Technology by 1,773.3% in the third quarter. Caitong International Asset Management Co. Ltd now owns 281 shares of the medical equipment provider’s stock valued at $35,000 after acquiring an additional 266 shares in the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Price Performance

Shares of ALGN opened at $172.46 on Thursday. The firm has a market cap of $12.35 billion, a PE ratio of 28.94, a PEG ratio of 1.82 and a beta of 1.67. The stock’s fifty day moving average price is $172.96 and its two-hundred day moving average price is $174.98. Align Technology, Inc. has a 1 year low of $122.00 and a 1 year high of $208.30.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results 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. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.02 billion. During the same quarter in the prior year, the company earned $2.13 EPS. The firm’s quarterly revenue was up 6.2% compared to the same quarter last year. Sell-side analysts anticipate that Align Technology, Inc. will post 9.48 earnings per share for the current fiscal year.

Align Technology declared that its board has authorized a stock repurchase program on Wednesday, April 29th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the medical equipment provider to buy up to 1.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

A number of brokerages recently commented on ALGN. Zacks Research lowered Align Technology from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 16th. Morgan Stanley raised their target price on Align Technology from $169.00 to $188.00 and gave the company an “equal weight” rating in a research report on Friday, April 24th. Weiss Ratings upgraded Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, July 17th. Piper Sandler increased their price target on shares of Align Technology from $220.00 to $235.00 and gave the company an “overweight” rating in a research report on Tuesday, April 21st. Finally, BMO Capital Markets began coverage on shares of Align Technology in a report on Wednesday, July 8th. They set an “outperform” rating and a $209.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $206.07.

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.